HSBC paid 470 million dollars to end EU demands – Diario Digital Juárez

Washington – Banking giant HSBC reached an agreement of 470 million dollars with the federal government of the United States and almost every state in the nation to resolve abuse claims loans and foreclosures that helped strengthen the financial crisis of the nation, announced Friday the Department of Justice.

the agreement requires the bank to pay 100 million dollars and provide more 370 million dollars for relief financial consumers and homeowners, including reducing the mortgage interest rates and the principal of mortgages for property owners who are at risk of default.

the settlement also requires the bank to improve standards in how it provides loans and handles foreclosures.

authorities said these changes are intended to discourage banking practices previously implemented as automated signatures and loans of poor quality, exacerbating a financial crisis that began in 2007 and in which millions of Americans lost their homes to foreclosure.

Under an agreement in 2013 with the Federal Reserve and the Office of the Comptroller, HSBC agreed to pay 249 million dollars to settle federal complaint concerning his division in the United States unjustly ordered foreclosures against homeowners who had to receive authorization to stay in their homes.

“This deal illustrates the continued commitment of the department ensuring responsible mortgage services, “Benjamin said in a statement Mizer, head of the civil division of the Department of Justice. “The agreement is part of our ongoing effort to address the root causes of the financial crisis.”

The agreement involves the Departments of Justice and Housing and Urban Development and the Office of Financial Protection Consumer. Attorneys general from 49 states and the District of Columbia also signed it.

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