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Crime, Fraud, Waste, and Abuse
686 items
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    Date Issued
    Final Civil Action - Bank of America Settled Alleged Violations of the False Claims Act by Countrywide Home Loans, Inc.
    The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), conducted a review of loans underwritten by Countrywide Home Loans Inc., and its divisions Countrywide Bank FSB and Countrywide Mortgage Ventures, LLC. The objective of the review was to determine whether Countrywide underwrote Federal Housing Administration (FHA) loans in accordance with HUD-FHA regulations. Countrywide is a subsidiary of Bank of…
    June 11, 2012
    Memorandum
    #2012-CF-1809
    The Universal American Mortgage Company, Miami, FL, Branch, Did Not Comply With HUD Regulations When Originating and Underwriting FHA Loans and Implementing Its Quality Control Program
    HUD OIG audited Universal American Mortgage, Co. LLC, located in Miami, FL, in accordance with our annual audit plan. Universal was selected for review because its default rate of 3.8 percent was higher than the Miami area default rate of 1.9 percent. Our objectives were to determine whether the lender followed U.S. Department of Housing and Urban Development (HUD) requirements when originating and underwriting loans and implementing its…
    June 05, 2012
    Report
    #2012-AT-1013
    Final Civil Action – Alleged Violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Making False Statements in Support of a Loan Application to Defraud a Financial Institution
    The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), conducted a review to determine whether Indymac Bank followed Federal Housing Administration (FHA) policies and procedures when it originated FHA-insured loans. We identified a set of questionable loans originated by Indymac that had been generated by Beechwood Incorporated, a company that conducted various real estate services. Based on our review…
    June 04, 2012
    Memorandum
    #2012-CF-1805
    Final Civil Action – Alleged Violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Making False Statements in Support of a Loan Application to Defraud a Financial Institution
    The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), conducted a review to determine whether Indymac Bank followed Federal Housing Administration (FHA) policies and procedures when it originated FHA-insured loans. We identified a set of questionable loans originated by Indymac that had been generated by Beechwood Incorporated, a company that conducted various real estate services. Based on our review…
    June 04, 2012
    Memorandum
    #2012-CF-1806
    Final Civil Action – Alleged Violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Making False Statements in Support of a Loan Application to Defraud a Financial Institution
    The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), conducted a review to determine whether Indymac Bank followed Federal Housing Administration (FHA) policies and procedures when it originated FHA-insured loans. We identified a set of questionable loans originated by Indymac that had been generated by Beechwood Incorporated, a company that conducted various real estate services. Based on our review…
    June 04, 2012
    Memorandum
    #2012-CF-1807
    Nations Lending Corporation, Independence, OH, Needs To Improve Its Quality Control Reviews of Early Payment Defaulted Loans
    The U.S. Department of Housing and Urban Development, Office of Inspector General audited Nations Lending Corporation, a Federal Housing Administration (FHA)-approved nonsupervised direct endorsement lender approved to originate, underwrite, and submit mortgages for insurance under the U.S. Department of Housing and Urban Development’s (HUD) direct endorsement program. We selected Nations for audit based on our risk assessment of single-family…
    May 31, 2012
    Report
    #2012-CH-1008
    Nationwide Mortgage & Associates, Inc., Fort Lauderdale, FL, Did Not Follow HUD Requirements in Approving FHA Loans and Implementing Its Quality Control Program
    HUD OIG audited Nationwide Mortgage & Associates, Inc., a Federal Housing Administration (FHA)-approved non-supervised direct endorsement lender located in Fort Lauderdale, FL. We selected this lender because its default rate of 4 percent was higher than the Miami U.S. Department of Housing and Urban Development (HUD) area average default rate of 2 percent. The audit objectives were to determine whether the lender followed HUD…
    May 30, 2012
    Report
    #2012-AT-1011
    SWBC Mortgage Corporation Did Not Folow HUD-FHA Underwriting Requirements in 1 and Had Minor Deficiencies In 3 of 10 Single Family Loans
    We audited SWBC Mortgage Corporation, a Federal Housing Administration (FHA) direct endorsement lender in San Antonio, TX. We selected the lender for audit because as of September 30, 2011, it had 25 seriously delinquent loans. Our objective was to determine whether the lender originated single-family home loans in accordance with U. S. Department of Housing and Urban Development (HUD) and FHA requirements for loans with amortization dates…
    May 14, 2012
    Report
    #2012-FW-1007
    Corrective Action Verification -HUD's Housing Counseling Assistance Program
    We completed a corrective action verification regarding the recommendations made to the U.S. Department of Housing and Urban Development’s (HUD) Office of Single Family Program Development pertaining to our review of HUD’s monitoring of the Housing Counseling Assistance Program, Audit Report 2006-NY-0001, issued June 8, 2006. The purpose of the corrective action verification was to determine whether the audit recommendations had been…
    May 07, 2012
    Memorandum
    #2012-NY-0801
    HUD Did Not Implement Adequate Policies and Procedures for Sanitizing Media in Its Multifunction Devices
    The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General audited the Office of the Chief Human Capital Officer based on concerns about security risks of hard drives in multifunction devices. Our objective was to determine whether HUD had documented and implemented procedures to effectively remove sensitive data from the hard drives of multifunction devices before disposing of them. HUD did not monitor or test…
