Items Tagged with 'Office of the Inspector General'

ARTICLES

  • Watchdog: FHA incorrectly insured $1.9 billion in mortgages in 2016

    HUD-OIG report finds FHA insured nearly 10,000 ineligible borrowers
    A new report from a federal watchdog finds that the Federal Housing Administration incorrectly insured approximately $1.9 billion worth of mortgages in 2016. The new report, which was published recently by the Department of Housing and Urban Development Office of Inspector General, found that in 2016, the FHA insured an estimated 9,507 borrowers who were actually ineligible for FHA insurance.
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  • Watchdog: Ginnie Mae wasn't ready for nonbank mortgage lending boom

    OIG report notes that Ginnie Mae made progress on oversight, but issues remain
    Over the last few years, Ginnie Mae experienced a significant shift in its business, with its share of nonbank originations rising from 11% in 2011 to 75% this year. But, according to a new report from a government watchdog, Ginnie Mae was not prepared for the rise of nonbank mortgage lending and “did not adequately respond” to the changes in its lender base.
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  • Watchdog: The CFPB fails to properly secure confidential enforcement information

    The CFPB has a data security issue of its own
    The Consumer Financial Protection Bureau’s Office of Enforcement fails to properly secure sensitive, confidential information, leaving the data available to both employees that no longer needed access to the data and former employees who left the bureau, a watchdog report found. Here are the details.
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  • EXCLUSIVE: Security vulnerabilities discovered in FHA systems

    Watchdog review discovers weakness in government's systems
    Some of the systems used by the Federal Housing Administration’s single-family insurance program are vulnerable to security breaches, an investigation by the agency’s watchdog uncovered recently. Details on the nature of the “vulnerabilities” are limited at this point, as the Office of the Inspector General for the Department of Housing and Urban Development chose not to share the full results of its investigation with the public.
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  • HUD watchdog issues warning on fraudulent, inflated reverse mortgage appraisals

    Turns out the housing industry isn’t done with these yet
    In the run-up to the financial crisis, fraudulent appraisal schemes ran rampant in the housing industry, eventually leading to the complete overhaul of the property appraisal system and the rise of appraisal management companies. As it turns out, schemes like that have not been completely forced out of the industry.
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