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HSBC Halts U.S. Foreclosure Activity

by Chicago Agent

According to the Associated Press, London-based HSBC Holdings is suspending foreclosures in the U.S.

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HSBC says the U.S. government has noted deficiencies in the preparation of affidavits and other foreclosure documents. The bank will resume foreclosure activities following necessary review by the Federal Reserve and the Office of the Comptroller of the Currency.

“We don’t think we have an issue with robo-signing,” Neil Brazil, an HSBC spokesman, told Bloomberg.com today. “As a result of internal and external review, we have taken the decision to review all foreclosures where judgment has not yet been entered and will be refiling affidavits where necessary.”

Other banks to halt foreclosure filings as result of the government’s review are Bank of America Corp. and JPMorgan Chase.

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