Report expected next month on possible problems with foreclosures

A report examining problems with potentially faulty foreclosure paperwork by banks is expected out next month, two Obama administration officials said Monday. 

"We expect the results of the investigations will be presented to us next month," Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan said in a joint statement after meeting with the task force, according to a Reuters story. 

"The task force will take whatever action is necessary to hold accountable any institution that acted improperly," they said. The task force held a closed meeting Monday at the Treasury Department.

The administration’s Federal Housing Administration and Financial Fraud Enforcement Task Force have undertaken regulatory and enforcement investigations into possible problems with the foreclosure process.

The White House, along with Donovan and Geithner, have pressed mortgage lenders to move quickly to determine if there were problems with foreclosures created by "robo-signers" who signed hundreds of documents a day without checking for the accuracy of the paperwork. 

Several major banks placed a moratorium on foreclosures while they looked into the issue. Geithner and Donovan have said that there's no evidence that there are any systemic problems in the foreclosure process. 

Housing market experts have argued that halting foreclosures will create a backlog in potential sales and slow the sector's recovery. 

All 50 state attorneys general are jointly investigating allegations that banks failed to properly review foreclosure processes.