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JAN 18, 2013 - MarketWatch

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HSBC in $249 million foreclosure settlement

WASHINGTON (MarketWatch) - Two federal regulators announced Friday they have reached a $249 million settlement in principle with HSBC [s:hbc] over foreclosure abuses stemming from the so-called robo-signing scandal. The Federal Reserve and Office of the Comptroller of the Currency, the two regulators involved, said HSBC was subject to "enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing." The settlement includes $96 million in direct cash payments to borrowers, some of which went through foreclosure. The bank has agreed to provide an additional ... Read More

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