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Auditor urges Treasury toughness on banks

A federal auditor has warned that the Obama administration’s failure to crack down on recalcitrant banks risks harming distressed borrowers.


The warning, offered in a report released early Thursday, contrasts with comments earlier in the week by Barack Obama, US president, who chided banks for giving borrowers the “runaround” when it came to lowering their mortgage payments through refinancings.

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