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GAO-09-101R 1 (2008-10-20)

handle is hein.gao/gaobadwuy0001 and id is 1 raw text is: I im T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317290 October 20, 2008 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Board of Directors of the HOPE for Homeowners Program: HOPE for Homeowners Program: Program Regulations Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Board of Directors of the HOPE for Homeowners Program (Board), entitled HOPE for Homeowners Program: Program Regulations (RIN: 2580-AA00). We received the rule on October 6, 2008. It was published in the Federal Register as a final rule on October 6, 2008. 73 Fed. Reg. 58,418. The final rule sets forth the core requirements for the HOPE for Homeowners Program (Program) that have been established by the Board of the Program. The Program is a temporary FHA program that allows the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), to insure refinanced loans for homeowners who are at risk of losing their homes to foreclosure. The program is strictly voluntary, and it is available to homeowners who are unable to afford their existing mortgage payments for their primary residence, so long as they have no present ownership interest in another residence. The Program refinances the borrowers' existing mortgage at a significant write- down, and the borrowers share their new equity and future appreciation with FHA. The final rule sets forth standards for the following Program areas: underwriting standards, representations of the mortgagee whose mortgagor will participate in the Program, mortgagor representations, certain prohibitions imposed on FHA, FHA GAO-09-1O1R

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