The Inspector General of the Department of Housing and Urban Development has warned users not to rely on Ginnie Mae’s fiscal years 2011-2014 financial statements after expressing displeasure over the agency’s inadequate explanation of material misstatements identified during a 2014 audit. The warning came in a memorandum the HUD IG issued in response to Ginnie’s restatement notification on Sept. 16, 2015, commenting on the fiscal 2014 audit report. The audit left certain issues unresolved due to its limited scope, causing the IG to issue a disclaimer of opinion on the FY 2014 financial statements. Specifically, the uncertainty focused...