Summary Box: Fed reviews foreclosure policies

AP News
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Posted: Oct 25, 2010 4:47 PM
Summary Box: Fed reviews foreclosure policies

JUMPING IN: Federal Reserve Chairman Ben Bernanke said federal banking regulators are examining whether big mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes. States are already conducting their own investigation.

FED POWERS: It oversees Wall Street's biggest banks, including Citigroup, Bank of America, JPMorgan and Wells Fargo.

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OTHER FALLOUT: The Fed and other federal agencies also are evaluating the potential effects of the foreclosure debacle on the real-estate market and on financial institutions.