HUD Secretary Ben Carson confuses REO with Oreos in congressional hearing

Carson could not explain what the common foreclosure term stood for

May.May 21, 2019 05:09 PM
Ben Carson (Credit: Getty Images and iStock)

Ben Carson (Credit: Getty Images and iStock)

Milk’s Favorite Cookie, better known as Oreo, took center stage in a congressional hearing Tuesday morning.

Housing and Urban Development Secretary Ben Carson could not come up with a definition for the common real estate foreclosure term, REO, instead confusing it with the tastier alternative, Oreo cookies.

REOs, Rep. Katie Porter pointed out, is an abbreviation for “real estate owned.”

The California Democrat was attempting to ask Carson about the difference in REO rates between Federal Housing Administration loans and Fannie Mae or Freddie Mac loans. When she asked him if he knew what an “REO” is, he responded, “an Oreo?”

Carson was able to come up with two out of the three words in the acronym, incorrectly stating that “REO” stands for “real estate organization.”

Like most political slips of this kind, the exchange is now trending on Twitter. After the hearing concluded, Carson tweeted a photo of himself with a pack of Double Stuf Oreos he sent to the congresswoman.

(Credit: Twitter)

(Credit: Twitter)

Carson, a former Republican presidential candidate, is exploring the option of staying on for a second term as secretary, he previously told The Real Deal. He’s met opposition recently over his department’s plan to roll back subsidies for low-income residents and undocumented immigrants. [BI] — Natalie Hoberman

Related Articles

Secretary of the Department of Housing and Urban Development Ben Carson (Credit: Getty Images and iStock)

“Rich people are going to get richer anyway”: HUD Secretary Ben Carson dismisses concerns that Opportunity Zones will only benefit rich people

Alexandria Ocasio-Cortez and Kamala Harris (Credit: Getty Images)

AOC and Kamala Harris want to reverse rule that evicts public housing tenants over felonies

U.S. Department of Housing and Urban Development secretary Ben Carson and President Donald Trump (Credit: Getty Images and iStock)

Trump admin wants to spur affordable housing by easing local building restrictions

(Credit: iStock)

It’s over for Barneys: Luxury retailer to be sold, stores closed

Ribbon CEO Shaival Shah (Credit: iStock, Pixabay)

Ribbon raises $330M to aid all-cash buyers

(Credit: iStock)

S&P hits another record, but real estate stocks don’t follow suit

Soho House New York at  29-35 9th Avenue and Soho House CEO Nick Jones (Credit: Getty Images, Google Maps)

It doesn’t turn a profit, but Soho House is now valued at $2B

Lenders issued the most mortgages in 14 years last quarter (Credit: iStock)

Nonbank lenders could give serious boost to cooling housing market