HSBC Reaches $249M Foreclosure Abuse Deal

Law360, New York (January 18, 2013, 5:01 PM EST) -- HSBC North America Holdings Inc. has agreed to offer a $249 million combination of cash and other mortgage assistance to homeowners victimized by its deficient mortgage loan servicing and foreclosure practices, federal banking regulators announced Friday.

According to the Federal Reserve and the Office of the Comptroller of the Currency, HSBC has agreed in principle to make $96 million in direct payments and offer a further $153 million in loan modifications, forgiveness of judgments against homeowners and other assistance. The deal covers more than 112,000 borrowers...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.