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-- -- -- the top government officials have been meeting and they met moments ago at the White House discussing what can be done to clean up.
This foreclosure mess Peter Barnes is -- Peter standing by with secretary of housing and urban development Shaun Donovan Peter taken what.
That's right -- let's -- -- to questions with the secretary mr.
secretary what did you all come up with what did you determine in your meeting today.
Well we had almost a dozen agencies together today we've been coordinating an ongoing basis and those reviews are not completed yet what I can tell you thus far is particularly through the -- -- we've started out earlier this year in -- We found that servicers some servicers.
Aren't doing what they should be doing to try to keep homeowners in their homes we've heard a lot about these issues around affidavits but we're focused on a broader set of the issues in the market.
Our servicers all the way through the process of doing what they need to do to ensure homeowners can stay in their homes and -- taxpayers are protected.
Through the FHA fun.
So our early results so that there are odd reasons for concern.
With particular servicers but not every service we found real variation between them.
When we've looked at -- -- -- -- about a lot of mistakes.
That the services have been making is that what you're focused on hand.
What can the federal government do about them.
Well we're looking comprehensively.
Mistakes are actually -- -- obviously part of that we're also looking whether this fraud or willful problems that are happening out there -- -- as well.
And what was so important about bringing these agencies together between us we have a broad set of a -- We can find lenders we can force them to change their practices.
We can even -- forced them to stop making.
FHA loans if we find that it violated FHA anyway -- -- -- -- Fannie Mae Freddie Mac.
All the -- -- and that includes a range of ours as well supervisory powers.
And enforcement powers and we're also coordinating closely with -- state attorneys general and they have jurisdiction.
Over -- the state issues here which are very important because foreclosure laws are state laws are any services going to get.
As any of that gonna happen as a result of of this broad effort by the administration I'm not gonna go into details at this point about -- -- because they are ongoing.
What I will say is we will hold these servicers accountable.
If today -- that we found in the process hold off.
In our reviews then absolutely there will be consequences.
And we will make sure sure that servicers fix their proxies.
And we'll make sure that homeowners are protected homeowners pay their mortgages and banks expect them to.
Homeowners should expect the same in return that they're treated fairly and without these kind of problems.
-- genome most of the services are the major banks Bank of America JPMorgan Chase.
Citi Citigroup ally and others the banks not stocks have gotten creamed.
In the last week or two over all of these revelations.
Concerned are you and how focused are you on the health.
Of the banks and whether or not they'll be able to.
Pay the extra expenses to fix this and -- losses that may result from it we've been -- this for example this 47 billion dollar.
Package of countrywide loans that Bank of America might have.
Well we are meeting with.
Federal Reserve as part of this discussion and I the SEC is well.
And we want to make sure that all of these issues are as -- transparent as possible that banks are looking carefully.
At what the issues might be and what what their value.
Is that that's a critical part of this discussion.
Hot again we have not found that these are every service.
And so I think it's important to say this isn't just about out all of them this is about particular ones that have made mistakes ultimately -- They have to be held accountable or -- -- what are the banks are the -- financially healthy enough to take a hit here if if that happens law.
These reviews are ongoing.
And until we finish -- I don't think it's fair to say conclusively.
What I can say is that we haven't found evidence to date.
Of systemic risk as a result of these reviews but we're gonna follow these to conclusion we're gonna do it quickly to give them.
Homeowners as well as the market is much confidence as quickly as possible.
Hot and we're not gonna stop until we get to the -- and that we require the servicers to fix these problems and just finally you expect this review to be done.
When out RF HA review which began in -- -- portion of the market.
Absolutely we're gonna complete that very shortly.
And then we'll work by the end of the year out but we will back it but.
More broadly the review that we've been doing in conjunction with these other agencies we should start to have results by the end of the year from those reviews as well.
Current housing secretary Shaun Donovan thank you for joining us on fox.
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