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FHA Expansion Involves Risk
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December 10, 2008
Housing industry experts are expressing concerns that the rapid expansion of the Federal Housing Administration is leaving it unprepared for the potential increase of mortgage-related fraud.
The approval of new home loans in September has tripled from the same month last year, according to federal data. “It looks like an incoming tsunami,” HUD’s inspector general, Kenneth M. Donohue reportedly said.
HUD spokesman, Lemar C. Wooley, however, said in a statement that HUD was effectively dealing with FHA-related fraud and abuse, and has successfully done so for decades.
Read story at Blueridge Now
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