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Currency Chief: Banks, Firms Misleading on Mortgage Crisis

HeadlineJun 13, 2008

The news comes as the nation’s top banking regulator is accusing banks and mortgage firms of providing misleading information on loans and foreclosures stemming from the subprime mortgage crisis. John Dugan, the Comptroller of the Currency, says the financial industry has failed to provide accurate information on who they are helping and the rates of foreclosure. Dugan says the information is crucial to determining the severity of the housing crisis and the effectiveness of the response.

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