Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

UK Bank HSBC to Pay $550MN to Resolve FHFA Suit

newjerseytelegraph.com | September 17, 2014

WASHINGTON/ LONDON - The British bank HSBC has agreed to pay $550 million (338 million pounds) to US regulators to resolve claims of having made false representations in selling mortgage bonds to Fannie Mae and Freddie Mac before the financial crisis.

The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac Friday announced that it had reached an agreement with HSBC North America Holdings Inc., related companies and specifically named individuals (HSBC) to resolves claims in the lawsuit FHFA v. HSBC North America Holdings Inc., et al. (S.D.N.Y.), alleging violations of federal, Virginia and District of Columbia securities laws.

The case relates to private-label mortgage-backed securities purchased by Fannie Mae and Freddie Mac during 2005-2007.

The lawsuit had accused HSBC of making $6.2 billion of mortgage-backed securities look like they met regulatory guidelines and standards, when they did not. A charge HSBC has previously denied.

Pursuant to the agreement, HSBC will pay $374 million to Freddie Mac and $176 million to Fannie Mae.

Only two of the 18 lawsuits FHFA filed in 2011 have not been resolved

Fannie Mae and Freddie Mac lost more than $30 billion in the financial crisis, partly because of their investments in the subprime mortgages. The two state-owned entities were bailed out by the US government during the crisis.

HSBC is the 16th bank to reach an agreement with FHFA over the issue. is Compared to $9.5 billion settlement reached by of US banking giant Bank of America with the FHFA last March, HSBC has been levied a lower penalty.

Along with settlements with other banks including Deutsche Bank and Morgan Stanley, FHFA has so far recouped $17.9 billion.

Last month, Goldman Sachs Group Inc agreed to a settlement that the FHFA valued at $1.2 billion.

Royal Bank of Scotland and Nomura have yet to settle their cases.

The deal with HSBC came after the bank lost a bid last month to dismiss the case as untimely, in light of a recent US supreme court ruling.

Many of the banks settled after Denise Cote, the US district judge who has overseen most of the FHFA litigation, issued several rulings making it harder to mount defences, reported the Reuters news agency

HSBC said it was "pleased to resolve the matter"..

Lawsuits remain pending against Nomura Holdings and Royal Bank of Scotland Group. The FHFA said it "remains committed to satisfactory resolution of these actions."

 

Back to September 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:


 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package

 

ALB Law Firm

 

Advocate Legal

 

The True News Network

 

Sutton Law Firm, P.L.L.C.

 

Rubenstein Business Law

 

Atighechi Law Group

 

Scunziano & Associates

 

Get Certified to Perform Mortgage Securitization Audits

 

CFLA Training Academy

 

Expert Witness Services

 

Cutting Edge Expert Securitization Reports

 

CFLA Credit Cards

 

Breaking News

 

Letters to the Editor

 

CFLA Weekly Newsletters

 

Code of Ethics

 

Testimonials

 

Instructional Videos

 

Job Opportunities

 

License Opportunities

 

MARS Rule

 

Product Samples

 

Resource Links

 

Servicer Information

 

Foreclosure Laws

 

REST Report

 

Quiet Title Packages from Licensed Attorneys

 

Advertise on CFLA

 

Advertising Space: Mortgage Securitization, Quiet Title

 

Certified Forensic Loan Auditors, LLC
13101 West Washington Blvd.
Suite 444
Los Angeles, CA 90066

Phone: 832-932-3951
Toll Free: 888-758-CFLA (2352)
Mobile Users: CLICK TO CALL
info@certifiedforensicloanauditors.com

   
 
CFLA IS NOT A LAW FIRM AND DOES NOT PROVIDE ANY LEGAL ADVICE. CFLA DOES NOT OFFER FORECLOSURE CONSULTING OR FORECLOSURE RELIEF
SERVICES. CFLA DOES NOT OFFER OR ASSIST WITH ANY LOAN MODIFICATION SERVICE. CFLA ALWAYS RECOMMENDS THAT CLIENTS RETAIN COMPETENT COUNSEL IN THEIR RESPECTIVE JURISDICTION. CFLA HAS A FREE PROGRAM TO REFER CFLA CLIENTS TO LAW FIRMS IN NEARLY EVERY STATE AND CFLA
DOES NOT CHARGE OR OBTAIN REFERRALS FEES FOR THESE SERVICES. SERVICES NOT OFFERED TO RESIDENTS OF THE STATE OF NEVADA.

 
Home About Us Privacy Policy Terms of Service Disclaimer SERVICES Careers Contact Us
 
COPYRIGHT © 2007-2016 Certified Forensic Loan Auditors ™ All rights reserved