WASHINGTON (Reuters) - Federal Reserve Chairman Ben
Bernanke pledged to pursue "appropriate remedies" to address
potential problems with U.S. home foreclosure documents, a
low-income housing advocacy group said Wednesday.
"Chairman Bernanke informed us that they have in fact
discussed the issue with the major lenders, and that they are
meeting with other regulatory agencies to review the problems
associated with foreclosures; that they will pursue appropriate
remedies relative to document signing and MERS issues,"
National Community Reinvestment Coalition President John Taylor
said in a statement.
MERS is the Mortgage Electronic Registration Systems used
by lenders to track mortgages as they are bought and sold.
The NCRC issued the statement after its board of directors
met the entire Fed board to discuss the foreclosure crisis. The
group said it called on the Fed to support a "responsible
national moratorium on foreclosures.
(Reporting by Tim Ahmann)
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