Treasury alleges states misspent funds intended to help homeowners fight foreclosure

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Treasury alleges states misspent funds intended to help homeowners fight foreclosure

Treasury alleges states misspent funds intended to help homeowners fight foreclosure

Bangor Daily News-

The Treasury Department is investigating the expenditures of housing agencies in 18 states and the District of Columbia that used federal funds aimed at bailing out homeowners in danger of losing their properties to foreclosure, alleging that some misspent the money and will have to repay it.

So far, the Treasury’s Office of Special Inspector General has identified $3 million in questionable expenses that include bonuses, barbecues and a vehicle allowance. But Treasury officials say that a review of the expenses is ongoing, and that the figure could increase or even decrease because some housing agencies are disputing the charges.

The allegations are contained in a 93-page audit that Treasury’s inspector general issued in August on the Troubled Asset Relief Program (TARP), which the government established in 2010 during the Great Recession.

[BANGOR DAILY NEWS]

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