HSBC Restarts Foreclosure Activity

HSBC Bank USA and HSBC Finance Corp. have restarted some of their mortgage foreclosures in New York State and certain other markets, about 11 months after the bank suspended home seizures in the wake of national controversy industrywide over improper foreclosure paperwork.

Spokesman Neil Brazil said foreclosures have “resumed on a limited basis in certain geographies where we are satisfied that enhanced procedures are correctly in place.” He said those geographies included New York State but didn’t specify other areas of the country.

“HSBC has a strong commitment to home preservation and regards foreclosure as a last resort,” Brazil said.

HSBC last December had joined other major banks in the industry in halting foreclosures until it could correct problems in the foreclosure process.

Read the complete article via HSBC restarts foreclosure activity – Business – The Buffalo News.

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