HSBC resumes foreclosure proceedings

HSBC is restarting foreclosures in New York State after a nearly two-month reprieve, according to the Post. The bank, along with peers like Bank of America, JPMorgan Chase and Wells Fargo, had halted foreclosure proceedings Oct. 20, after the so-called “robo-signing” scandal surfaced, revealing widespread errors in foreclosure documentation. HSBC is the first major bank — it owns around one-tenth of New York mortgages — to restart proceedings since then (BofA has announced that it will resume foreclosures for vacant non-owner-occupied properties next month). “We believe our foreclosure procedures are sound and we continue to work with our regulators to ensure our processes are appropriate,” an HSBC spokesperson said. Sources said that HSBC may have kept better records than the others, which may be why they’re able to get things going again more quickly. [Post] 

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