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HSBC to Pay $249M to Settle Foreclosure-Abuse Case

(WASHINGTON) — British bank HSBC will pay $249 million to settle federal complaints that its U.S. division wrongfully foreclosed on homeowners who should have been allowed to stay in their homes. The agreement with the Federal Reserve and the Office of the Comptroller of the Currency is similar to deals with 12 other banks that ended a review of loan files required under a 2011 federal action. Combined, the 13 banks will pay $9.3 billion. The settlements could compensate Americans whose homes were seized because of abuses such as “robo-signing,” when banks automatically signed off on foreclosures without properly reviewing documents. The agreement will also help eliminate huge potential liabilities for the banks. (MORE: Bank of America’s Earnings Shrink on Mortgage Settlements) Consumer advocates say regulators settled for too low a price by letting banks avoid full responsibility for foreclosures that victimized families. Under the settlement, HSBC will pay $96 million in cash compensation ...

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Found more than 1 month ago on channel TIME Moneyland

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Banks, Regulators Reach Settlement

Ten U.S. banks reached a $8.5 billion agreement with bank regulators to settle charges of foreclosure abuses. Bank of America, J.P. Morgan Chase, Wells Fargo and Citigroup signed on to the pact.

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Found more than 1 month ago on channel Wall Street Journal

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10 Banks Agree to Pay $8.5B for Foreclosure Abuse

(WASHINGTON) — Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes. The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people’s paperwork and skipped required steps in the foreclosure process. Under the new settlement, people who were wrongfully foreclosed on could receive from $1,000 up to $125,000. Failing to offer someone a loan modification would be considered a lighter offense; unfairly seizing and selling a person’s home would entitle that person to the biggest payment, according to guidelines released last summer by the Office of the Comptroller of the Currency. Monday’s settlement was announced jointly by the OCC and the Federal reserve. ...

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Found more than 1 month ago on channel TIME Business

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Big banks waive fees in Hurricane Sandy aftermath

NEW YORK - Major U.S. banks, including Bank of America Corp., JP Morgan Chase & Co., Wells Fargo & Co. and Citigroup, are waiving customer fees in states hit by superstorm Sandy, and in some cases are extending the period in which waivers are in effect, as communities struggle to recover.

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Found more than 1 month ago on channel Reuters

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Banks Waive Fees for Residents in Path of Hurricane Sandy

Anticipating a storm-related cash crunch and bill-paying delays, Chase and Citibank announced on Sunday that they would waive overdraft, ATM, and/or late fees for customers in New York, New Jersey, and Connecticut who will get hit by historic Hurricane Sandy over the next 72 hours. JP Morgan Chase — the nation’s largest bank — sent an e-mail to customers Sunday night informing them that all overdraft fees and late fees on credit cards and business and consumer loans would be waived through Wednesday, Oct. 31. Customers have until the end of business Thursday to make sure their accounts and balances are up-to-date to avoid a fee. (MORE: 11 Weirdest Election-Themed Products) Similarly, Citibank announced that fees would be waived for New York City residents who use another bank’s ATM, according to The Wall Street Journal. As of Sunday evening Bank of America had not announced any specific move that would eliminate fees for any of the estimated 50 million people in the path of Hurricane ...

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Found more than 1 month ago on channel TIME Business

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