Citi, HSBC Accused Of Late Mortgage Payoff Registrations

Law360, Washington (March 3, 2014, 3:19 PM EST) -- Units of Citibank NA and HSBC Holdings PLC were hit with putative class actions in Florida federal court Friday, accusing them of failing to timely register mortgage satisfaction with New York county clerks, hampering property sales and potentially disrupting the state's property transfer system.

According to plaintiffs Bruce Lifrieri and Gary E. Brennan, both White Plains, N.Y., residents, CitiMortgage Inc. and HSBC Mortgage Corp. (USA) failed to timely register with New York county clerks when mortgages the plaintiffs took out had been paid off, in violation...
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