US banking regulators in new foreclosures probe

 BBC News

US banking regulators will carry out their own investigation into whether lenders were wrong to repossess hundreds of thousands of homes.

The Federal Reserve chairman, Ben Bernanke, says regulators will look at whether mortgage companies cut corners on their own procedures when they moved to foreclose on people’s homes.

Attorney Generals in all 50 US states are already looking into the issue.

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