Did the Obama administration take billions from Fannie & Freddie to fund Obamacare?
Dr. Ben Carson just found over $500 Billion missing in an audit of HUD: Link to HUD Report
THE LAST PARAGRAPH OF THE REPORT SAYS IT ALL:
HUD management is downplaying the severity of the condition and impact of the errors identified, which were significant enough to cause it to recall its published AFR and reissue its fiscal year 2016 consolidated financial statements and notes. While the errors identified may not have changed HUD’s financial position, as HUD states at the bottom of its financial statements, “The accompanying notes are an integral part of these statements.” These notes contained errors of $516.4 billion.
Fraud and mismanagement is rampant!
The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively.
These unresolved audit matters relate to
(1) the Office of General Counsel’s refusal to sign the management representation letter.
(2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds.
(3) the $4.2 billion in non pooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support.
(4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts.
This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.
Could it be that Dr. Carson is on to something?
(via: Conservative Post)