Affected Indiana Residents Could be Awarded $2 Million in Foreclosure Abuse Settlement

Indiana residents should be on the lookout for mailed notices coming this month that provide instructions on how to claim reimbursements from the state of Indiana’s $470 million federal-state settlement with mortgage lender and servicer, HSBC.

Indiana Attorney General Greg Zoeller says Hoosiers can claim $2 million in reimbursements from the settlement for foreclosure abuses starting August 24.

The settlement was announced in February and it addresses foreclosure abuses by HSBC during the financial crisis.

An estimated 2,810 Indiana borrowers lost their homes from 2008-2012 and encountered servicing abuses by HSBC. Those 2,810 people are eligible for reimbursements. Individual payments will start at $780 and total reimbursement statewide could exceed $2 million.

Attorney General Zoeller says, “Many Hoosiers still feel the impact of the financial crisis, which was exacerbated by abuses and unethical practices in the mortgage lending and servicing industry.”

A postcard notice will be sent informing people of their eligibility on August 24.

All claim forms are due by November 1, 2016. Payments would be mailed out in February and March of 2017.

For more information about the D.O.J HSBC settlement, click here.


HSBC Too Big to Indict for Admitted Crimes in Money Laundering


What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Note: HSBC is entering into a civil settlement agreement requiring it to pay a small fraction of the money it laundered. HSBC admits the crime and DOJ knows all it needs to know about the crime — just like the mortgage meltdown.

But HSBC is not being indicted and nobody will be criminally prosecuted because of the perceived or projected threat to the financial system if such a large bank and its officers were penalized criminally for commission of crimes that everyone agrees did take place. Why? Because HSBC is too big to indict.

The obvious answer here is to dismantle the mega banks that are so big that their every move produces swings in the financial markets. Instead DOJ and other law enforcement agencies have given a green light to anyone who can build a bank that big. They can now commit crimes with impunity, which is to say that we are guaranteed to see repeat behavior. Now when a smaller bank engages in the same illicit schemes, it too can point to the fact that law enforcement decriminalized what is clearly a crime under all applicable statutes.

President Obama has made a big point of saying that everyone needs to play by the same rules. Meanwhile, his administration is conducting itself contrary to that proclamation. If you are I commit the same crimes that HSBC committed, violating the same statutes, then we go directly to jail. But big business doesn’t need to worry about that sort of thing. They are more important than law, more important than government, and more important than our society. They are more important than building trust in our financial marketplace.

While the right side of the political spectrum has been castigating Obama for being a socialist, they and the President have been moving in lock step to assure control over our lives by people motivated by profit instead of service. Who needs a government when the decisions are made in corporate board rooms?

%d bloggers like this: