Thousands of homeowners who lost their homes or had their loans modified will receive a portion of a $470 million federal-state settlement with mortgage lender and servicer HSBC to settle allegations the bank engaged in origination, servicing, and foreclosure abuses.
The settlement, a joint effort between 48 states, the District of Columbia, the Department of Justice, U.S. Department of Housing and Urban Development, and the Consumer Financial Protection Bureau, addresses alleged abuses such as robo-signing, and improper documentation keeping that contributed to people being pushed out of their homes from 2008 to 2013.
Continue reading: HSBC Must Pay $470M For Alleged Abusive Loan Practices
Commentary by The Secular Jurist: This civil settlement conducted by the federal government includes no criminal actions against current or former HSBC executives.
The Secular Jurist 