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CED-77-16 1 (1976-11-29)

handle is hein.gao/gaobaabuf0001 and id is 1 raw text is: .z UNITED STATES GENERAL ACCOUNTING OFFICE ) WASHINGTCN, D.C. 205,8 COMMuIrY AND ECONOMIC DLVOPM ENT OI SIOt NOV 2 9 1976 B-114828 The Honorable The Secretary of Housing and Urban Development Dear Mrs. Hills: Enclosed is a copy of our testimony preseiated on September 20, 1976, before the Senate Committee on Banking, Housing and Urban Affairs, on the results of our study of the Government National Mortgage Association's secondary mortgage market activities. As you know, this study was made at the request of the Chairman, Subcommittee on Housing and Urban Affairs, Senate Committee on Banking, Housing and Urban Affairs. Our study identified several-alternatives to the Association's present practices that we believe warrant con- sideration because of their potential'to increase revenues or otherwise improve the Association's operations. --The Association's ability to hold mortgages during periods when interest rates are relatively high is restricted by the Office of Management and Budget's required end of the fiscal year outlay ceiling. The sale of mortgages to the Federal Financing Bank would allow the Association to adhere to the outlay ceiling ard eliminate the need to sell mortgages under un- favorable market conditions. --The Association might obtain a better return if it permitted bidders to bid on individual security issues. Presently, the Association requires bidders at security auctions to bid for all security issues offered, not for a porticn thereof. As of March 31, 1976, only two large syndiat- had-submitted bids and subsequently- purchased securities from the Association. CED-77 -16 Ic I

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