Fed to issue report on foreclosure crisis

Federal banking regulators are examining whether the nation’s largest mortgage companies — including Bank of America and Ally Financial’s GMAC — cut corners on their own procedures when they foreclosed on people’s homes, Federal Reserve Chairman Ben Bernanke said today. Preliminary results of the review are expected to be released next month, according to CNBC. “We are looking intensively at the firms’ policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures,” Bernanke said. “We take violation of proper procedures seriously.” See video above for more.