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Crime Pays: HSBC to pay $249 million fine for US mortgage abuse

January 18, 2013
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Source: AFP

HSBC

British bank HSBC has agreed to pay $249 million in compensation to home-loan borrowers hurt in the massive US mortgage and foreclosure scandal, US officials said Friday.

The Federal Reserve and the Office of the Comptroller of the Currency announced the deal, saying HSBC had to compensate borrowers affected by its “deficient practices in mortgage loan servicing and foreclosure processing.”

The global banking giant will pay $96 million to eligible borrowers and $153 million in other assistance, including loan modifications, the statement said.

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