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GAO-11-737R 1 (2011-07-27)

handle is hein.gao/gaobaanzh0001 and id is 1 raw text is: GAO Acona ity * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 July 27, 2011 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Financial Education and Counseling Pilot Program The federal government has numerous programs designed to improve Americans' financial literacy, some of which are targeted at helping consumers determine whether and when to purchase a home, how to manage a mortgage, and how to deal with setbacks that could limit their ability to make timely mortgage payments. However, as we have reported, little is known about the effectiveness of specific strategies for improving financial literacy.1 In the Housing and Economic Recovery Act of 2008 (HERA), Congress created a pilot program to provide grants to providers of financial education and counseling services to prospective homebuyers.2 Pursuant to HERA, the goals of this education and counseling include increasing the knowledge and decision-making capabilities of prospective homebuyers, identifying successful methods resulting in positive behavioral change for financial empowerment, and educating prospective homebuyers about options for building savings. HERA also mandated that we submit a report to Congress evaluating this grant program, which was later named the Financial Education and Counseling (FEC) Pilot Program. Accordingly, the objectives of this report are to describe (1) the characteristics of the organizations providing services under the FEC program and how they were selected, and (2) what is known about the program's impact in improving the financial situation and behavior of homeowners and prospective homebuyers who participate in the program. To 'GAO, Financial Literacy. A Federal Certification Process for Providers Would Pose Challenges, GAO- 11-614 (Washington, D.C.: June 28, 2011). 2Pub. L. No. 110-289, Title I, Subtitle B, § 1132, 122 Stat. 2654, 2727 (2008). GAO-11-737R Financial Education and Counseling

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