Regulation and Compliance

HUD’s Carson Faces Cookie Confusion on REOs

May 21, 2019

The House Financial Services Committee briefly took on the vibe of an Abbott and Costello routine as U.S. Department of Housing & Urban Development (HUD) Secretary Ben Carson and Rep. Katie Porter (D-CA) got into a confused tangle over a housing industry acronym.
 
During the hearing, Porter asked Carson about “the disparity in REO rates” and then added if Carson knew what an “REO” is. Carson looked at Porter and asked, “An Oreo?” Porter quickly corrected the HUD chief by stating, "No. Not an ‘Oreo.’ An ‘R-E-O.’ An R-E-O."
 
Carson volunteered to define the acronym, but got it two-thirds correct, asking if the first two letters stood for “Real Estate” before incorrectly identifying the final letter as standing for “Organization.” Porter corrected him again, explaining, “Owned, Real Estate-Owned. That's what happens when a property goes to foreclosure. We call it an ‘REO.’”
 
For his part, Carson good-naturedly acknowledged his gaffe on Twitter by posting a photo of himself with a bag of Oreos and another photo of a cookie bag he was sending to Rep. Porter. “OH, REO!” he tweeted. “Thanks, @RepKatiePorter. Enjoying a few post-hearing snacks. Sending some your way!”
 
About the author
Phil Hall
Link copied
Published
May 21, 2019
Get the NMP Daily
Analysis and Data
Renters Don't See Homeownership In Their Future

Redfin report shows less renter confidence from a year ago

Confidence among one particular group of prospective homebuyers has dropped by 11% over the last year. That would be renters, of whom nearly two in five (38%) in the U.S. don’t believe they’ll ever own a home, according to Redfin. That’s up from roughly one-quarter (27%) ...

Continue reading
Analysis and Data
Lock-In Effect Shows Signs of Easing

Realtor.com's survey shows fewer prospective sellers feel locked in by their low interest rate.

Realtor.com’s headline “The Best Time To Sell is Here,” may sound like wishful thinking, but a new survey from the real estate marketplace shows 85% of homeowners have been anxiously waiting on the sidelines, waiting to sell for one to three years. In 2024, the golden handcu...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

Regulation and Compliance
Apr 11, 2024
A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

Regulation and Compliance
Apr 11, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Regulation and Compliance
Apr 10, 2024
Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Regulation and Compliance
Apr 10, 2024
Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Regulation and Compliance
Apr 04, 2024
Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.

Regulation and Compliance
Apr 03, 2024