An Obama administration official says a preliminary investigation into the foreclosure process has found inexcusable breakdowns in the basic controls mortgage lenders should have been using.
Assistant Treasury Secretary Michael Barr said that a foreclosure task force composed of 11 federal agencies had found serious problems in the way home foreclosures were being handled.
Barr told a new financial stability council headed by Treasury Secretary Timothy Geithner that the task force hoped to have a set of recommended improvements to the process ready by late January.
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