hsbc unsafe and unsound practices-occ accepts hsbc's 'stipulation and consent'-cease...

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UNITED STATES OF AMERICA DEPARTMENT OF THE TREASURY COMPTROLLER OF THE CURRENCY ) In the Matter of: ) ) AA-EC-11-14 HSBC Bank USA, N.A. ) McLean, Virginia ) ) ) CONSENT ORDER The Comptroller of the Currency of the United States of America ("Comptroller"), through his national bank examiners and other staff of the Office of the Comptroller of the Currency ("OCC"), as part of an interagency horizontal review of major residential mortgage servicers, has conducted an examination of the residential real estate mortgage foreclosure processes of HSBC Bank USA, N.A., McLean, Virginia ("Bank"). The OCC has identified certain deficiencies and unsafe or unsound practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings. The OCC has informed the Bank of the findings resulting from the examination. The Bank, by and through its duly elected and acting Board of Directors ("Board"), has executed a "Stipulation and Consent to the Issuance of a Consent Order," dated April 13, 2011 (“Stipulation and Consent”), that is accepted by the Comptroller. By this Stipulation and Consent, which is incorporated by reference, the Bank has consented to the issuance of this Consent Cease and Desist Order ("Order") by the Comptroller. The Bank has committed to taking all necessary and appropriate steps to remedy the deficiencies and unsafe or unsound practices identified by the OCC, and to enhance the Bank’s residential mortgage servicing and

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Page 1: HSBC UNSAFE AND UNSOUND PRACTICES-OCC ACCEPTS HSBC'S 'STIPULATION AND CONSENT'-CEASE AND DESIST ORDER BY COMPTROLLER

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