HUD Should Make Immediate Changes in Accounting for Secretary-Held Multifamily Mortgages
FGMSD-80-43
Published: May 16, 1980. Publicly Released: May 16, 1980.
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Highlights
The Department of Housing and Urban Development (HUD) holds over 2,000 multifamily mortgages valued at about $3.7 billion. These Secretary-held mortgages were either returned from commercial lenders after mortgagors defaulted on their insured mortgages or resulted from HUD selling property it had previously acquired.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that an interim billing system is established for newly assigned mortgages. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that servicing personnel can receive information on mortgagors' payment status under the terms of workout agreements. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that late charges are assessed on payments overdue under the mortgages or the workout agreements. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that inventories of the responsible headquarters' offices and the field offices are reconciled periodically. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that records of the taxing authorities and the Department are reconciled periodically. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that workout agreements that provide for a specific payment amount be established within 90 days after receiving a defaulted mortgage. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that servicing personnel be further trained in financial statement analysis. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that field offices are required to obtain adequate financial statements when they are not submitted promptly or fail to meet Department regulations. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that aggressive action will be taken to obtain repayment of project funds that have been diverted. |
Closed
Please call 202/512-6100 for additional information.
|
| Department of Housing and Urban Development | The Secretary of HUD should direct that the Department's accounting and servicing functions be changed so that records of the taxing authorities and the Department are reconciled periodically. |
Closed
Please call 202/512-6100 for additional information.
|
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Topics
Federal agency accounting systemsFinancial disclosureFinancial recordsLoan repaymentsMortgage loansSystems evaluationMortgagesFinancial statementsAccounting systemsTaxes