When HUD earlier this year said it was looking into potential fraud involving nonprofits that buy affordable homes through the federal agency’s loan program, one person who wasn’t surprised to hear about the problem was lender Matthew McAloon.
McAloon, one of the U.S. Department of Housing and Urban Development’s top five lenders nationwide in making federally guaranteed loans to African-American first-time home buyers, has seen first-hand how easily the HUD purchasing process can be corrupted.
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