Housing Secretary Ben Carson Confuses Real Estate Term "REO" With "Oreo"
(CBS NEWS) -- Housing and Urban Development (HUD) Secretary Ben Carson was quizzed at a hearing on Capitol Hill Tuesday, resulting in yet another viral moment for the cabinet official. Appearing before the House Financial Services Committee for an oversight hearing, Democratic Rep. Katie Porter asked Carson to help define what "REOs" are.
For those not in well-versed in housing terminology, "REO" stands for "real estate owned" — a term used to describe foreclosed property that has been transferred back to a bank or lender after an unsuccessful auction. Banks will typically sell REO properties as-is, meaning the buyer buys the home and all the problems along with it.
Carson, however, appeared to have misheard Porter, thinking she was referring to the delicious chocolate sandwich cookie.
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