HSBC Agrees to $470 Million Settlement Over Alleged U.S. Mortgage Abuses

About 136,000 borrowers will be compensated as a result of the settlement.

Time | February 5, 2016    Some Americans who lost their homes to foreclosure during the financial crisis will soon be eligible for relief. Today New York Attorney General Eric Schneiderman announced that the state has reached a settlement with HSBC over charges that the mortgage lender engaged in abusive foreclosures and related practices. The attorney general accused HSBC of “robo-signing” foreclosure documents and evicting people from their homes without adequate verification.

“There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes lenders who engage in abusive business practices,” Schneiderman said in a statement. “The settlement announced today is a joint partnership that will create tough new servicing standards that will ensure fair treatment for HSBC’s borrowers and provide relief to customers across New York State and across the country.”  Read more here.