Fed Says HSBC, Others Improved Foreclosure Practices

Law360, New York (March 8, 2012, 7:17 PM EST) -- The Federal Reserve on Thursday released steps taken by three more U.S. mortgage servicers to fix their faulty residential mortgage loan servicing and foreclosure processing practices, stemming from an investigation imposed by the central bank in 2011.

The Fed released action plans implemented by Ally Financial Inc., HSBC North America Holdings Inc. and IMB HoldCo LLC that describe how they will strengthen communications with borrowers, establish limits on foreclosures where loan modifications have been approved and strengthen compliance programs, among other steps.

The Fed also released...
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