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HSBC Holdings PLC's US Arm To Pay $249 Million To End Foreclosure Reviews-Reuters


Saturday, 19 Jan 2013 04:44pm EST 

Reuters reported that HSBC Holdings PLC's US arm has agreed to pay $249 million to end a case-by-case review of past home foreclosures in the United States, bringing the total payout by banks to resolve related issues to $9.3 billion. HSBC agreed to pay $96 million to eligible borrowers who lost their homes to foreclosure in 2009 and 2010, and provide $153 million in other assistance, including loan modifications and forgiveness. The bank said it expected to cover the loan assistance through existing reserves. Around 112,000 borrowers whose homes were in foreclosure with HSBC Bank and other HSBC subsidiaries will receive some cash, regulators said. 

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78.6
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11 Jul 2014