HSBC halts US foreclosures over paperwork errors

[cory777]

Source: Associated Press

LOS ANGELES – HSBC Holdings PLC is suspending foreclosures in the U.S. after a government review of the lender's procedures revealed problems with the way it handled some home repossessions.

The London-based bank's foreclosure moratorium came to light in its annual report Tuesday.

HSBC said U.S. government officials determined there were certain deficiencies in the way the lender prepared affidavits and other foreclosure-related documents.

"We have suspended foreclosures pending correction of the weaknesses," the company said in the report.

Read more: http://news.yahoo.com/s/ap/us_hsbc_foreclosures

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[ThomCat]

1. "correcton of the weakness?"

Do they mean covering up of the frauds?

They got caught foreclosing without proof that they had any right to, but instead of people getting those homes back, the bank is just going to stop for a while and get better forgeries before they continue again.

That's the way government oversight works today. No matter how blatant the malfeasance, we the people don't get any protection. The best that happens is that the criminals have to take a small break to improve their methods a bit.

:wtf:

If the government found that there were deficiencies in how this major international bank was conducting all of their US foreclosures, why aren't we hearing about Arrests? Why aren't we hearing about massive fines because they violated rules and harmed customers? Why aren't we hearing about foreclosures overturned and people getting their homes back?

When do we start to hear about real results, Damn It? :grr:

[The Doctor.]

2. Hehehe... Been waiting for this news.

No surprise at all.

They really don't care though... they made their cash already.