A federal watchdog agency says that “neglect” on the part of the U.S. Department of Housing and Urban Development (HUD) could have placed an entire division of FHA lending at risk, and that could affect buyers’ ability to get down payment assistance in the future.
The Office of the Inspector General for the U.S. Department of Housing and Urban Development is charged with keeping an eye on HUD. The goal of the program is not to find fault, but to spot problems in the system before major issues arise. This time, however, they could be about $16 billion too late.
The watchdog agency recently reported that HUD was not “adequately overseeing” about $16 billion in loans made to homeowners that received what the office called “questionable down payment assistance.”
For the full scoop, go to: NewsForInvestors.com