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Home | Tag Archives: HSBC

Tag Archives: HSBC

HSBC Agrees to Pay $550M in RMBS Settlement

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In a settlement announced Friday, HSBC agreed to pay $550 million to FHFA to resolve allegations it violated state and federal securities laws in its selling of private-label securities to the GSEs between 2005 and 2007. HSBC stopped issuing and distributing MBS in 2007.

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HSBC to Pay $10M to Settle Claims over Foreclosure Fees

federal-money

HSBC has reached a settlement with the federal government related to its failure, prior to 2011, to oversee the reasonableness of the third party foreclosure related fees that it submitted to the Federal Housing Administration (FHA) and the Fannie Mae for reimbursement. The servicer will pay a $10 Million penalty.

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New York AG Sues HSBC, Alleging Failure to Follow Foreclosure Law

HSBC faces a lawsuit from New York Attorney General Eric T. Schneiderman, who accused the bank of failing to follow a state foreclosure law that mandates a settlement conference for past due borrowers. In a statement, Schneiderman announced he filed a lawsuit against HSBC, alleging the bank repeatedly failed to file a Request for Judicial Intervention (RJI) in a timely manner. According to Schneiderman, delays in filing the RJI increase the risk that homeowners will lose their home and leads to a backlog of foreclosure cases.

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HSBC to Pay $249M in Foreclosure Settlement

HSBC is the latest bank joined in on the foreclosure settlement with federal regulators over allegations that the bank's practices led to wrongful foreclosures. The Federal Reserve Board and Office of the Comptroller of the Currency (OCC) announced HSBC will pay $249 million, with $96 million for direct payments to eligible borrowers and $153 million for mortgage assistance.

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Regulators Hand Down Enforcement Actions to Servicers, Vendors

The Office of the Comptroller of the Currency, Federal Reserve, and the Office of Thrift Supervision announced formal enforcement actions Wednesday against 14 mortgage servicers and two firms that provide foreclosure-related services to the industry - LPS and MERS. The consent orders are the result of regulators' investigations into robo-signing allegations and represent a settlement with the firms involved, at least in part. Both the OCC and Fed say they believe monetary sanctions in these cases are also warranted, and they plan to pursue such actions separately.

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HSBC Suspends All U.S. Foreclosures

HSBC Holdings has suspended all foreclosure actions in the United States, according to the company's annual regulatory filing with the Securities and Exchange Commission (SEC). HSBC says it decided to temporarily halt foreclosure proceedings after examinations by federal regulators uncovered what the company described as ""deficiencies"" in its handling of legal paperwork related to foreclosure cases. HSBC is Europe's largest bank. It operates in the United States as HSBC Finance and HSBC Bank USA.

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Regulators: Completed Foreclosures in Q3 Up 57% from Year Ago

New data from federal regulators show that the nation's largest banks and thrifts repossessed nearly 187,000 homes during the third quarter of 2010. The number of foreclosures completed during the three-month period is up 57.5 percent from a year earlier. The report shows that new foreclosures initiated also rose to more than 382,000. Although foreclosure activity increased during the quarter, servicers reported almost twice as many home retention actions as completed home forfeiture actions.

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OCC Orders Largest Servicers to Review Foreclosure Processes

One of the nation's foremost banking regulators has issued a directive to large mortgage servicers, ordering them to reassess their procedures for foreclosing on defaulted borrowers. John Walsh, head of the Office of the Comptroller of the Currency (OCC) told lawmakers that he contacted seven institutions his agency supervises, after several large lenders announced a halt on foreclosures in states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to process large volumes of cases.

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