    May 02, 2012
    Report
    #2012-KC-0002
    Final Civil Action – Loan Origination Fraud on Federal Housing Administration Loans (Report Not Available to the Public)
    We reviewed alleged violations of U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA) loan origination requirements by the subject. We concluded that the subject placed fraudulent information and documents in mortgage loan applications for Government-insured home loans. The Department of Justice filed a complaint under the Financial Institutions Reform, Recovery, and Enforcement Act; and in March 2012…
    March 29, 2012
    Memorandum
    #2012-CF-1803
    Final Civil Action – Loan Origination Fraud on Federal Housing Administration Loans (Report Not Available to the Public)
    We reviewed alleged violations of U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA) loan origination requirements by the subject. We concluded that the subject created and altered documents used in mortgage loan applications for Government-insured home loans. The Department of Justice filed a complaint under the Financial Institutions Reform, Recovery, and Enforcement Act; and in December 2011 reached…
    March 29, 2012
    Memorandum
    #2012-CF-1801
    Final Civil Action – Loan Origination Fraud on Federal Housing Administration Loans (Report Not Available to the Public)
    We reviewed alleged violations of U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA) loan origination requirements by the subject. We concluded that the subject placed fraudulent information and documents in mortgage loan applications for Government-insured home loans. The Department of Justice filed a complaint under the Financial Institutions Reform, Recovery, and Enforcement Act; and in December…
    March 29, 2012
    Memorandum
    #2012-CF-1802
    Annual Evaluation of HUD’s Compliance With the Reporting Requirements of the Improper Payments Information Act of 2002, Executive Order 13520, and Office of Management and Budget Circular A-123 Implementing Guidance
    HUD OIG conducted an annual limited scope audit of the U.S. Department of Housing and Urban Development’s (HUD) compliance with the reporting requirements of the Improper Payments Information Act of 2002 (IPIA) as amended. Each agency’s inspector general is required to review and report on the agency’s annual financial report and accompanying materials. We performed our audit in conjunction with our audit of HUD’s consolidated financial…
    March 14, 2012
    Report
    #2012-FO-0005
    Gloucester Township, NJ, Did Not Always Administer Its Community Development Block Grant Recovery Act Funds According to Applicable Requirements
    We audited Gloucester Township, NJ's administration of its Community Development Block Grant funds that it received under the American Recovery and Reinvestment Act of 2009. We selected the Township for an audit because we received two complaints alleging that it misused stimulus funds and overpaid for services and because of our mandate to audit Recovery Act activities. Our audit objective was to determine whether the Township obligated,…
    March 13, 2012
    Report
    #2012-PH-1006
    J&M Mortgage Brokers, Ltd., Houston, TX, Did Not Comply With HUD-FHA Loan Requirements in Underwriting 6 of 20 Loans
    We audited J&M Mortgage Brokers, Ltd., dba Mortgages USA, a Dallas, TX-based nonsupervised direct endorsement lender. We selected J&M because it had a high rate of defaults and claims within the first year. Our audit objectives were to determine whether J&M originated Federal Housing Administration (FHA)-insured single family mortgages in accordance with U. S. Department of Housing and Urban Development (HUD) regulations,…
    March 13, 2012
    Report
    #2012-FW-1006
    Ally Financial, Incorporated Foreclosure and Claims Process Review Fort Washington, PA
    As part of the Office of Inspector General’s (OIG) nationwide effort to review the foreclosure practices of the five largest Federal Housing Administration (FHA) mortgage servicers (Bank of America, Wells Fargo Bank, CitiMortgage, JP Morgan Chase, and Ally Financial, Incorporated) we reviewed Ally Financial, Incorporated’s foreclosure and claims processes. In addition to this memorandum, OIG issued separate memorandums for each of the other…
    March 11, 2012
    Memorandum
    #2012-PH-1801
    Bank of America Corporation, Foreclosure and Claims Process Review Charlotte, NC
    As part of the Office of Inspector General’s (OIG) nationwide effort to review the foreclosure practices of the five largest Federal Housing Administration (FHA) mortgage servicers (Bank of America, Wells Fargo Bank, CitiMortgage, JP Morgan Chase, and Ally Financial, Incorporated) we reviewed Bank of America’s foreclosure and claims processes. In addition to this memorandum, OIG issued separate memorandums for each of the other four reviews.…
    March 11, 2012
    Memorandum
    #2012-FW-1802
    Wells Fargo Bank, Foreclosure and Claims Process Review, Fort Mill, SC
    As part of the Office of Inspector General’s (OIG) nationwide effort to review the foreclosure practices of the five largest Federal Housing Administration (FHA) mortgage servicers (Bank of America, Wells Fargo Bank, CitiMortgage, JP Morgan Chase, and Ally Financial, Incorporated) we reviewed Wells Fargo’s foreclosure and claims processes. In addition to this memorandum, OIG issued separate memorandums for each of the other four reviews. OIG…
    March 11, 2012
    Memorandum
    #2012-AT-1801
    CitiMortgage, Inc. Foreclosure and Claims Process Review O’Fallon, MO
    As part of the Office of Inspector General’s (OIG) nationwide effort to review the foreclosure practices of the five largest Federal Housing Administration (FHA) mortgage servicers (Bank of America, Wells Fargo Bank, CitiMortgage, JP Morgan Chase, and Ally Financial, Incorporated) we reviewed CitiMortgage’s foreclosure and claims processes. In addition to this memorandum, OIG issued separate memorandums for each of the other four reviews. OIG…
    March 11, 2012
    Memorandum
    #2012-KC-1801