Fraudclosures | HSBC Continues Freeze On Home Seizures


HSBC Continues Freeze On Home Seizures

HSBC North America Holdings, the ninth-largest U.S. bank by assets, told investors Wednesday that the bank’s moratorium on home seizures continues in some jurisdictions and it will be “a number of months” before the bank fully resumes foreclosing on defaulted borrowers.

The lender did not specify in filings with federal regulators where it continues to restrict home repossessions or how many borrowers have been affected. HSBC handles more than 892,000 home loans, making it the 12th-largest mortgage servicer in the U.S., according to the Federal Reserve. HSBC initiated more than 43,000 home foreclosures in 2009 and 2010, according to the Fed.

The foreclosure freeze, which started last autumn, came on the heels of months-long criminal and civil probes by federal and state regulators into lenders’ faulty mortgage practices. The nation’s largest lenders voluntarily halted home repossessions when flawed document practices — like so-called “robo-signing” — came to light and erupted into a nationwide scandal. Officials subsequently found that the nation’s largest mortgage firms illegally seized the homes of at least dozens of borrowers and engaged in shoddy practices that allegedly deceived local courts, broke numerous state laws and federal rules, and short-changed distressed borrowers.

Check out the rest at the Huffington Post here…

3 Responses to “Fraudclosures | HSBC Continues Freeze On Home Seizures”
  1. robert murphy says:

    “God Grant me the Serenity to accept the things I cannot change, the courage to change the things I can, and the Wisdom to know the difference.” Amen.

    Wake up in the morning the know that you own your home, no mortage. I counted at lease eighteen times our mortage was sold. How many times did your mortage transfer. Who is the originator on the loan. Do you know. I don’t.

  2. Pamela says:

    I’m with you I vent this should taking place everywhere.Give back what you are still trying to take away and then go away and don’t come back.

  3. l vent says:

    Give the homes back to the people you filthy lying scumbags!!!!!!!!! None of this debt is secure.. It should be allowed to be extinguised in a bankrupcy. They never had any skin in this PONZI SCHEME and they made trilllions. You can’t secure a speculation you lying pieces of shit.

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