Housing Head Flames Out On Common Housing Term

Mediaite reports:

Political observers are not impressed that Housing and Urban Development Secretary Ben Carson needed a tutorial on Tuesday to learn the difference between an Oreo and REO.

Appearing before Congress for an oversight hearing, Congresswoman Katie Porter (D-IA) asked Carson about disparities in REOs — a term which stands for Real-Estate Owned. As Porter explained, REO refers to properties that have been foreclosed by banks or other lenders if owners can’t pay their mortgages.

Carson, however, was unfamiliar with this basic industry term. (“An Oreo?” He asked.) Porter had to define the term for the HUD secretary.