Foreclosure negligence and fraud: It’s the latest craze the regulators just can’t get enough of! Speaking Monday at a joint conference held by the Federal Reserve and the Federal Deposit Insurance Corp., Fed Chairman Ben Bernanke said that since just about every other regulatory body is looking at banks’ shoddy foreclosure practices, the bank regulators wanted to see what all the fuss was about.
“The federal banking agencies are working together to complete an in-depth review of practices at the largest mortgage servicing operations,” Bernanke said. “We take violations of proper procedures seriously.” Just how seriously? The review will be done by the end of the month, and the Fed is “evaluating the potential effects of these problems on the real estate market and financial institutions.”
Other agencies who’ve already leapt into action on the foreclosure crisis:
- Attorneys general hailing from all 50 states in the Union, plus Washington, DC;
- The Securities and Exchange Commission
- The Federal Bureau of Investigation
mtaylor [at] observer.com | @mbrookstaylor
