(NEW YORK) — HSBC’s been ordered to pay $249 million to settle with federal regulators in a case that alleged the bank had been involved in foreclosure abuse.
Federal complaints accused the bank’s U.S. division of wrongfully closing on homeowners who should have been allowed to stay in their homes.
Under the agreement, HSBC must offer $96 million in payments to borrowers and other mortgage aid totaling up to $153 million.
The deal the British bank reached with the Federal Reserve and the Office of the Comptroller of the Currency is similar those given to 12 other banks for their actions that led to the mortgage crisis.
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Madison Park, Keith Allen and Andreas Preuss, CNN