Tuesday, March 8, 2011

HSBC halts US repossessions after 'deficiencies' identified - Telegraph

HSBC halts US repossessions after 'deficiencies' identified - Telegraph: "Britain's biggest bank admitted that it may also be fined as a result after the Federal Reserve and the Office of the Comptroller of the Currency had observed problems in the 'processing, preparation and signing' of legal documents that banks need to repossess homes.
'We have suspended foreclosures until such time as we have substantially addressed the noted deficiencies in our process,' the bank disclosed in a filing with the Securities and Exchange Commission.
HSBC expanded aggressively into the US mortgage market with a $14.6bn (£10.2bn) deal in 2002 for Household"


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