HUD Secretary Ben Carson mixes up a real estate term and Oreo sandwich cookies
WASHINGTON — An REO, or “real estate owned,” refers to a owned by a lender, like a bank, after a foreclosure. An Oreo is a kind of delicious sandwich cookie. In a House Financial Services Committee hearing on Tuesday morning, Secretary of Housing and Urban Development Ben Carson mixed the two terms up. Rep. Katie Porter, D-Calif., was attempting to ask Secretary Carson about disparities in REO rates. According to Porter, Federal Housing Administration loans have far more properties that become real estate owned, than other loans from Fannie ...
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