Banks Called On To Distribute Foreclosure Settlement

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The government money is from that recent settlement with big banks over their questionable foreclosure practices. Regulators think having the banks do it could help speed up the process. Housing advocates tell The New York Times that the banks will take shortcuts.

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Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with an unlikely call for assistance.

(SOUNDBITE OF MUSIC)

MONTAGNE: The federal government needs help as it tries to distribute billions of dollars to struggling homeowners in foreclosure. The money is from that recent settlement with big banks over their questionable foreclosure practices. And as the New York Times reports, it's the banks themselves that are being asked to dole out the cash to homeowners. Regulators think having the banks do it could help speed up the process. But The Times says housing advocates worry the banks will take shortcuts. Transcript provided by NPR, Copyright NPR.