Obama aides: mortgage woes not “systemic”

WASHINGTON (Reuters) via MSN Money Central.

The Obama administration said it found no sign so far of “systemic” home foreclosure troubles that threaten U.S. financial stability, or structural problems that could undermine investments linked to mortgages.

But Housing and Urban Development Secretary Shaun Donovan said a four-month probe of big banks’ mortgage practices had discovered “significant variation” in compliance with government rules, and vowed to force changes as needed.

Well, if they haven’t found a sign of “systemic” troubles in the home foreclosure process yet, it means they haven’t started looking yet.