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USDA OIG: Controls Over Eligibility Determinations for Single Family Housing Guaranteed Loan Recovery Act Funds (Phase 2)

September 1, 2011

Pursuit's Take

This report presents OIG’s second phase of audit work related to the eligibility of borrowers who obtained single family housing loan guarantees from funds authorized by the American Recovery and Reinvestment Act of 2009.

OIG estimates that 30,310 loans (almost 37 percent of the portfolio) were ineligible with a projected total value of $4.16 billion. OIG’s analysis of the sample identified 33 loans where lenders had not fully complied with Federal regulations or Recovery Act directives in determining borrower eligibility.

Take Homes
Single Family Housing Guaranteed Loan Program Audit Results

2,882 Loans given to individuals who already had adequate housing
1,659 Loans used on houses with swimming pools
Read the full report Artboard 1

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