Federal banking regulator are examining whether advance companies cut corners on their own procedures when they moved to exclude on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.
Beginning results of the in-depth appraisal into the practices of the nation's largest mortgage companies are expected to be at large next month, Bernanke said in remarks to a housing-finance discussion in Arlington, Va.
"We are looking intensively at the firms' policies, events and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to shocking foreclosures," Washington: Bernanke said. "We take contravention of proper procedures very critically," he added.
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