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Closed Date:
Junio 01, 2020

Take appropriate administrative action against FTB for violations of the settlement agreement.

Publication Report

2018-CF-0802 | Septiembre 28, 2018

HUD Failed To Enforce the Terms of a Settlement Agreement With Fifth Third Bank Because It Did Not Record Indemnified Loans in Its Tracking System

The U.S. Department of Housing and Urban Development (HUD) Office of Inspector General (OIG) worked with HUD’s Office of Lender Activities and Program Compliance, Office of Single Family Housing, to resolve outstanding matters related to two September... más

Related Recommendations

Housing

  •  
    Status
      Open
      Closed
    2018-CF-0802-001-A
    Closed on Junio 09, 2020
    $311,699.00
    Questioned Costs

    Recommendations with questioned costs identify costs: (A] resulting from an alleged violation of a law, regulation, contract, grant, or other document or agreement governing the use of Federal funds; (B] that are not supported by adequate documentation (also known as an unsupported cost]; or (C] that appear unnecessary or unreasonable.

    Summary

    Require FTB to reimburse HUD $311,699 for 2 loans for which HUD incurred losses when it sold the properties and 15 loans for which FHA insurance had been terminated and HUD had paid loss mitigation claims to FTB.

  •  
    Status
      Open
      Closed
    2018-CF-0802-001-B
    Closed on Junio 09, 2020
    $47,433,895.00
    Funds Put to Better Use

    Recommendations that funds be put to better use estimate funds that could be used more efficiently. For example, recommendations that funds be put to better use could result in reductions in spending, deobligation of funds, or avoidance of unnecessary spending.

    Summary

    Record in FHA Connection the remaining indemnified loans, avoiding $47,433,895 in estimated losses. The estimated loss is based on the loss severity rate of 46 percent of the total unpaid principal balance of $103,117,164.

  •  
    Status
      Open
      Closed
    2018-CF-0802-001-C
    Closed on Marzo 11, 2020
    Summary

    Develop and implement controls to ensure that indemnification agreements that result from U.S. Department of Justice settlements have been properly recorded in FHA Connection.