Bernanke: Fed’s Reviewing Foreclosures

6984_10-25_photo Bernanke: Fed's Reviewing Foreclosures A review by federal banking agencies of the nation's largest servicing operations is expected to produce preliminary results as early as next month, Federal Reserve Chairman Ben Bernanke said Monday.

‘We are looking intensively at the firms' policies, procedures, and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures,’ Bernanke said at a housing-finance conference co-sponsored by the Federal Reserve and the Federal Deposit Insurance Corp.

Bernanke said that federal agency staff members are currently evaluating the potential effects of procedural problems on the real estate market and financial institutions.

SOURCE: Federal Reserve

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