Watchdog: HUD lacks sufficient oversight for borrower-financed down payment programs

Well, well, well – it only took 8 years to discover this…ahemmm!

Justice League

Report finds HUD “failed to adequately oversee” more than $16 billion in FHA loans

The Department of Housing and Urban Development’s lack of oversight into borrower-financed down payment assistance programs for Federal Housing Administration-insured loans puts borrowers and the FHA’s flagship insurance fund at “unnecessary risk,” HUD’s watchdog said in a new report.

According to the report from the Office of Inspector General for the U.S. Department of Housing and Urban Development, HUD “failed to adequately oversee” billions of dollars in loans that may have “questionable down payment assistance,” thereby putting the FHA’s Mutual Mortgage Insurance Fund at risk because of borrowers with higher than market interest rates.

Read on.

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2 thoughts on “Watchdog: HUD lacks sufficient oversight for borrower-financed down payment programs

  1. A woman I tried to help find an attorney here in Seattle worked with Monihan and said she would rather have lunch with a drug dealer. She told me she worked for HUD and found two sets of records One true for BOA and one false for HUD. She tried to whistle blow but found no attorneys to help her and was fired from her job, then disappeared from Seattle and her emails. I am sure she is ok at least I hope so. She became very scared and wanted to just leave Washington and go back to her hometown.

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