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HSBC Halts Foreclosures

HSBC Holdings, Europe's biggest bank, has suspended U.S. foreclosures after a joint examination by the Federal Reserve and the Office of the Comptroller of the Currency, The Washington Post reported.

The regulators issued letters noting "certain deficiencies" in the processing, preparation and signing of affidavits and "other documents supporting foreclosures" at HSBC Finance and HSBC Bank USA, the London-based lender said in its annual report.

"We have suspended foreclosures until such time as we have substantially addressed noted deficiencies in our processes," HSBC said in the report.

Bank of America and J.P. Morgan Chase were among lenders that temporarily halted or delayed some repossessions to review their foreclosure practices.

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