HSBC Signs $249 Million Deal Settling U.S. Foreclosure Flaws
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HSBC Holdings Inc. has agreed to a $249 million accord to settle claims of improper U.S. foreclosures, joining 12 other mortgage servicers in a deal that now exceeds $9 billion, according to banking regulators.
U.S. units of Europe’s largest bank signed a deal with the Federal Reserve and the Office of the Comptroller of the Currency to pay $96 million in cash to 112,000 U.S. borrowers it foreclosed on in 2009 and 2010 and provide $153 million in other mortgage help, according to a statement by the Fed and OCC today. HSBC was among lenders accused of rushing home foreclosures by using flawed documents.