Articles Tagged with ''HSBC''

HSBC to pay $765 million in settlement over pre-crisis mortgage bonds

DOJ accused bank of selling mortgage-backed securities full of toxic loans
HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis. The Department of Justice announced Tuesday that it reached a final settlement with HSBC that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007.
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The National Mortgage Settlement is officially over

Monitor’s office to shut down by end of 2018
One of the vestiges of the financial crisis is now officially in the past. The National Mortgage Settlement, the epic, massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete. RIP.
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U.S. Bank to promote Jodi Richard to vice chairman

Richard will oversee risk management and compliance efforts
U.S. Bank recently announced it will promote Jodi Richard to vice chairman and chief risk officer, following current Vice Chairman Bill Parker’s plans to retire in the upcoming months. Richard is expected to transition into the new position by early October.
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HSBC agrees to $765 million settlement with DOJ over pre-crisis mortgages

Plus $26.8 million settlement with Massachusetts
HSBC revealed Monday that it recently agreed to a “settlement-in-principle” with the Department of Justice that would see the bank pay a $765 million civil penalty that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007. But that's not the only pending settlement for the London-based bank.
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Fed fines another 5 banks $35.1 million for mortgage servicing and foreclosure infractions

These big banks yet to be penalized
On Friday, the Federal Reserve Board announced another $35.1 million in civil penalties against five banks as part of its effort to terminate enforcement actions, issued in 2011 and 2012, against a total of 10 banks related to residential mortgage loan servicing and foreclosure processing.
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HSBC lays off nearly 200 employees in Florida office

Cuts include mortgage servicing support positions
London-based HSBC announced another round of layoffs, cutting 197 employees at its Brandon, Florida, office. Among the affected positions are analysts, collection specialists and mortgage servicing support. Once all the cuts are complete, the office will remain open.
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HSBC officially completes obligations under the National Mortgage Settlement

That’s a wrap
After a little more than a year, HSBC officially completed its obligations under the National Mortgage Settlement. This dates back to February 2016 when HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses.
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HSBC fulfills consumer relief obligation under National Mortgage Settlement

Provides more than $371M in consumer relief
After agreeing to a $601 million settlement nearly a year ago, HSBC is now officially finished with its consumer relief requirement, providing more than $371 million in consumer relief. Joseph Smith, monitor of the National Mortgage Settlement, said that this will be his final report on HSBC’s consumer relief obligation.
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HSBC continues cutting U.S. mortgage business with $4.9B loan sale to Credit Suisse

HSBC Finance mortgage book was $117.7 billion in 2008, now it’s $2 billion
HSBC’s reduction of its U.S. mortgage business, which began way back in 2008, took another big step forward recently, as the company announced recently that its subsidiaries, HSBC Finance Corporation and HSBC Bank, sold $4.9 billion in mortgages to a subsidiary of Credit Suisse.
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