Watchdog: HUD Lacks Sufficient Oversight for Borrower-Financed Down Payment Programs

HousingWire, Mar. 8, 2017–Ben Lane
According to the report from its Office of Inspector General, HUD “failed to adequately oversee” billions of dollars in loans that may have “questionable down payment assistance,” thereby putting the FHA’s Mutual Mortgage Insurance Fund at risk because of borrowers with higher than market interest rates.