Feds Terminate Consent Order Against HSBC Bank for Continuing Mortgage Servicing Violations
Office of the Comptroller of the Currency, has terminated its consent order for mortgage violations against HSBC Bank. Although the terms of the order are now over, the government assessed HSBC Bank with a $32.5 million penalty for previous violations of the order.
The OCC issued the original consent order in 2011 for “deficiencies and unsafe or unsound practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings.”
In particular, the consent order found that HSBC Bank filed false affidavits in connection with foreclosures, attempted to foreclose without holding the mortgage and note, and failed to properly oversee the foreclosure process.
The consent order was an agreement by HSBC Bank that it would fix these unsafe and unsound mortgage-servicing practices.
Documents related to the original consent order, and the termination, are below:
Culik Law has litigated numerous cases against big banks like HSBC Bank for mortgage-related violations, including claims under the Consumer Protection Act. If you think your rights may have been violated, contact us to see if we can help.