Daily Archives: August 6, 2013

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Banks under fire over Massachusetts foreclosures

Banks under fire over Massachusetts foreclosures

Massachusetts enacted strict foreclosure laws to mitigate distress within local housing markets, but now attorneys in the state are accusing banks of failing to follow all legal terms when instigating a foreclosure.  

Jenifer McKim with the Boston Globe says some attorneys believe “lenders do not always adhere to a 2007 state law, amended in 2010, that provides homeowners 150 days to catch up on missed mortgage payments before a foreclosure can begin.”

Source: Boston Herald
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HSBC braces for big hit on MBS settlement

HSBC braces for big hit on MBS settlement

Mega European bank HSBC Holdings (HSB) is preparing for the worst by announcing it could take a hit of up to $1.6 billion on toxic mortgage-backed securities sold prior to the housing meltdown.

Reuters says the bank is in the midst of dealing with a legacy MBS case. If estimations prove correct, the European firm is facing a big payout. 

Source: Reuters