Market shift: HSBC offloads huge REO portfolio to Altisource

How to get a mortgage right now, even with bad credit

HUD, FHA programs abound for those hit by the recession

America’s housing not ready for ever-expanding over-50 population

Harvard/AARP Study: Housing lacks accessibility for boomers
W S
Servicing / The Ticker

HSBC announces $10M settlement over foreclosure fees

Potentially more to come

gavel 2
/ Print / Reprints /
| Share More
/ Text Size+

HSBC Holdings Plc. (HSBC) reached a settlement to pay $10 million over charges that it defrauded taxpayers by submitting inflated bills to process residential foreclosures. Per Reuters:

The civil settlement announced Tuesday is the first to result from an investigation by U.S. Attorney Preet Bharara in Manhattan into whether mortgage servicers overcharged the government on foreclosures on federally-backed home loans.

According to settlement papers, HSBC admitted and accepted responsibility for having failed in 2009 and 2010 to properly police foreclosure-related fees charged by outside lawyers and other service providers.

Source: Reuters
Read full story

Recent Articles by Brena Swanson

Comments powered by Disqus