Home Foreclosure Sales: FHA, Rural Housing Service, and VA Could Better Align Program Metrics with Their Missions, Report to Congressional Requesters [open pdf - 3MB]
From the Highlights: "Poor maintenance of foreclosed properties can negatively affect communities and threaten neighborhood stability. FHA [Federal Housing Administration], VA [Veterans Affairs], RHS [Rural Housing Service], and Freddie Mac are among the federal entities owning foreclosed properties through REO [Real Estate Owned] programs. GAO [Government Accountability Office] was asked to review how these federal entities monitor REO property conditions. The objectives this report examines include trends in the number of REO properties; oversight of maintenance contractors; and whether metrics used to assess REO program performance align with entities' missions. GAO reviewed and analyzed reports and data on the number of REO properties and documentation on FHA, Freddie Mac, VA, and RHS oversight of REO property maintenance from 2017 to 2020. GAO also analyzed data on REO reimbursements to contractors for maintenance activities."
Government Accountability Office: https://www.gao.gov/