Housing Secretary Ben Carson blends real estate term "REO" with Oreo cookies



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This is how the biscuit collapses for Ben Carson.

The HUD secretary recalls his embarrassing blunder during a congressional hearing, where he got pummeled for confusing a real estate abbreviation with an Oreo cookie.

At a hearing hosted by the House Financial Services Committee, Representative Katie Porter (D-Calif.) Asked Carson "to explain the disparity in REO rates. Do you know what an REO is? "

"An Oreo?" Carson responded, seemingly oblivious to the abbreviation of "real estate property".

"No, not an Oreo, an R-E-O, an R-E-O," said the new Congressman.

"Immovable?" Carson asked sheepishly.

Porter asked him if he knew what the "O" represented.

"E-Organization," he replied, not very convincing.

"Owned, real estate owned. This is what happens when real estate is seized, "said Porter. "We call it an OER."

For the record, an OER refers to a type of property owned by a lender, such as a bank, after a foreclosure.

The legislator wanted to know the reason for the disparity in the rate of REO issued by the Federal Housing Administration compared to other real estate owned by the government.

Carson, a former neurosurgeon who has been criticized for not being delved into the intricacies of his job, has decided to inject some humor into his blunder.

"OH, REO! Thank you, @RepKatiePorter. Enjoying some snacks after the hearing. Send as you please! he said in a tweet, where he posted a photo of a package of Oreos Double Stuff – along with a note thanking her for taking part in the hearing.

Porter told CNN late Tuesday that Carson had actually sent the cookies to his office.

"And while I've had the pleasure of receiving correspondence from her, what I'm really looking for is answers," she said.

"I was asking serious questions about the serious problems facing the Americans," she said. "The foreclosure rate continues to exist at the FHA and foreclosure procedures and procedures have been bad for over 15 years. I worked on the question. I came with a series of serious questions and hoped to get serious answers. "

Carson no longer appeared as a smart cookie later when he stumbled upon being questioned by Rep. Joyce Beatty (D-Ohio), who asked him if he was familiar with "OMWI".

"With whom?" Asked he.

"OMWI," Beatty repeated, referring to the Office for the Inclusion of Women and Minorities.

"Amway?" Replied Carson

Beatty wanted to know if the Department of Housing and Urban Development had such an office and was working with his boss.

"Of course, we have an office in …," said Carson.

"OMWI," Beatty repeated.

HUD has no OMWI. Instead, he has a Diversity and Inclusion Office, which performs a similar function – but Carson can not name the director of that office.

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