Group says Bernanke commits to foreclosure remedies

WASHINGTON Wed Oct 13, 2010 3:37pm EDT

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke pledged to pursue "appropriate remedies" to address potential problems with home foreclosure documents, a low-income housing advocacy group said on 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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