Ginnie Mae’s Financial Statements Are Unreliable, Auditor Says

Leadership failure and shoddy accounting at Ginnie Mae have made it impossible to audit the U.S. bond guarantor’s 2014 financial statements, a federal overseer said.

Ginnie Mae’s accounting “may not be reliable,” the Department of Housing and Urban Development’s Inspector General said in a report released Friday. In addition, an outside auditor has withdrawn an earlier approval of Ginnie Mae’s 2013 financial statements, according to the report.