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OGC-96-33 1 (1996-08-08)

handle is hein.gao/gaobablof0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-272940 August 8, 1996 The Honorable Alfonse D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable James A. Leach Chairman The Honorable Henry B. Gonzalez Ranking Minority Member Committee on Banking and Financial Services House of Representatives Subject: Department of Housing and Urban Development: Single Family Mortgage Insurance; Loss Mitigation Procedures 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 Single Family Mortgage Insurance; Loss Mitigation Procedures (RIN: 2502-AG72). We received the rule on July 25, 1996. It was published in the Federal Register as an interim rule on July 3, 1996. 61 Fed. Reg. 35,014. Enclosed is our assessment of HUD's compliance with the procedural steps required by sections 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that HUD complied with the applicable requirements. The interim rule eliminates the Mortgage Assignment Program and provides alternative procedures to foreclosure for mortgagors in default such as special forbearance, loan modifications, and deeds in lieu of foreclosure. The rule provides for recompense to the mortgagees for using these alternative procedures and provides for payment to the mortgagee of a partial claim which would be applied to the arrearage. As a result of these procedures, the Department estimates an annual net savings of $545 million. Under the rule, HUD may also accept an assignment of GAO/OGC-96-33

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