The Housing and Urban Development Secretary could not differentiate between real estate owned ‘REO’ and the biscuit ‘Oreo’. This happened as a congresswoman asked a question in relation to foreclosures. But apparently, Carson misheard and assumed she was talking about ‘oreo’
What is REO?
When a homeowner is incapable to pay mortgage, the lender is at liberty to seize the property. This can then be sold at foreclosure auction. If this property doesn’t manage to sell at the auction, it is termed as REO.
Apparently, Carson could not recognize the term.
Congresswoman: Do you know what an REO is?
Ben Carson: An Oreo?