tailieunhanh - United States General Accounting Office GAO February 1990 Report to the Congress_part2

Báo cáo Tổng Kiểm soát viên của Hoa Kỳ và Thư ký của 2 thế chấp coinsured ña Nhà ở và trang phát triển đô thị, tuyên bố một FHA chính người cho vay / coinsurer mặc định của các nghĩa vụ GNMA của nó. Sau tháng 9 năm 1988, GNMA tương tự như tuyên bố lớn hơn người cho vay FHA / coinsurers trong mặc định. | Independent Auditors Report To the Comptroller General of the United States and the Secretary of Housing and Urban Development fl Page 2 coinsured multifamily mortgages declared a major FHA lender coinsurer in default of its GNMA obligations. Subsequent to September 1988 GNMA similarly declared three more large FHA lender coinsurers in default. Because FHA insures the mortgages underlying the GNMA securities substantially all losses relating to these defaulted lender coinsurers will be borne by FHA. A provision of 960 million has been recorded in the fiscal year 1988 consolidated statement of operations for estimated losses resulting from these and other probable defaults in the multifamily coinsurance programs. However because of weaknesses in the multifamily coinsurance programs involving requứed levels of capital and coinsurer monitoring it is possible that more lender coinsurers will default and cause substantial additional losses in the GI Fund. Also a provision of 275 million has been recorded in the consolidated statement of operations for probable defaults of FHA-insured hospital mortgages. Even a limited number of defaults of these large mortgages could place a serious financial burden on the GI Fund and could render the hospital insurance premiums insufficient to cover related losses. HUD s actuary has determined that in the aggregate the GI Fund s premiums are insufficient to cover its losses and the Fund is dependent on the . Treasury and on budget appropriations to sustain its operations. However given the probability that additional losses will take place FHA cannot presently estimate the degree of its premium insufficiency or the level of support it will ultimately require from Treasury. The accompanying financial statements do not include any adjustments for these uncertainties which if known could be material in relation to FHA s financial position and results of operations. As discussed in Note 1 FHA comprises four major activities the MMI CMHI