HSBC to pay $249 mn to end foreclosure reviews
Regulators said last week the payouts will be based on whether a borrower falls into one of 11 categories. The categories include whether the person was eligible for protections under the Servicemembers Civil Relief Act, whether the borrower was not in default, or whether he or she was denied a loan modification.
The Fed and OCC are expected to reach similar agreements with other servicers that had been asked to conduct the reviews, including Ally Financial Inc, EverBank Financial Corp and OneWest Bank FSB.
The settlement come s a little over a month after HSBC agreed to pay a record $1.9 billion to resolve criminal charges that it let itself by used to drug cartels and others to launder illicit funds.
Be the first to comment.