Bank of America, Plano, TX, Followed the Loss Mitigation Requirements for All of the Loans Reviewed

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The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General audited Bank of America because it has released more than 47,000 Federal Housing Administration (FHA)-insured loans into the Distressed Asset Stabilization Program (DASP) note sales program.  Since its inception, DASP has facilitated the sale of more than 108,000 FHA loans, which means that Bank of America accounts for nearly half of the entire program.  This is the fourth in a series of audits on DASP.

Final Civil Action - Gateway Funding Diversified Mortgage Services, LP, Now Known as Finance of America Mortgage, LLC, Settled Allegations of Failing To Comply With HUD’s Federal Housing Administration Loan Requirements

Final Civil Action: Universal American Mortgage Company, LLC, Settled Allegations of Failing To Comply With HUD’s Federal Housing Administration Loan Requirements

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), assisted the U.S. Department of Justice (DOJ) and the U.S. Attorney’s Office for the Eastern and Western Districts of Washington in the civil investigation of Universal American Mortgage Company, LLC.  Our investigation was ongoing when a qui tam action was filed in the U.S. District Court for the Western District of Washington.  Universal American has its principal place of business in Miami, FL.

The Owners of Civic Towers and Civic Towers Senior in Miami, FL, Generally Corrected Section Eight Housing Assistance Payments To Address Duplicate Benefits and Ensured That the Payments Were Eligible and Supported

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We audited the Civic Towers, LLLP, and Civic Towers Senior, LLLP, Section 8 project-based housing assistance payment (HAP) program.  We selected the Civic Towers and Civic Towers Senior Section 8 project-based properties for review based on a referral from our Office of Investigation regarding a potential duplication of benefits between the U.S.

The Housing Authority of the County of Alameda, Hayward, CA, Generally Administered Its Rental Assistance Demonstration in Accordance With HUD Requirements

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We audited the Housing Authority of the County of Alameda’s Rental Assistance Demonstration (RAD) conversion to the Section 8 Project-Based Voucher Program.  We selected the Authority because reviews of RAD conversions were aligned with the goals of our annual audit plan.  The objective of our review was to determine whether the Authority administered its RAD conversion in accordance with HUD requirements.  Specifically, we wanted to determine whether the Authority (1) executed appropriate written agreements, (2) ensured that project financing sources were secured, (3) ensured t
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