11/24/2010

A task force headed by the U.S. Treasury Department has concluded that problems with residential foreclosures are widespread and that many lenders' foreclosure procedures are "inexcusable." "The bulk of the examination work to date focused on the foreclosure process has found widespread and, in our judgment, inexcusable breakdowns in the foreclosure process," said Michael Barr, assistant Treasury secretary for financial institutions. "These problems must be fixed."

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