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FHA backs over $30 million in Teamsters fund deals
An AP investigation shows the FHA insured and guaranteed more than $30 million in loans tied to the Central States, Southeast and Southwest Areas Pension Fund, the Teamsters pension fund. The San Diego FHA office approved transactions including a $16 million land loan and at least $11.8 million in subsidized loans to firms partly owned by the fund. The fund's ownership in Penasquitos Inc. and ties to San Diego builder Irvin Kahn triggered questions about possible conflicts of interest. FHA officials said there was no prohibition on dealing with a union fund, while the fund has faced prior probes and court actions.
MENTIONED IN THIS ARTICLE
San Diego
Calif
Federal Housing Administration
Teamsters Union Pension Fund
FHA
Pension Fund
Associated Press
Washington
Teamsters Union
Central States
Southeast
Southwest Areas
Teamsters’ Pension Fund
E. L. Tagwerker
Tagwerker
Great Western Mortgage Co
Penasquitos Inc
Penasquitos
Irvin Kahn
Central States Fund
Kahn
Charles Dempsey
HUD
Office of Investigations
Bay Terraces
Southern California