Items Tagged with 'HSBC'

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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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  • 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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  • Monday Morning Cup of Coffee: Judge tosses Ocwen, Altisource kickback lawsuit

    Calls alleged actions "extremely troubling," but says case doesn’t hold up
    It’d be pretty safe to say that Ocwen Financial struggled the past few years. But, the company got a little bit of good news last week, when a judge dismissed a lawsuit accusing Ocwen and Altisource Portfolio Solutions of overcharging homeowners for service. The question now becomes are the company’s next steps forward? Backward? Or right into the eye of another storm? All that and more in your Monday Morning Cup of Coffee.
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  • HSBC yanks massive PHH mortgage servicing portfolio

    PHH's subservicing portfolio will be cut by nearly 30%
    It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.
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