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.Read More...
More Blacklisted News...
Calling for Contributors!Got something to say?
We want to hear from you.
Submit your article contributions and participate in the world's largest independent online news community today!