HSBC To Pay $249 Million In Foreclosure Fraud Settlement

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HSBC To Pay $249 Million In Foreclosure Fraud Settlement

HSBC To Pay $249 Million In Foreclosure Fraud Settlement

HuffPO-

British bank HSBC will pay $249 million to settle federal complaints that its U.S. division wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

The agreement with the Federal Reserve and the Office of the Comptroller of the Currency is similar to deals with 12 other banks that ended a review of loan files required under a 2011 federal action. Combined, the 13 banks will pay $9.3 billion.

The settlements could compensate Americans whose homes were seized because of abuses such as “robo-signing,” when banks automatically signed off on foreclosures without properly reviewing documents. The agreement will also help eliminate huge potential liabilities for the banks.

[HUFFINGTON POST]

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2 Responses to “HSBC To Pay $249 Million In Foreclosure Fraud Settlement”

  1. WOW THE LEADER IN DRUG AND TERRORIST LAUNDERING GETS TO PAY UNDER A BILLION. OHMY!

  2. This floors me. It is made to sound like the homeowners are being compensated when they are being given pennies on the dollar for the crime they committed on them. And a big YES to teh letting the banksters off the hook. The people demand full restitution not pennies for such a horrific crime. Is there any decency out there, and the crimes keep on going. People are being evicted unlawfully from their houses today yesterday and tomorrow and on going.

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