HSBC sued by New York state over US home loans (BBC)
HSBC is being sued by the state of New York for allegedly ignoring a law designed to protect US homeowners from losing their houses.
***
It accuses Europe's largest bank of being too slow to file paperwork in 300 foreclosure cases in New York state.
***
New York state law requires lenders to make a "request for judicial intervention" when they sue a homeowner to began an action to recover mortgage repayments.
The request is supposed to lead to a so-called settlement conference within 60 days, giving the homeowner a final chance to renegotiate their loan payments before they lose their homes.
"
HSBC's) business practices not only violate the law, but they make it more likely that homeowners will unnecessarily lose their homes," State Attorney General Eric Schneiderman said in the court filing.
***
more: http://www.bbc.co.uk/news/business-22766651
