Posted on 04/06/2017 12:04:32 PM PDT by rktman
Dr. Ben Carson has discovered over $500 billion (that's with a 'B') in errors and accounting mistakes during his audit of the Obama administration’s Housing and Urban Development budget.
One of Dr. Carson’s first orders after being confirmed as the Secretary of HUD was a thorough audit of the agency, which has been accused of fraud and over-budgeted projects throughout the entire Obama administration.
What did the auditors find? Over $520 billion in budgetary mistakes and clerical errors.
(Excerpt) Read more at hannity.com ...
HUD Secretaries under Obama:
Shaun Donovan
Julian Castro
He found all that in less than three months and he’s not even a CPA.
Heads should roll.
And it only took him a month to find this. I think Pres. Trump hired the right man.
A rather kind definition of “Errors”. When Ben is done at Housing he should take his pencil over to State.
You remember correctly. It was even reported in the left-leaning Boston Globe.
Mr. Community Organizer did wonders with Federal money for low-cost housing in Chicago.
Grim proving ground for Obama's housing policy"About 99 of the units are vacant, many rendered uninhabitable by unfixed problems, such as collapsed roofs and fire damage. Mice scamper through the halls. Battered mailboxes hang open. Sewage backs up into kitchen sinks. In 2006, federal inspectors graded the condition of the complex an 11 on a 100-point scale - a score so bad the buildings now face demolition."
July 17, '08
Fannie, Freddie spent millions on lobbyingRaines, the company's former chief financial officer, Timothy Howard, and former controller Leanne Spencer were accused in a civil lawsuit of manipulating earnings over a six-year period at Fannie. Raines was appointed by Clinton, after serving as White House budget director under Clinton.
Raines' predecessor, former Fannie Mae chief James Johnson, is a prominent Democrat who was an adviser to 2004 Democratic presidential nominee John Kerry and was selected by Obama to help vet his vice presidential prospects. But controversy over favorable loan deals he obtained with Countrywide Financial Corp., a bank seriously damaged by the mortgage meltdown decline, prompted him to abruptly resign that post in June.
From April '08
Former Fannie chief agrees to $24.7 million settlementWASHINGTON — Former Fannie Mae chief Franklin Raines and two other top executives have agreed to a $31.4 million settlement with the government announced Friday over their roles in a 2004 accounting scandal.
Raines, former Fannie chief financial officer Timothy Howard and former controller Leanne Spencer were accused in a civil lawsuit in December 2006 with manipulating earnings over a six-year period at the company, the largest U.S. financer and guarantor of home mortgages.
Raines, a prominent Washington figure who was President Clinton's budget director, is relinquishing company stock options, proceeds from stock sales and other benefits. His part of the settlement is worth $24.7 million,
Tough Decision Coming August 28th '08
"Two members of Mr. Obama's political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae."
It ain’t embezzlement, it’s Marxist redistribution.
And you can bet the Democrats got millions of it back for getting for them in the first place.
Where did you get that? It's being sucked dry. Did you think it would all happen in just a couple months or so? Come on.
I hope and pray that Carson and his staff have excellent security.
These are terrible criminals who people the HUD.
I know it has probably already been observed, but HUD doesn’t have enough budget to make even a cumulation of errors amounting to $500 billion even possible UNLESS they are counting all the bailout money, otherwise HUD hasn’t existed long enough.
What I suspect we’ll discover is that there was a decimal error in the original reporting and budgeting errors for 2016 have been about $5 billion ... which is STILL scandalous!
Drain the swamp!
“Well it ain’t like it’s brain surger................... Oh.”
LOL!!
“If Trump doesn’t start prosecuting these f’n criminals, we’re finished.”
He won’t.
We are.
Jarrett's a Chicago slumlord, start there.
You will never know and no you won't get it back. You might remember the military is missing a similar amount which makes Hillary's 6 billion, chump change.
Is this stolen money ? If so the Gop sit by and watch as America was ripped off and not one peep from them. How much more is missing from other agencies. People should be executed if its stolen money. All of them.
Imagine what they’ll find when they audit The Fed.
The audit is lengthy. Here’s a couple of things I came across:
****Errors in financial statement note disclosures. We found that 19 of 31 financial
statement notes (61 percent) contained errors with an approximate absolute value totaling
$278.5 billion. Of the $278.5 billion in errors, $159.4 billion in errors was due primarily
to (1) incorrect data entry, (2) omission of restated balances, or (3) incorrect data
provided by HUD’s component entities (FHA and Ginnie Mae). The remaining $119.1
billion in errors was due to inappropriate rounding adjustments. We found several
instances in which rounding was performed to the nearest billion and hundred billion,
1. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
HUD did not properly account for, have internal controls over, or have adequate support for all
of its assets and liabilities. Specifically, (1) CPD did not validate its accrued grant liabilities
estimates; (2) HUD’s accounting for its cash management process did not include the recognition
of receivables and payables when incurred and understated its prepayment balance; (3) HUD did
not recognize a prepayment for funds advanced to its IHBG grantees that were used for
investment; (4) EHLP could not be audited; (5) balances related to HUD’s loan guarantee
programs were not reliable; and (6) HUD did not properly account for its property, plant, and
equipment. These problems occurred because of continued weaknesses in HUD’s internal
controls and a lack of communication between OCFO and the program offices. As a result,
several financial statement line items were misstated or could not be audited as of September 30,
2016. Specifically, (1) CPD’s accrued grant liabilities estimates could not be audited; (2) HUD’s
PIH prepayments and accounts receivable balances contained errors with an absolute value of
approximately $476.2 million and $201.2 million, respectively, and accounts payable were
understated by an unknown amount; (3) HUD’s expenses on its statement of net costs were
overstated by $293.2 million; (4) loans receivable balances for EHLP could not be audited and
were potentially misstated; (5) balances related to HUD’s loan guarantee programs were
misstated by unknown amounts; and (6) HUD’s $297 million balance for property, plant, and
equipment was not supported.
2....some contractors had inappropriate access to sensitive budget and general ledger financial transactions.
Further, inaccurate security documentation could lead to inappropriate decisions.
3. HUD Continued To Not Comply With the HOME Investment Partnership Act
4. HUD Did Not Comply With Treasury Financial Manual’s Rules on Cash Management or 2 CFR
Part 200
5. HUD Did Not Comply With the Improper Payments Elimination and Recovery Act of 2010
6. Ginnie Mae Did Not Comply With the Debt Collection Improvement Act of 1996
7. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
Much more at link:
https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf
I only know which media will NOT print it or air it....MSNBC, CNN, ABC, CBS, Mother Jones, Huff Post, Slate & Salon.
Communist Juan Castro ran HUD since 2014. Round him up
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