HSBC Agrees To $249M Foreclosure Settlement

Posted by Orb Staff on January 21, 2013 No Comments
Categories : Mortgage Servicing

13132_cashbag HSBC Agrees To $249M Foreclosure Settlement HSBC has become the latest financial institution to agree to a settlement that effectively ends the Independent Foreclosure Review.

Reuters reports that HSBC has agreed to a $249 million settlement, in which $96 million will go to eligible borrowers who lost their homes to foreclosure in 2009 and 2010. The remaining $153 million will be budgeted to other assistance, including loan modification and debt forgiveness.

HSBC's settlement with the Office of the Comptroller and the Currency and the Federal Reserve is the 13th agreement this month. Ten financial institutions signed an $8.5 billion settlement on Jan. 7, while Goldman Sachs and Morgan Stanley agreed to a similar $557 million deal last week.

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