HSBC Holdings will pay government regulators and law enforcement agencies a total of $601 million in response to allegations of mortgage origination, servicing and foreclosure abuses.
- In response to charges of mortgage lending and foreclosure abuses, HSBC will pay more than $600 million to various government agencies.
- Moving forward, the banking and financial services company will be required to evaluate homeowners for potential loss-mitigation options before pursuing foreclosure.
- This news comes alongside charges that HSBC failed to prevent money laundering by Mexican drug cartels and hid transfers from international clients.
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