State attorneys general likely will take the lead in dealing with the latest foreclosure mess, consumer advocate and Obama administration special adviser Elizabeth Warren said.

"I'm hopeful with the information that they gather, the information that's being gathered on the federal side, that we get a better sense of the parameters of this problem," she said in an interview Monday. "When that happens, it will be time to start talking about action."

Warren, who has been charged with setting up a new Consumer Financial Protection Bureau, suggested that the agency may not become deeply entangled with the issue.

"At this point, the consumer agency's role in the overall process is trying to gather information and determine a little bit about the scope of the problem," she said.

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