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Crime, Fraud, Waste, and Abuse

The Offices of Audit and Evaluation supervise and conduct independent and objective audits, evaluations, and other reviews of U.S. Department of Housing and Urban Development (HUD) programs and activities to ensure they operate economically, efficiently, and effectively. This page contains links to our audit and evaluation reports and memoranda.

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    Ginnie Mae Did Not Formally Assess Rising Nonbank Concentration Risk
    We audited the Government National Mortgage Association’s (Ginnie Mae) management of its portfolio of federally guaranteed mortgage-backed securities (MBS).  We initiated this audit because of our internal monitoring of the Ginnie Mae portfolio as well as the issuance of a Financial Stability Oversight Council report in 2024 on the rising risks presented by nonbank mortgage companies.  Our audit objective was to assess Ginnie…
    March 30, 2026
    Report
    #2026-KC-0002
    Approximately 31,500 FHA-Insured Loans Did Not Maintain the Required Flood Insurance Coverage in 2020
    Develop a control to detect loans that did not maintain the required flood insurance to put $1.5 billion to better use by avoiding potential future costs to the FHA insurance fund from inadequately insured properties. Corrective Action Taken In November 2022, FHA published the Acceptance of Private Flood Insurance for FHA-Insured Mortgages final rule (Docket No. FR-6084-F-02) in the Federal Register and issued Mortgagee Letter 2022…
    March 22, 2022
    Report
    #2022-KC-0002
    HUD Did Not Always Implement Corrective Actions To Further Ensure That HECM Borrowers Complied With Principal Residency Requirements
    The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), completed a corrective action verification (CAV) of recommendations from four prior home equity conversion mortgage (HECM) audit reports.  The CAV was initiated because protecting the Federal Housing Administration (FHA) mutual mortgage insurance fund is one of HUD’s top management challenges.  The prior audits determined that HUD…
    December 10, 2021
    Report
    #2022-PH-0801