Banks must move fast on foreclosure fix: Fannie CEO

ATLANTA Mon Oct 25, 2010 3:20pm EDT

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ATLANTA (Reuters) - A rapid fix for errors in foreclosure processes is one of the most important tasks for banks and others in the mortgage industry to avoid costly back ups of distressed properties, Fannie Mae Chief Executive Officer Michael Williams said on Monday.

Williams, speaking at a conference of the Mortgage Bankers Association, said loan servicing companies are taking the right steps of reviewing procedures, but speed was an issue.

"Those are the right steps. We --just as an industry -- just need to move quickly and get it done so there is not an overhang effect, he said.

(Reporting by Al Yoon)

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