Mortgage Financing: FHA's Fund Has Grown, but Options for Drawing on the Fund Have Uncertain Outcomes Page: 3 of 86
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Contents
Letter 3
Appendixes Appendix I: Scope and Methodology 34
Appendix II: Models Used to Estimate the Economic Value of
FHA's Mutual Mortgage Insurance Fund 38
Appendix III: Development of Scenarios of Adverse Economic
Conditions Used to Estimate the Economic Value
of the Fund 69
Appendix IV: Comments From the Department of Housing and
Urban Development 76
Appendix V: GAO Contacts and Staff Acknowledgments 80
Related GAO Products 81
Tables Table 1: Estimates of Capital Ratios for FHA's Mutual Mortgage
Insurance Fund by GAO and Deloitte & Touche, End of
FY 1999 13
Table 2: Capital Ratios Under Expected and Historical Economic
Scenarios 17
Table 3: Capital Ratios Under Expected and More Severe Economic
Scenarios in Selected Locations 18
Table 4: Variable Names and Descriptions 48
Table 5: Means of Predictor Variables 50
Table 6: Coefficients From Foreclosure Equations and Summary
Statistics 54
Table 7: Coefficients From Prepayment Equations and Summary
Statistics 56
Table 8: Premium Schedule for 30-Year Non-Streamline Mortgages,
by Date of Mortgage Origination 63
Table 9: Premium Schedule for 15-Year Non-Streamline Mortgages,
by Date of Mortgage Origination 64
Table 10: Premium Schedule for 15- and 30-Year Streamline Refinanced
Mortgages That Originated Before July 1, 1991 64
Table 11: Premium Refund Rates for Loans That Were Terminated After
October 1, 1983 66
Table 12: Alternative Estimates of Capital Ratios for FHA's Mutual
Mortgage Insurance Fund 68GAO-01-460 Mortgage Financing
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United States. General Accounting Office. Mortgage Financing: FHA's Fund Has Grown, but Options for Drawing on the Fund Have Uncertain Outcomes, report, February 28, 2001; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc293017/m1/3/: accessed April 18, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.