Items Tagged with 'HSBC Bank USA'

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  • 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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  • 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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  • OCC terminates HSBC mortgage servicing restrictions

    Fined $32.5 million for violating Independent Foreclosure Review
    The final bank to have its mortgage servicing restrictions terminated is here. The Office of the Comptroller of the Currency officially lifted its mortgage servicing-related order against HSBC Bank USA, lifting restrictions placed on the bank over its failure to comply with requirements of the Independent Foreclosure Review
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  • From HW Magazine

    The ride to nowhere

    Mortgage servicing settlements settle nothing
    It’s raining checks in the United States — and, as usual, no one is happy. Also proceeding par for the course, the well-intentioned compliance of mortgage...
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  • HSBC Mortgage Corp. Resi Servicer Ratings Affirmed

    Fitch Ratings said late last week that is had affirmed numerous servicer ratings for HSBC Mortgage Corp., the U.S. mortgage servicing arm of HSBC Bank USA, NA. HSBC saw its residential primary servicer ratings for prime, Alt-A and HE/HELOC affirmed at 'RPS2+,' while the rating agency assigned a rating of 'RPS2-' for subprime servicing. From the press statement, it appears that HSBC is consolidating servicing operations across its rather substantial portfolio:
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