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FGMSD-79-14 1 (1979-03-14)

handle is hein.gao/gaobaaytz0001 and id is 1 raw text is: REPORT BY THE U. S. General Accounting Office Action Being Taken To Correct Weaknesses In The Rehabilitation Loan Program The Department of Housing and Urban Development services and accounts for de- faulted rehabilitation loans valued at over $53 million. In fiscal 1977 over $2 mil- lion, or about 53 percent of the total amount due on the loans during the year, was not collected. This situation resulted from a lack of aggressive servicing by De- partment field offices and the use of a manual recordkeeping system which was incapable of accounting for an increasing volume of loans. The Department's Rehabilitation Loan Pro- gram was the subject of congressional tes- timony on October 5, 1978. Department officials testified that GAO had properly identified the program's accounting and loan servicing problems and that the De- partment had taken or was taking correc- tive actions. 108823 F•GMS- D 79-14 'ICCU1,111%MARCH 14. 1979