We reviewed Doral Bank Puerto Rico (Doral), an approved issuer for the Government National Mortgage Association (Ginnie Mae). Our objective was to determine whether Doral complied with Ginnie Mae requirements associated with its mortgage-backed securities activities. The review was initiated in connection with the 2007 Ginnie Mae financial statement audit. Doral did not fully comply with Ginnie Mae requirements because it maintained seven…

This report provides additional details to supplement our Report on the U.S. Department of Housing and Urban Development's (HUD) Fiscal Years 2007 and 2006 Financial Statements, which is included in HUD's Fiscal Year 2007 Performance and Accountability Report. In OIG'S opinion, based on our audit and the reports of other auditors, the financial statements were presented fairly, in all material respects, in conformity with accounting principles…

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 significant…

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 results of its…

CAMDEN, N.J. – A Camden woman today admitted accessing a protected computer without authorization to steal money from her employer and then laundering the proceeds of her theft, U.S Attorney Craig Carpenito announced. Dilcia Mercedes 38, pleaded guilty before U.S. District Judge Renee Marie Bumb to an information charging her with one count of unauthorized access of a computer with intent to defraud and one count of money laundering.…

BOSTON – The president and founder of a Falmouth mortgage company was sentenced yesterday in federal court in Boston in connection with defrauding the Government National Mortgage Association (Ginnie Mae) out of approximately $2.5 million. Robert Pena, 69, the president and founder of the now-defunct mortgage company, Mortgage Security, Inc. (MSI), was sentenced by U.S. Senior District Court Judge Mark L. Wolf to 32 months in prison, two years…

BOSTON – The president and founder of a Falmouth mortgage company pleaded guilty yesterday in federal court in Boston in connection with defrauding the Government National Mortgage Association (Ginnie Mae) out of approximately $2.5 million. Robert Pena, 68, of Falmouth, pleaded guilty to one count of conspiracy and six counts of wire fraud.  U.S. Senior District Court Judge Mark L. Wolf scheduled sentencing for Jan. 5, 2018. Pena was…

(Source: federalsoup.com) The Department of Housing and Urban Development needs to improve oversight of its travel and purchase card programs, according to a report from the HUD inspector general. While HUD has put controls in place to identify cardholder travel card program violations, the report from HUD's Office of Inspector General said the agency did not successfully identify patterns of abuse. The OIG found 3,671 instances of cardholders…

HUD OIG drafted a fraud bulletin outlining potential common reverse mortgage schemes that borrowers may face, along with actions to take and not take if you are considering a reverse mortgage loan.

HUD OIG drafted a fraud bulletin outlining potential common reverse mortgage schemes that borrowers may face, along with actions to take and not take if you are considering a reverse mortgage loan.

HUD OIG drafted a fraud bulletin outlining potential loan modification and foreclosure rescue schemes that borrowers may face. 

HUD OIG drafted a fraud bulletin outlining potential loan modification and foreclosure rescue schemes that borrowers may face.