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Tags: US | Foreclosure | Investigation

White House: Mortgage Foreclosure Woes Inexcusable

Tuesday, 23 November 2010 04:27 PM

An Obama administration official says a preliminary investigation into the foreclosure process has found inexcusable breakdowns in the basic controls mortgage lenders should have been using.

Assistant Treasury Secretary Michael Barr said that a foreclosure task force composed of 11 federal agencies had found serious problems in the way home foreclosures were being handled.

Barr told a new financial stability council headed by Treasury Secretary Timothy Geithner that the task force hoped to have a set of recommended improvements to the process ready by late January.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
An Obama administration official says a preliminary investigation into the foreclosure process has found inexcusable breakdowns in the basic controls mortgage lenders should have been using.Assistant Treasury Secretary Michael Barr said that a foreclosure task force...
US,Foreclosure,Investigation
86
2010-27-23
Tuesday, 23 November 2010 04:27 PM
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