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Report to HUD
This is a publication of the United States General
Accounting Office. The report is recommended reading
for anyone interested in the organizations involved
in the foreclosure process..
The report is addressed to:
The Honorable Paul S. Sarbanes
Chairman, Committee on Banking,
Housing, and Urban Affairs
United States Senate
The author of the report, David M. D’Agostino introduces
the report as:
Findings of the opportunities to reduce the time necessary
to sell foreclosed properties & minimize costs to the
Federal Government.
Federal programs in HUD, the FHA, the VA, & the USDAs
Rural Housing Service promote mortgage financing. Congress
has also chartered Fannie Mae & Freddie Mac to facilitate
mortgage lending & to promote homeownership opportunities.
This report provides an overview of the foreclosure
process as established by state laws & orgnization procedures;
compares & contrasts the organizations’ approaches to
managing, selling & establishing title to foreclosed
properties; & provides comparative data on the time
that it takes the organizations to acquire & sell foreclosed
properties & describe potential reasons for any differences
in these time frames. Illustrated.
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