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A new suit, filed in U.S. District Court in Minnesota accuses Illinois-based HSBC Mortgage Services of violations of the Servicemembers Civil Relief Act, signed into law in 2003 as a way of easing the economic and legal burdens on military personnel called to service. News of the suit was published April 21, 2012 in the Twin Cities Star Tribune.
A New York Supreme Court judge imposed a $10,000 fine on HSBC and a $5000 sanction on a law firm in a foreclosure case. The judge was the same judge that threatened Irene Dorner, head of HSBC USA, back in July. Dorner was ordered to appear in court.
What happens when HSBC dives in to subprime, takes a huge multibillion dollar loss, turns tail and runs away from customers, and alienates as many US citizens as possible? Wells Fargo has become the largest Western bank when measured by its stock market value after it leapfrogged rivals HSBC and JP Morgan last year.
Here at Household Watch we got our start monitoring and writing about predatory lender Household International. Then HSBC bought the predator, thus we have almost eight years of HSBC material.
US officials have launched an independent review process in which individuals can challenge foreclosures carried out by HSBC and other lenders / servicers.