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HSBC to Pay $249 Million in a Foreclosure Inquiry

WASHINGTON (Reuters) — The United States arm of the British bank HSBC Holdings agreed to pay $249 million to end a case-by-case review of past home foreclosures in the United States, bringing the total payout by banks to resolve related issues to $9.3 billion.

HSBC agreed to pay $96 million to eligible borrowers who lost their [...]

Deal in Foreclosure Case Is Imminent, Officials Say

By: Jessica Silver-Greenberg, New York Times

A $10 billion settlement to resolve claims of foreclosure abuses by 14 major lenders was expected to be announced as early as Monday, several people with knowledge of the discussions said on Sunday.

The settlement would come after weeks of negotiations between federal regulators and the banks, and covers abuses like [...]

Widows Pushed into Foreclosure by Mortgage Catch

By Jessica Silver-Greenberg, NY Times

In Toledo, Ohio, Florence McKinney said her efforts to seek help with her home payments yielded only confusion.

Ms. Bates, 70, is caught in a foreclosure trap that is ensnaring widows across America: she cannot get help lowering her payments until her name is added to the mortgage note, but the lender [...]

Homeowners See Benefits in Bank Plan

By: Shaila Dewan, NY Times

More than 130,000 homeowners have received $10.5 billion in relief under the national settlement over foreclosure abuses, according to a preliminary report issued Wednesday by the settlement monitor.

Under the settlement in February, reached in response to evidence that the foreclosure process had been riddled with fraud, the country’s five largest mortgage [...]

Help for Distressed Homeowners

By JILL P. CAPUZZO, New York Times

LUIS CEREZO’s eyes welled up as he awaited the outcome of his latest attempt to resolve the 18-month backlog of mortgage payments he owes on the town house in Elizabeth where he and his wife and son have lived for the last 16 years.

“I couldn’t sleep last night knowing [...]

Unemployed Mortgage Holders Get Extension on Payments

By MOTOKO RICH

Although home foreclosure rates appear to be stabilizing and unemployment is slowly coming down, there are still millions of jobless borrowers who are at risk of losing their homes because they cannot afford their monthly payments.

Freddie Mac and Fannie Mae, the government-sponsored housing finance companies that represent approximately half of all mortgages, have [...]

HSBC to Pay $249 Million in a Foreclosure Inquiry

WASHINGTON (Reuters) — The United States arm of the British bank HSBC Holdings agreed to pay $249 million to end a case-by-case review of past home foreclosures in the United States, bringing the total payout by banks to resolve related issues to $9.3 billion.

HSBC agreed to pay $96 million to eligible borrowers who lost their [...]

Good debt and bad debt

Debt is a concept as intricately intertwined with America these days as baseball, mom and apple pie.

The amount of personal debt in this country is ever increasing, and a large part of the reason is that credit has never been easier to get. Whereas credit card issuers previously looked for customers who could repay, today [...]

Credit card minimum payments rising

Good news: Credit card companies are increasing their minimum payments.

Bad news: Credit card companies are increasing their minimum payments.

Huh?

Under pressure from federal regulators, MBNA, Citibank, and Bank of America have announced they are increasing minimum monthly payments on credit card balances and others are expected to follow suit in the near future. To some cardholders [...]

Paper: Why Obama’s Loan Modification Program Fell Short

A new academic paper argues that President Obama’s signature loan-modification push fell short of its ambitious goals in part because large banks weren’t able to respond quickly enough.

The White House launched the Home Affordable Modification Program in 2009 with a goal of reaching at least three million borrowers, but to date it has provided permanent loan [...]