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GAO-10-372R 1 (2010-01-26)

handle is hein.gao/gaobadwzr0001 and id is 1 raw text is: I GA 0 T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-319227 January 26, 2010 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: Department of Housing and Urban Development: HOPE for Homeowners Program, Statutory Transfer of Program Authority to HUD and Confoming Amendments To Adopt Recently Enacted Statutoiy Changes 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 HOPE for Homeowners Program; Statutory Transfer of Program Authority to HUD and Conforming Amendments To Adopt Recently Enacted Statutory Changes (RIN: 2502-AI76). We received the rule on January 12, 2010. It was published in the Federal Register as an interim rule on January 12, 2010, with a stated effective date of March 15, 2010. 75 Fed. Reg. 1686. The interim rule implements changes made to the HOPE for Homeowners program by the Helping Families Save Their Homes Act of 2009.1 These changes include transferring responsibility for the program from the Board of Directors of the HOPE for Homeowners Program to HUD, establishing an exemption for a mortgagor who has inherited property, and revising required mortgagor representations, among other changes. This rule also requires borrowers' debt-to-income ratio to be calculated based on mortgages existing at the time of application to the program. In 1 Pub. L. No. 111-22, div. A, 123 Stat. 1632 (May 20, 2009). GAO-10-372R

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