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#1497521 --- 04/07/17 09:02 AM $516.4 Billion in Errors at HUD
luckyduck Offline
Member

Registered: 06/15/11
Posts: 241
Loc: NY
.pdf of HUD audit:

https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf

What We Found
The total amounts of errors corrected in HUDís notes and consolidated financial statements were
$516.4 billion and $3.4 billion, respectively. There were several other unresolved audit matters,
which restricted our ability to obtain sufficient, appropriate evidence to express an opinion.
These unresolved audit matters relate to (1) the Office of General Counselís refusal to sign the
management representation letter, (2) HUDís improper use of cumulative and first-in, first-out
budgetary accounting methods of disbursing community planning and development program
funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Maeís stand-alone financial
statements that we could not audit due to inadequate support, (4) the improper accounting for
certain HUD assets and liabilities, and (5) material differences between HUDís subledger and
general ledger accounts. This audit report contains 11 material weaknesses, 7 significant
deficiencies, and 5 instances of noncompliance with applicable laws and regulations

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#1497527 --- 04/07/17 09:46 AM Re: $516.4 Billion in Errors at HUD [Re: luckyduck]
ThomasDecker Offline
Senior Member

Registered: 08/17/16
Posts: 1173
Loc: Saint Regis
Mr. Cuomo, was in charge of HUD, wasn't he?


Edited by ThomasDecker (04/07/17 09:47 AM)
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Igy6 ďTRUMP HAS BEEN CALLED AND CHOSEN FOR SUCH A TIME AS THIS!Ē

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#1497546 --- 04/07/17 02:51 PM Re: $516.4 Billion in Errors at HUD [Re: ThomasDecker]
cwjga Offline
Senior Member

Registered: 11/06/08
Posts: 9680
Loc: NY
Originally Posted By: ThomasDecker
Mr. Cuomo, was in charge of HUD, wasn't he?


Ye he was. His policies caused the housing bubble and subsequent crash.
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Annoying liberals, it's just too easy. Hard to believe how easy it is.

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#1497911 --- 04/18/17 08:50 PM Re: $516.4 Billion in Errors at HUD [Re: luckyduck]
The Mechanic Offline
Senior Member

Registered: 05/24/11
Posts: 1081
Loc: NY
And a Trump appointee found the error caused by liberal democrats. Go figure!
_________________________
Two things are for certain. Trump is the President and Hillary is not.

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