Fed Housing Dept Has $43 Billion Worth Of Indecipherable Records
Department of Housing and Urban Development (HUD) officials have ignored 63 financial management recommendations from Congress’ investigative arm since 2012 and only half-heartedly followed many more, resulting in the $43 billion agency’s books to be all but useless.
Things have gotten so bad at HUD so rapidly, that auditors who found only one “material weakness” in the department’s accounting in 2012 found nine in 2015, according to a Government Accountability Office (GAO) report published Monday.
Housing Secretary Julian Castro, who has been at HUD’s helm during much of its slide into financial disrepair, was prominently mentioned prior to the Democratic National Convention as a potential running-mate for Democratic presidential nominee Hillary Clinton.
“The Department of Housing and Urban Development (HUD) has struggled to resolve persistent management challenges, in part because it has not consistently incorporated requirements and key practices identified by GAO to help ensure effective management into its operations,” GAO said. “In addition, HUD’s past remedial actions were not always effective because they were not sustained.” – READ MORE