Reports

BOSTON – A former North Shore resident was arrested today in connection with allegedly filing a fraudulent loan application in order to obtain over $660,000 in Paycheck Protection Program (PPP) loan funds and using those funds for personal expenses, including an alpaca farm in Vermont.

As of March 31, 2021, HUD had disbursed $3.4 billion and obligated $7.4 billion of its $12.4 billion in CARES Act funds. Meanwhile, HUD has more than $1.6 billion in CARES Act funds unobligated. These funds have various expiration dates. For example, HUD has until September 30, 2021, to obligate $28 million of the remaining management and administration CARES Act funds and until September 30, 2022, to obligate more than $1.3 billion of the remaining Office of Community Planning and Development’s CARES Act funds. If HUD is unable to obligate funds properly before its appropriations expire, it...

The U.S. Department of Housing and Urban Development Office of Inspector General assessed what information servicers of mortgage loans that the Federal Housing Administration (FHA) insures were providing on their public facing websites to borrowers regarding forbearance. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to individuals and businesses impacted by the COVID-19 pandemic. On April 17, 2020, 22 days after enactment of the Act, we reviewed the top 30 servicers’ websites to identify readily...