Household HSBC Watch

Kansas City - Jackson County Missouri - HSBC paid out another court settlement thanks to Household Finance and high fees on a second mortgage. When HSBC thought it was a good idea to buy subprime mortgages and second mortgages from anybody and everybody, they should have looked carefully at what they were buying. Missouri’s Second Mortgage Act limits the types and amounts of fees that can be charged in connection with high-interest second mortgage loans. The defendants argued that they were entitled to rely on the originating lender’s assurance that its loans fully complied with state law. The jury ordered Household Finance to pay $420,489 in actual damages and $4.5 million in punitive damages.