The Federal Reserve also released the engagement letter between HSBC and the independent consultant HSBC retained to review foreclosures
Release Date: March 8, 2012
For immediate release
The Federal Reserve Board on Thursday released action plans for three supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing. The three institutions are HSBC North America Holdings, Inc., Ally Financial Inc., and IMB HoldCo. LLC.
The Federal Reserve also released the engagement letter between HSBC and the independent consultant HSBC retained to review foreclosures that were in process in 2009 and 2010.
The action plans and engagement letters are required by formal enforcement actions issued by the Federal Reserve last year. The Federal Reserve first released a group of action plans and engagement letters on February 27. Release of the action plans and engagement letters follows reviews conducted from November 2010 to January 2011, in which examiners found unsafe and unsound processes and practices in residential mortgage loan servicing and foreclosure processing at a number of supervised institutions.
The Federal Reserve anticipates that more engagement letters and action plans will be released soon.
Action plans and engagement letter here…
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Deficiencies my ass..they are all crooks…WHAT DOES THE PROSPECTUS THAT GOVERNS THE SERVICING AND THE SERVICERS OF THESE FRAUDULENT SECURITIES SAY…? THAT IS THE REAL QUESTION….THESE SECURITIES DO NOT EXIST BECA– USE THEY WERE NEVER CREATED BECA– USE THOSE LOANS WERE NEVER SOLD…AS THE PSA AGREEMENT REQUIRES…THAT IS HOW A SECURITY SUCH AS AN MBS IS CREATED….AND THE PROOF OF THIS IS IN THOSE UNINDORSED NOTES…SECURITIZATION IS AN ILLEGAL SHAM AND A FRAUD ANYWAYS…THEY CANT LEGALLY ENDORSE A THIRD PARTY CHECK THAT HAS ALREADY BEEN CASHED AT THE U.S. TREASURY DEPARTMENT….WE KNOW THEY ALREADY GOT PAID BY THE U.S. TREASURY DEPARTMENT WITH U.S. TAXPAYER MONEY…..THEY JUST NEVER TOLD US… THE PROOF OF THAT IS IN THE STAMPED, PAID WARRANTY DEEDS THAT WE POSSESS…..WHAT THEY REALLY DID WAS SELL INTERESTS IN THE NOTES HUNDREDS OF TIMES PER NOTE WITH OUR SIGNATURES AS COLLATERAL….AND THESE FEDERAL RESERVE CROOKS HAD NO SKIN IN THE GAME……THAT IS WHY WE ARE ALL BEING LIED TO……AND THAT IS WHY….EVERYTHINGS A GIANT FRAUD…AND THAT IS WHY THESE CROOKS CANT PAY THEIR OWN FUCKING BILLS…AND ALL OF OUR HOMES AND BUSINESSES ARE PAID FOR FREE AND CLEAR…BECA– USE THESE FEDERAL RESERVE CROOKS NEVER LENT ANYONE ANY MONEY…THEY JUST HIJACKED THE U.S. TREASURY DEPT VIA LARRY SOMMERS AND HANK PAULSON….. AND STOLE ALL OF THE U.S. TAXPAYERS MONEY AND ROBBED, RAPED AND PILLAGED IT..AND THESE FEDERAL RESERVE CROOKS STILL ARE ROBBING THE AMERICAN PEOPLE TO THIS VERY DAY…AND THAT IS WHY THERE IS NO LEGAL LIENS RECORDED….BECA– USE THERE NEVER WAS ONE…AND THAT IS THEIR DIRTY LITTLE SECRETS THAT THEY ARE ALL HIDING…!
Well said, IvenT