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Where did all the money go? How $700 million in Katrina relief money went missing

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The result of misused money given to homeowners during Hurricane Katrina will have an impact on how money is doled out for victims of Superstorm Sandy. The inspector general of the Department of Housing and Urban Development said $700 million in taxpayer money that was to be used by homeowners to elevate and protect their homes from future storms was either “misspent or pocketed.”