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Home | Tag Archives: HSBC

Tag Archives: HSBC

HSBC Fulfills Settlement Requirements

HSBC has fulfilled its obligations under the National Mortgage Settlement (NMS), according to a compliance report released on Wednesday. The report is the second of its kind released on the bank since February of last year, when HSBC initially agreed to a $601 million settlement with several federal agencies and U.S. states regarding questionable servicing and foreclosure practices. Today’s report revealed HSBC has now met all requirements outlined in that February 2016 settlement.

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BlackRock Seeks $3B in Damages from HSBC

BlackRock Inc., along with 23 other investors of residential mortgage-backed securities, petitioned New York federal Judge Lorna G. Schofield to hear oral arguments to advance their case to class status as they seek to collect over $3 billion in lost assets from HSBC. The initial suit claims that HSBC did not do its due diligence in protecting certificate holders, and that they failed to ensure the home loans being sold from mortgage originators and sponsors to the trust were only selling debt from credit-worthy borrowers. The plaintiff’s claim that HSBC’s direct neglect was the cause of loses when default rates hit their peak during the housing crisis.

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SunTrust Misses the Mark

investigation two BH

An independent monitor for the 2012 National Mortgage Settlement has issued a report that SunTrust has fallen short in the progress with the NMS requirements, while HSBC’s first monitor report has passed with flying colors.

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HSBC Agrees to Pay $550M in RMBS Settlement

gavel

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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