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"We take violations of proper procedures seriously," Bernanke said.
The Fed chairman said the conference will look at the potential effects of the problems on the foundering real estate market as a whole, Bloomberg reported.
"Now, more than 20 percent of borrowers owe more than their home is worth and an additional 33 percent have equity cushions of 10 percent or less, putting them at risk should house prices decline much further," he said. "With housing markets still weak, high levels of mortgage distress may well persist for some time to come."
Bloomberg said housing markets were "weak" in September and early October, with "sluggish or declining" sales in many regions, according to the Fed's Beige Book business survey last week. There were "scattered reports of some improvement."
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