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HSBC Pays $32.5 Million to Settle Claims on Faulty Foreclosures

Livinglies's Weblog

  • Lender fined for failing to meet terms of earlier settlements
  • OCC says bank now in compliance with orders dating from 2011
January 9, 2017, 11:31 AM EST

HSBC Holdings Plc will pay $32.5 million to settle claims that it failed to follow a U.S. regulator’s orders to improve mortgage foreclosure practices that led to borrowers being harmed after the 2008 credit crisis.

The Office of the Comptroller of the Currency levied the fine after concluding that HSBC is now in compliance with the agency’s orders going back to 2011. The London-based bank was one of many big U.S. mortgage servicers that reached agreement with regulators to review problems that led to borrowers facing improper foreclosures.

“We’re pleased with the OCC’s assessment of the enhancements we’ve made to mortgage servicing over the last several years,” Rob Sherman, an HSBC spokesman, said Monday in an e-mailed statement. The…

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