Quantcast

Attorney General Koster announces new mortgage settlement with H - KOAM TV 7

Attorney General Koster announces new mortgage settlement with HSBC

Updated:
JEFFERSON CITY, MO -

Attorney General Chris Koster today announced a settlement with mortgage lender and servicer HSBC that will mean loan modifications for Missourians as well as payments for approximately 2,671 Missouri borrowers who lost their homes to foreclosure.

In addition to direct payments to borrowers for past foreclosure abuses and loan modifications, the settlement also includes other relief for borrowers in need of assistance, rigorous mortgage-servicing standards, and oversight authority by an independent monitor.

The settlement includes Missouri and 48 other states, the District of Columbia, the U.S. Department of Justice (DOJ), the U.S. Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau (CFPB).

“While nothing can make up for the pain of losing a family home, this settlement requires HSBC to provide $59 million in assistance to borrowers who suffered foreclosures and loan modifications so others can remain in their homes,” Koster said.  “In addition, this settlement places strict new standards on HSBC to treat future borrowers fairly.”

Details of the settlement provisions include:

·         Loan Modifications: The HSBC agreement requires the company to provide certain Missouri borrowers with loan modifications or other relief. The modifications may include principal reductions and refinancing for underwater mortgages. HSBC must meet certain minimum targets in identifying the loans eligible for modification.

·         Payments to Borrowers: Approximately 2,671 eligible Missouri borrowers who lost their home to foreclosure from January 1, 2008 through December 31, 2012 and encountered servicing abuses by HSBC will be eligible for a payment from the national $59.3 million fund. The borrower payment amount will depend on the total amount of borrowers filing claims. The settlement administrator or the Missouri Attorney General’s office will arrange for eligible borrowers to be contacted about how to apply for payments.

·         Mortgage Servicing Standards: The settlement requires HSBC to substantially change how it services mortgage loans, handles foreclosures, and ensures the accuracy of information provided in federal bankruptcy court. The terms will prevent foreclosure abuses, such as robo-signing, improper documentation and lost paperwork.

·         Independent Monitor: The National Mortgage Settlement’s independent monitor, Joseph A. Smith Jr., will oversee HSBC agreement compliance for one year. Smith served as the North Carolina Commissioner of Banks from 2002 until 2012, and is also the former Chairman of the Conference of State Banks Supervisors (CSBS). Smith will oversee implementation of the servicing standards required by the agreement and issue public reports that identify whether HSBC complied or fell short of the standards imposed by the settlement. If HSBC is alleged to have violated terms of the agreement, the states and federal agencies can seek relief through the court.

·         Additional Terms: The agreement does not prevent state or federal authorities from punishing wrongful securitization conduct that is the focus of the Residential Mortgage-Backed Securities Working Group. Additionally, the agreement does not prevent any action by individual borrowers who wish to bring their own lawsuits.

The agreement will be filed as a consent judgment in the U.S. District Court for the District of Columbia.

  • Local NewsMore>>

  • Neosho Students Raise Funds with  Endangered Species Videos

    Neosho Students Raise Funds with  Endangered Species Videos

    Wednesday, April 25 2018 6:57 PM EDT2018-04-25 22:57:32 GMT

    Teachers try to inspire students to believe they can change the world.     Now a project at Neosho middle school has eighth grade students working to save endangered species.          

    More >>

    Teachers try to inspire students to believe they can change the world.     Now a project at Neosho middle school has eighth grade students working to save endangered species.          

    More >>
  • Authorities Arrest A Wanted Suspect

    Authorities Arrest A Wanted Suspect

    Wednesday, April 25 2018 5:22 PM EDT2018-04-25 21:22:48 GMT
    Cory ReynoldsCory Reynolds

    Update (4/25):  Joplin police say Ottawa County authorities arrested Cory Reynolds today. --- (4/24/2018) Joplin Police search for a suspect with ten active warrants. Police spotted 41-year-old Cory D. Reynolds Monday afternoon (April 23) around 3:00 at his home near 9th and Chestnut. Authorities say he jumped into a vehicle and drove off. During the chase, Reynolds hit another vehicle at 23rd and Maiden Lane and drove away..

    More >>

    Update (4/25):  Joplin police say Ottawa County authorities arrested Cory Reynolds today. --- (4/24/2018) Joplin Police search for a suspect with ten active warrants. Police spotted 41-year-old Cory D. Reynolds Monday afternoon (April 23) around 3:00 at his home near 9th and Chestnut. Authorities say he jumped into a vehicle and drove off. During the chase, Reynolds hit another vehicle at 23rd and Maiden Lane and drove away..

    More >>
  • Joplin Baseball Team Name Announced

    Joplin Baseball Team Name Announced

    Wednesday, April 25 2018 3:32 PM EDT2018-04-25 19:32:09 GMT
    The new Joplin professional baseball team has a name. Joplin, MO – The Southwest League of Professional Baseball has announced that the new Joplin professional team will be called the Joplin "Miners". On March 21st, team officials narrowed the submissions down to six finalists; Tornadoes, Twisters, Miners, Jacks, Phoenix and 66ers. The name "Miners" received a majority of the votes from over 700 submissions. The Joplin Miners played for 49 seasons betwee...More >>
    The new Joplin professional baseball team has a name. Joplin, MO – The Southwest League of Professional Baseball has announced that the new Joplin professional team will be called the Joplin "Miners". On March 21st, team officials narrowed the submissions down to six finalists; Tornadoes, Twisters, Miners, Jacks, Phoenix and 66ers. The name "Miners" received a majority of the votes from over 700 submissions. The Joplin Miners played for 49 seasons betwee...More >>
Powered by Frankly

KOAM - Licensed to Pittsburg, Kansas
Send tips, ideas and press releases to: tips@koamtv.com
Send newsroom questions or comments to: comments@koamtv.com
Phone: (417) 624-0233 or (620) 231-0400
Web comments or questions: webmaster@koamtv.com
Newsroom Fax: (417) 624-3158

Powered by WorldNow All content © Copyright 2000 - 2018 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.