Fed takes moves in U.S. foreclosure probe: Bernanke
The U.S. Federal Reserve staff members and their counterparts at other federal agencies were evaluating the potential effects of reported irregularities in foreclosure practices on the real estate market and financial institutions, Federal Reserve Chairman Ben Bernanke said on Monday."The federal banking agencies are working together to complete an in-depth review of practices at the largest mortgage servicing operations," Bernanke said when addressing a Federal Reserve System and Federal Deposit Insurance Corporation Conference on Mortgage Foreclosures and the Future of Housing taking place in Arlington, Virginia.
He noted that the federal banking watchdogs took violations of proper procedures seriously and anticipated preliminary results of the review next month.
The U.S. central bank chief's remarks came after attorneys general in all states nationwide jointly probed into whether big mortgage lenders handled paperwork improperly to force residents leave their homes.
He contended that with the U.S. housing markets still weak, high levels of mortgage distress might "well persist for some time to come."
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