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HSBC Freezes Foreclosure Litigation
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On February 28, 2011, HSBC Holdings PLS announced it will join a list of lenders who has frozen foreclosure litigation. The release came about in the company's K-1 filing of its Annual Report. HSBC has litigated and repossessed or sold approximately 220 properties in Palm Beach County since 2006. The company claims that robo-signing of affidavits was not the problem, but found "deficiencies in document preparation", according to HSBC spokesperson Neil Brazil. Brazil also stated that the files being reviewed are those prior to entry of final judgment of foreclosure, and the bank's intention is to correct and re-file documents where necessary.
The Palm Beach Post cites seventy five percent of HSBC foreclosures that went to auction were litigated by three law fims currently under FL Attorney General Office investigation, including Law Offices of David J. Stern, Law Offices of Marshall C. Watson and Florida Default Law Group. The suspension of foreclosure litigation is indefinite and there has been no forecast as to the length of time HSBC intends to take in order to correct and re-file documents. To read the full article, click
http://www.palmbeachpost.com/money/foreclosures/london-based-hsbc-freezes-its-foreclosures-1290694.html |
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Posted By Elizabeth Ermel on
March 03, 2011 12:39 pm |
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