About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

RCED-92-227R 1 (1992-09-30)

handle is hein.gao/gaobackdu0001 and id is 1 raw text is: United States GAO General Accounting Office Wshington, D.C. 20548 Resources, Community, and Economic Development Division B-24 9052 September 30, 1992 147877 The Honorable Marge Roukema Ranking Minority Member Subcommittee on Housing and Community Development Committee on Banking, Finance and Urban Affairs House of Representatives Dear Mrs. Roukema: In response to your October 9, 1991, request and subsequent discussions with your office, we reviewed two internal control reports issued by Price Waterhouse in 1991 on single- and multifamily housing programs administered by the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA). As you know, FHA does not make loans or build housing; rather, it operates insurance programs. FHA's primary objective is to provide insurance for private lenders against loss on mortgages financing homes and multifamily (apartment) projects. The latest _ available information shows that FHA had an outstanding C insurance-in-force balance of about $373 billion at the 1Z Z)J close of fiscal year 1991 ($329.1 billion for the single- family program and $43.9 billion for the multifamily program), and FHA lost $2.5 billion in that fiscal year. As agreed with your office, this letter provides information g on the number and nature of financial and management Qinternal control weaknesses that were reported for the first 4-4o time in the Price Waterhouse reports and highlights those newly reported control weaknesses that the independent accounting firm believes pose the greatest risk to the financial and management integrity of the programs. It also includes the views of FHA, HUD's Office of Inspector General (OIG), and our Office on the problems identified by the reports. In 1990 FHA management recognized that to efficiently and o ~ effectively address long-standing internal control weaknesses affecting the financial and management integrity GAO/RCED-92-227R, FHA Internal Controls 555 43

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most