Bloomberg reports that a state investigation found that HSBC has left homeowners languishing in foreclosure by failing to meet requirements for giving them an opportunity to negotiate loan modifications, according to Schneiderman’s office.
'Companies like HSBC are brazenly ignoring state law, leaving homeowners across New York stuck in a legal limbo where they can’t even get the legally required settlement conference that could help them keep their homes', the attorney general said in a statement.
The lawsuit comes as state attorneys general nationwide have targeted banks over foreclosure practices, last year reaching a $25bn settlement with five mortgage servicers, including Bank of America and Wells Fargo. HSBC wasn’t part of that settlement.
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