“Do you know what an REO is?” Rep. Porter asked. “An Oreo?” Sec. Carson answered. “No, not an Oreo. An R-E-O,' Rep. Porter said. “Real estate,” Sec. Carson said.
An REO is not"milk's favorite cookie."
But Housing and Urban Development Secretary Ben Carson thought the foreclosure-related real estate acronym, which means"real estate owned," was the cream-filled chocolate cookie when grilled by Rep. Katie Porter, D-Calif., on Tuesday during a House Financial Services Committee hearing. REO is property that's been turned over to a lender — whether that's the bank or a government agency — after a foreclosure process is complete.
Porter wanted to know about the high rate of foreclosures on homes insured by the Federal Housing Authority , which Carson's agency oversees.“REO,” Porter repeated. “No, not an Oreo. An R-E-O.”“Real estate?” Carson, a retired neurosurgeon, guessed. Then Porter to asked him what the “O” meant.Porter, who previously worked as a mortgage-settlement official in California, then explained the term to him.
“That’s what happens when a property goes to foreclosure,” she said. “We call it an REO. And FHA loans have much higher REOs — that means they go to foreclosure rather than loss-mitigation or to non-foreclosure alternatives such as short sales — than comparable loans at the GSEs .”
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Carson says he'll send Dem a packet of Oreo cookies after odd exchange goes viralRep. Katie Porter asks HUD Sec. Ben Carson if he can explain disparities in REO rates, which are typically homes owned by banks in foreclosure. Carson doesn't seem to hear her, responding: 'An oreo?' 'No, not an Oreo,' Porter says. 'An R-E-O.'
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Ben Carson confuses real estate term REO for Oreo cookieHousing and Urban Development Secretary Ben Carson mistook the real estate term REO for an Oreo cookie when being questioned by Rep. Katie Porter (D-Calif) during a House Financial Services Committee hearing. Carson later tweeted a response to the incident poking fun at himself.
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Watch: Ben Carson doesn’t know what an REO property is, thinks he’s being asked about OreosWatch: Ben Carson doesn't know what an REO property is, thinks he's being asked about Oreos
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Ben Carson confuses a real-estate term and a cookieHousing and Urban Development Secretary Ben Carson tussled awkwardly with Rep. Katie Porter at a hearing over HUD real estate owned — or REO — homes, at one point asking if she was referring to an “Oreo'
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Unfamiliar with foreclosure term, HUD chief Ben Carson thinks congresswoman’s question is about OreosHousing and Urban Development Secretary Ben Carson appeared confused about a term related to foreclosure during a Tuesday hearing, asking a congresswoman if...
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Housing Secretary Ben Carson confused a basic foreclosure term for the name of a cookie in congressional testimonyHUD Secretary Ben Carson was asked about REOs in a congressional hearing. He thought the question was about Oreo cookies.
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