Feds launch audit into Fla. housing program

Posted at 5:53 PM, Apr 11, 2013
and last updated 2013-04-11 17:53:00-04

ORLANDO, Fla. (AP) — Federal officials are launching an audit into a $1 billion mortgage assistance program in Florida.

U.S. Sen. Bill Nelson said Thursday that the audit would focus on the Hardest Hit Fund.

Nelson said in a letter to the U.S. Treasury Department that he was concerned about mismanagement in the program.

Nelson says among the problems he is worried about is the fact that Florida has distributed less than 16 percent of the $1 billion the federal government made available to distressed homeowners.

The fund was meant to help out homeowners facing foreclosure.

Florida currently has the nation's highest foreclosure rate.