The Federal Reserve together with other agencies has imposed an order on the servicers to fix up their act and to go back and look at every foreclosure going back for some number of years and to compensate anybody who was injured by their practices.
Bernanke discusses actions taken against servicers for their harmful practices.
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Let me just say that we are quite aware of these portfolios, and we are addressing them in at least two ways.
monetary policy is not a panacea, so there is still plenty of room for Congress to address some of these problems
undesirable boom-bust cycles that ultimately lead to both a less stable economy and higher inflation
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