Homeownership and Housing

One of HSBC’s goals is to help make homeownership attainable for families. Our Consumer Affairs department supports programs to promote homeownership in the communities we serve through contributions to local groups that educate and train people on the importance of good credit as well as other financial aspects of homeownership.  In addition to HSBC’s homeownership initiatives, we support programs that promote the preservation of affordable housing, as well as foreclosure avoidance and consumer rescue programs.

Homeownership Preservation Initiative (HOPI)
HSBC is partnering with Neighborhood Housing Services, Inc. of Chicago (NHS), the City of Chicago, the Federal Reserve Board of Chicago, leading financial institutions, and non-profit and industry leaders to address the rapid rise in the number of foreclosure filings in Chicago over the last decade. The coalition’s goal is to keep families in their homes and preserve affordable housing in Chicago neighborhoods.

Foreclosure Avoidance Program
HSBC offers a hardship program for HFC and Beneficial customers with real estate loans designed to provide rate and payment relief and increase the customer’s monthly disposable income. In addition to supporting individuals in need, HSBC attempts to prevent credit and financial problems from occurring by providing the knowledge and tools to help people make informed decisions.

Consumer Rescue Loan Program
HSBC has committed $25 million to fund mortgage loans to consumers facing foreclosure at other lending institutions due to problematic loan origination, loan servicing issues, or change in circumstances. The National Community Reinvestment Coalition (NCRC) administers the program and makes it available to affiliate agencies. Consumers receive counseling from the local agency and are screened by NCRC. If the program guidelines are met, applications are submitted to HSBC’s consumer lending underwriting department. To date, several thousand people have been counseled and over 110 families in 17 states have been able to avoid foreclosure. Visit www.fairlending.com for more information regarding the program guidelines.

NeighborWorks America
HSBC is a national partner with NeighborWorks America in an effort to preserve homeownership by convening and supporting a coordinated foreclosure intervention strategy in communities nationwide.  This partnership links homeowners in danger of foreclosure to the Homeownership Preservation Foundation and local NeighborWorks organizations to receive free, HUD-approved counseling.