HUD Secretary: Foreclosure problems not "systemic"

Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not "systemic issues."

Donovan spoke after a meeting among regulators who will review foreclosure processes among the major servicers. Bank of America (BAC: 11.75 0.00%), JPMorgan Chase (JPM: 38.10 0.00%) and Ally Financial (GJM: 22.12 0.00%) suspended foreclosures in 23 states after admitting employees signed affidavits without reviewing documents or having a notary present.

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