Facing foreclosure fraud claims, HSBC settles at $601 million

  • 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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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.