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

Registered: 06/15/11
Posts: 351
Loc: NY
.pdf of HUD audit:

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

#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: 2370
Loc: Land of the Free and home of t...
Mr. Cuomo, was in charge of HUD, wasn't he?

Edited by ThomasDecker (04/07/17 09:47 AM)

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

Registered: 11/06/08
Posts: 10257
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.
Annoying liberals, it's just too easy. Hard to believe how easy it is.

#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: 1139
Loc: NY
And a Trump appointee found the error caused by liberal democrats. Go figure!
Trump for 2020!