Monday, October 25, 2010

Fed boss: Regulators looking into foreclosure mess

There has been a great deal of questions on what will be the final outcome of foreclosure-gate.  These could be some of the remedies.
The federal agencies have a range of options at their disposal. They include issuing a "cease and desist" order requiring a company to stop engaging in a specific practice. They can impose fines on the companies. Agencies also can take less drastic actions, such as crafting a plan with the company to fix any problems.
Bernanke didn't provide details in his speech.
According to people familiar with the examination, the banking agencies are looking into whether companies had controls in place when foreclosure documents were signed, what procedures were in place to proper handle documents, and whether employees involved in the foreclosure process were adequately trained.
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