twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Another Servicer Settlement

$249 million agreement resolves foreclosure review requirements

Jan.16, 2013

By Mortgage Daily staff

First it was 10 of the largest mortgage servicers. Next, it was a pair of Wall Street investment banking behemoths. Now, a London-based banking giant has agreed to a settlement with U.S. banking regulators over its mortgage servicing practices.

Earlier this month, the Office of the Comptroller of the Currency announced that it reached an $8.5 billion deal with 10 servicers to resolve foreclosure review requirements from April 2011 consent orders that emerged as a result of allegedly faulty foreclosure practices.

The following week, the OCC and Federal Reserve announced that Goldman Sachs and Morgan Stanley agreed to settlements totaling $557 million to resolve the consent orders.

Now, HSBC has joined the fray.

U.S. subsidiaries of the company include HSBC Mortgage Corp. (USA), which closed its indirect lending channels in 2008, and HSBC Finance Corp., the former Household Finance business that shut down in 2009.

A joint statement Friday from the OCC and Fed indicated that the U.S. subsidiary of the U.K. financial institution will pay $249 million to resolve the foreclosure review requirement of its consent order.

The settlement includes $96 million in cash payments to eligible borrowers and $153 million in other assistance

The other assistance includes loan modifications and forgiveness of deficiency judgments.

The regulators noted that they continue to work with other servicers to reach similar agreements.

More Mortgage Servicing Settlements Emerge
Two more settlements over mortgage servicing practices have been reached with the nation's central bank. The latest round involves a pair of venerable investment bankers.

Servicer Settlement Ends Foreclosure Reviews
The country's biggest mortgage servicers have reached an agreement with federal banking regulators that will end foreclosure reviews required under consent orders issued nearly two years ago.

Servicers Hit With Federal Orders
Federal banking regulators have taken formal enforcement actions against the nation's biggest mortgage servicers. The servicers are required to improve their foreclosure and modification processes, hire outside firms to verify if any borrowers unjustly faced foreclosure and compensate victims.

HSBC profile

next story

back to current headlines

Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Bank news

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders