HUD Has No Answer For Why Its Financial Books Are Worthless | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: HUD officials refuse to clarify why they haven’t fixed poor accounting practices and useless financial books their inspector general (IG) has been exposing for four years. It’s not clear whether HUD officials know what they’re doing is incorrect because, their spokesman, Brian Sullivan, told The Daily Caller News Foundation Investigative Group that “HUD does apply generally accepted accounting standards.” Not so, said the IG, whose most recent audit found 11 “material weaknesses,” seven “significant deficiencies” in internal controls, and five instances of “noncompliance with applicable laws and regulations.” The department’s financial books are something the next HUD secretary will confront after succeeding current HUD Julian Castro. The department has a history of failing to comply with IG recommendations on financial management, ignoring 63 of them since 2012.)