Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
The feature you requested does not exist. However, we suggest the following feature:

HSBC : NJ part of $470M HSBC mortgage abuse deal

02/06/2016 | 06:17am US/Eastern

Feb. 06--HSBC borrowers in New Jersey will benefit from a $470 million settlement of a lawsuit over the lender's handling of mortgage loans following the housing meltdown, the state said Friday.

The settlement between global bank HSBC, the federal government and 48 states includes a $100 million payout. Of that, more than $59 million is designated for payments to the lender's borrowers in New Jersey and across the country for past foreclosure abuses, the New Jersey Attorney General's office said in a statement.

It also designated another $370 million in consumer relief, including loan modifications and other help for borrowers who need assistance. Other terms include the imposition of mortgage servicing standards, and the assignment of oversight authority to an independent monitor to ensure compliance.

"This settlement holds HSBC accountable for its past abusive, unacceptable business practices and provides direct relief to New Jersey borrowers," said acting Attorney General John J. Hoffman in a statement. "In the future, HSBC must treat its borrowers more fairly than it has in the past and an independent monitor will help to ensure that happens."

All told, the state said the settlement will change the way HSBC services mortgage loans, and handles foreclosures. It will prevent past abuses, such as robo-signing of documents, improper documentation and lost paperwork.

About 345 New Jersey consumers who had mortgage loans serviced by HSBC encountered servicing abuses by the company and lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2012, the state said. Those borrowers will be eligible for payment from the $59.3 million fund.

The payment to individual borrowers will depend on how many file claims. Eligible borrowers will be contacted about how to qualify for payments.

Having problems making ends meet? Check out this video below.


(c)2016 the Asbury Park Press (Neptune, N.J.)

Visit the Asbury Park Press (Neptune, N.J.) at www.app.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

React to this article
Latest news
Date Title
06:17a HSBC : NJ part of $470M HSBC mortgage abuse deal
06:07a WAL MART STORES : Oklahoma group, retailers hope to brew support for alcohol sales changes
05:59a China says EU should take steel dumping claims to WTO
05:47a CSRA : Beech Island singer debuting first music video
05:45aDJWhy a Recession Could Arrive Without a Yield Curve Warning
05:45aDJCoca-Cola, PepsiCo Thirst for Oil Dividend
05:44a BAYERISCHE MOTOREN WERKE : CRIME Luxury car thief faces
05:44a MANCHESTER UNITED : Pitmen's night at Sharpe end
05:43a BAYERISCHE MOTOREN WERKE : CRIME Luxury car thief faces time in jail
05:43a MARKS AND SPENCER : Alexa teams up with M&S for collection
Latest news
Hot News 
ANDALAS ENERGY AND POWER : & Power signs heads of agreement to farm-in to Indonesian gas project
GWG : CEO Jon Sabes Appears on TheStreet.com
Technology rout pushes Nasdaq to lowest close since 2014
Lions Gate Plummets Amid Lack of Earnings Guidance
LINKEDIN : forecasts weak first-quarter profit, shares plunge
Most Read News
02/05 CLIFFORD CHANCE LLP : advises on sale of the Isaac Plains Coal Project by Sumitomo Corporation and Vale
02/05 FOX, ABC Outlets in LA to Air AHF Condom Ad during Prime Time
02/05 BEIJING MUNICIPAL GOVERNMENT : China stops approving new coal mines
02:37a HNA Tourism Named Best Tourism Investment Group at 2016 World Tourism Forum
02/05 MINISTRY OF AGRICULTURE OF PEOPLE REPUBLIC O : Accelerate agricultural supply-side reform
Most recommended articles
05:59a China says EU should take steel dumping claims to WTO
05:45aDJWhy a Recession Could Arrive Without a Yield Curve Warning
05:45aDJCoca-Cola, PepsiCo Thirst for Oil Dividend
02:48aDJToyota Loses Yen Tailwind
02:48aDJFoxconn Upbeat On Sharp Deal