Fed Boss: Regulators Looking into Foreclosure Mess

By: Associated Press
By: Associated Press

Washington, D.C. (AP) - Federal Reserve Chairman Ben Bernanke says
federal banking regulators are examining whether mortgage companies
cut corners on their own procedures when they moved to foreclose on
people's homes.
Bernanke says preliminary results of the in-depth review are
expected to be released next month. Bernanke announced that the
examination is under way in remarks prepared for delivery Monday to
a housing-finance conference in Arlington, Va.
The Fed chief's remarks come as attorneys general in all 50
states plus the District of Columbia are jointly investigating
whether mortgage companies improperly evicted people from their
homes. They are looking into whether paperwork and legal procedures
were handled properly.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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