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Article: CITY CONTROLLER CHICK FINDS PROBLEMS IN OVERSIGHT OF HOUSING DEPARTMENT LOANS
- Article from:
- US Fed News Service, Including US State News
- Article date:
- July 16, 2007
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The City of Los Angeles issued the following news release:
City Controller Laura Chick has cited the City's Housing Department on its management of its $735 million loan portfolio.
"My audit has found that the Housing Department needs to significantly improve how it manages its loan portfolio. These very important public dollars are needed to provide safe and livable neighborhoods through the development and preservation of decent and affordable housing. It is essential that we ensure the public that these monies are meeting their intended targets," said Chick.
Among the audit's findings:
* Housing Department awarded new loans to borrowers who were already in default on their other loan ...