HUD

FRAUD! BEN CARSON UNCOVERS $500 BILLION ‘BOOKKEEPING ERRORS’ IN HUD AUDIT

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  • Ben Carson Finds $500 BILLION in Fraud-Mismanagement in HUD Audit

 

Department of Housing and Urban Development ( HUD ) Secretary Dr. Ben Carson dug into the agencies records in a sweeping audit and uncovers half a trillion bookkeeping “errors” from previous Obama administration.

The HUD report found $500 in fraud and mismanagement in the government agency.

What We Found

The total amounts of errors corrected in HUD’s notes and consolidated financial statements were $516.4 billion and $3.4 billion, respectively. There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. 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 nonpooled 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.

A screenshot of the .pdf file that outlines the findings by Dr. Carson and his team:

H/T Daily Wire