- 23Nov
(Reuters) - A senior U.S. Treasury Department official said on Tuesday there has been a significant breakdown in the process by which banks foreclose on homes and said regulators were looking at it closely.
Michael Barr, Treasury's assistant secretary for financial institutions, told the Financial Stability Oversight Council there have been "widespread, inexcusable breakdowns in the foreclosure process" and said regulators were working with states and banking regulators to review the situation.
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U.S. cites 'inexcusable' breakdown of foreclosure process
