This report presents the results of Urbach Kahn and Werlin LLP's audit of the Federal Housing Administration's (FHA) financial statements for the years ended September 30, 2007 and 2006. In Urbach Kahn and Werlin's opinion, FHA's principal financial statements are presented fairly, in all material respects, in conformity with accounting principles generally accepted in the United States of America. The report identifies three...

This report presents the results of Carmichael, Brasher, Tuvell and Company's audit of the Government National Mortgage Association's (Ginnie Mae) financial statements for the years ended September 30, 2007 and 2006. In Carmichael, Brasher, Tuvell and Company's opinion, the financial statements present fairly, in all material respects, the financial position of Ginnie Mae as of September 30, 2007 and September 30, 2006 and the...

We audited the District of Columbia Housing Authority's (Authority) administration of its leased housing under its Moving to Work Demonstration (Moving to Work) program based on our analysis of various risk factors relating to the housing authorities under the jurisdiction of the U.S. Department of Housing and Urban Development's (HUD) Baltimore field office. This is the second of three audit reports to be issued on the Authority'...

We completed a limited review of social security number validation procedures used by lenders to qualify single family loans for FHA mortgage insurance. Prior to 2005, the use of invalid or false social security numbers (SSNs) by borrowers and co-borrowers to obtain FHA insured mortgages was an issue. Effective June 2005, FHA required the lenders to validate borrowers social security numbers by matching their names and dates of birth through...

We completed a limited review concerning Sprint FONCARDS or calling cards. We conducted the review to ensure adequate controls were present. The objectives of our review were to determine the controls in place to identify waste, fraud or abuse regarding the FTS 2001 Sprint FONCARD. We determined that verification memorandums were not being sent to individuals to verify that calls were official and were made by the individual as required in...

We completed a limited review concerning college students living in Section 8 subsidized housing. We conducted the review in response to media and congressional attention and subsequent issuance of new regulations and policy guidance by HUD that restricted the eligibility of the students. The media had reported that taxpayer subsidized housing was being occupied by students to offset the high price of college. It also reported concerns by the...

HUD-OIG reviewed the Cheyenne Housing Authority's (Authority) administration and management contract with Housing Operations and Management, Incorporated (contractor), to determine whether the Authority awarded the contract in accordance with federal procurement requirements. The Authority did not follow federal procurement requirements and its own procurement policy when it awarded its administration and management contract to the contractor....