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GAO-17-380R 1 (2017-02-03)

handle is hein.gao/gaobadtcj0001 and id is 1 raw text is: 



GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE
441 G St. N.W.
Washington, DC 20548


B-328765


February 3, 2017

The Honorable Michael Crapo
Chairman
The Honorable Sherrod Brown
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate

The Honorable Jeb Hensarling
Chairman
The Honorable Maxine Waters
Ranking Member
Committee on Financial Services
House of Representatives

Subject: Department of Housing and Urban Development- Federal Housing
        Administration: Strengthening the Home Equity Conversion Mortgage Program

Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a
major rule promulgated by the Department of Housing and Urban Development (HUD)
entitled Federal Housing Administration: Strengthening the Home Equity Conversion
Mortgage Program (RIN: 2502-AI79). We received the rule on January 19, 2017. It
was published in the Federal Register as a final rule on January 19, 2017, with an
effective date of September 19, 2017. 82 Fed. Reg. 7094.

The final rule codifies several significant changes to the Federal Housing
Administration's (FHA) Home Equity Conversion Mortgage program that were
previously issued under the authority granted to HUD in the Housing and Economic
Recovery Act of 2008 and the Reverse Mortgage Stabilization Act of 2013, and makes
additional regulatory changes. This rule also strengthens FHA's Home Equity
Conversion Mortgage program and codifies changes that reduce risk to the Mutual
Mortgage Insurance Fund and increase the sustainability of that program.

Enclosed is our assessment of HUD's compliance with the procedural steps required by
section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the
procedural steps taken indicates that HUD complied with the applicable requirements.


GAO-1 7-380R

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