Federal Housing Administration: Improving Disposition and Oversight Practices May Increase Returns on Foreclosed Property Sales

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A letter report issued by the Government Accountability Office with an abstract that begins "The Federal Housing Administration's (FHA) performance in selling its foreclosed properties--known as real estate-owned (REO) properties--lagged the performance of both of the government-sponsored enterprises (enterprises), Fannie Mae and Freddie Mac. FHA disposed of more than 400,000 properties from January 2007 through June 2012. Its combined 2007-2012 returns, measured by the net execution rate (net sales proceeds divided by independently assessed property values) were about 4 to 6 percentage points below the enterprises' returns. After controlling for certain differences in their properties' characteristics (e.g., value, location, and ... continued below

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United States. Government Accountability Office. June 20, 2013.

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "The Federal Housing Administration's (FHA) performance in selling its foreclosed properties--known as real estate-owned (REO) properties--lagged the performance of both of the government-sponsored enterprises (enterprises), Fannie Mae and Freddie Mac. FHA disposed of more than 400,000 properties from January 2007 through June 2012. Its combined 2007-2012 returns, measured by the net execution rate (net sales proceeds divided by independently assessed property values) were about 4 to 6 percentage points below the enterprises' returns. After controlling for certain differences in their properties' characteristics (e.g., value, location, and local market conditions), differences in combined returns between FHA and the enterprises persisted at an estimated 2 to 5 percentage points."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • June 20, 2013

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Federal Housing Administration: Improving Disposition and Oversight Practices May Increase Returns on Foreclosed Property Sales, report, June 20, 2013; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc302508/: accessed January 16, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.