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House panel asks to see foreclosure settlement

By The Associated Press
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A House oversight panel wants to review a proposed settlement between 14 banks and federal regulators over improper foreclosure practices.

The Committee on Oversight and Government Reform, which has conducted hearings on foreclosure abuses, wrote a letter Friday to Fed Chairman Ben Bernanke and the Office of the Comptroller of the Currency asking to see any proposed settlement before it is agreed to. In the letter, the committee asks for more information about how the settlement amount is to be determined. A comptroller spokesman declined to comment, and a Federal Reserve spokesman did not return a message.

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