We received this information today and we thank the submitter. They know who they are. “As a former long time HSBC employee and manager, I continue to hear a great deal of internal information from sources in the know. I’ve had 3 separate and unrelated sources tell me since Monday this week that […]
It is one thing to buy a predatory lender — Household International — but quite another to cotinue the business practices almost unchanged. HSBC is still one of the biggest subprime lenders in the United States. As a result, lawmakers sent a letter to HSBC asking the lender and mortgage servicer to help […]
Citigroup Inc., HSBC Finance Corp. and seven other companies agreed to help delinquent homeowners in Ohio avoid foreclosure in the first such accord between a state and home-loan servicers, Governor Ted Strickland said. Like alcoholics that keep drinking, the companies pledged to make an effort. Banks and other lenders pledged to modify terms […]
Kurt Eggert, a Chapman University Law School professor who has analyzed sub-prime loan collection abuses for the Fannie Mae Foundation, said unscrupulous loan servicers exploit the fact that borrowers in this market are expected to have financial problems and miss mortgage payments.
Opportunistic servicers mishandle tax and insurance accounts, impose high-priced hazard insurance on homeowners who […]
Wall Street company Bear Stearns & Co. disclosed last month that its loan-servicing company, EMC Mortgage Corp., which collects bills and buys loans from sub-prime lenders, had handed over documents to the FTC. In a regulatory filing, Bear Stearns said the FTC was investigating “various unnamed sub-prime lenders, loan servicers and loan brokers” for possible […]
Fitch Ratings recently announced it performed a study on option ARMs and determined servicers should have “extensive” processes and default management procedures and practices in place before adding this product to their servicing repertoire, as well as contingency plans prepared to address increased delinquencies and subsequent losses. Standard & Poor’s said Thursday that it raised […]
Facts about Mortgage Servicing, courtesy of the Federal Trade Commission
You usually must be notified at least 15 days before your loan servicing is transferred to a new servicer.
During a 60-day grace period, you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer and the new servicer […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
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