HSBC Consumer Relief Q3 2016
February 2, 2017
Joseph A Smith, Jr. released HSBC’s self-reported consumer relief through the third quarter 2016.
HSBC reported its gross consumer relief activities under the National Mortgage Settlement through the third quarter of 2016.
According to its self-reported gross data, HSBC provided an additional $1,778,481 in consumer relief to 37 HSBC borrowers during the third quarter 2016.
In total, HSBC has now provided $539,093,770 to 11,974 borrowers. On average, this represents $45,022 per borrower. Of these borrowers, 4,859 received first-lien modification forgiveness totaling approximately $193 million. In addition, 5,516 borrowers received relief in the form of shorts sales or deeds in lieu.
This data is self-reported gross consumer relief and has not been tested against the Settlement’s crediting formulas. The Monitor will report on his review of HSBC’s progress toward its required credited consumer relief in his next report later this year.
HSBC is required to send these reports to each state that is part of the Settlement with copies to the Monitor and the Monitoring Committee. The state-level data can be downloaded at the links below.