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Bernanke: Regulators Eye Foreclosure Practices

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Bernanke: Regulators Eye Foreclosure Practices

WASHINGTON (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.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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