HSBC reaches $470M deal with US, states over banking abuses - WFMJ.com News weather sports for Youngstown-Warren Ohio

HSBC reaches $470M deal with US, states over banking abuses

Posted: Updated:
WASHINGTON (AP) -

By ERIC TUCKER
Associated Press

Banking giant HSBC has reached a $470 million settlement with the federal government and nearly all states over mortgage lending and foreclosure abuses that officials say contributed to the financial crisis.
    
The agreement announced Friday requires the bank to pay $100 million and to provide an additional $370 million in consumer relief to borrowers and homeowners. That includes reducing the principal on mortgages for homeowners who are at risk of default.
    
The deal also requires the bank to improve standards for how it services loans and handles foreclosures.
    
The settlement involves the departments of Justice and Housing and Urban Development and the Consumer Financial Protection Bureau.
    
Attorneys general from 49 states plus the District of Columbia signed on.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • More NewsMore>>

  • Two children in vehicle during alleged shooting

    Two children in vehicle during alleged shooting

    Tuesday, January 22 2019 6:47 PM EST2019-01-22 23:47:32 GMT
    Youngstown Police were responding to reports of shots fired on Volney Road Monday when they pulled over 40-year-old Randall Davis for running a red light.  Police say, they found a baggie of marijuana on Davis, who told them that his car had been shot at on Volney Road. According to the police report, Precious Ross, Denzle Davis, and Antwan Brown were also in the vehicle with an eight-year-old and a nine-year-old child.  Police say, they found a .357 Magnum and burnt &quo...More >>
    Youngstown Police were responding to reports of shots fired on Volney Road Monday when they pulled over 40-year-old Randall Davis for running a red light.  Police say, they found a baggie of marijuana on Davis, who told them that his car had been shot at on Volney Road. According to the police report, Precious Ross, Denzle Davis, and Antwan Brown were also in the vehicle with an eight-year-old and a nine-year-old child.  Police say, they found a .357 Magnum and burnt &quo...More >>
  • Warren Junior Women's League donates winter gear

    Warren Junior Women's League donates winter gear

    Tuesday, January 22 2019 5:55 PM EST2019-01-22 22:55:22 GMT
    Members of the Warren Junior Women's League offered a way to keep those in need bundled up in the cold this week. They hung up bags with hats and gloves on the fence outside of Warren City Hall and at the pavilion in downtown Niles on Monday. It's an annual tradition for the organization's day of service project for Martin Luther King Jr. Day. It's one of 1,000 service projects under the GFWC Federation in honor of M.L.K. Day. The GFWC Ohio Junior Cyberlinks Club also bagged more ...More >>
    Members of the Warren Junior Women's League offered a way to keep those in need bundled up in the cold this week. They hung up bags with hats and gloves on the fence outside of Warren City Hall and at the pavilion in downtown Niles on Monday. It's an annual tradition for the organization's day of service project for Martin Luther King Jr. Day. It's one of 1,000 service projects under the GFWC Federation in honor of M.L.K. Day. The GFWC Ohio Junior Cyberlinks Club also bagged more ...More >>
  • Patient access to medical marijuana in Ohio

    Patient access to medical marijuana in Ohio

    Tuesday, January 22 2019 5:34 PM EST2019-01-22 22:34:46 GMT
    The first wave of medical marijuana went on sale last week bringing in $75,000 the first day. "I've been doing this for over a year and I've been doing edibles and stuff and vaporizing the product and it does relieve the pain at night," Jason Rowe said, of Marietta.  Getting medical marijuana in Ohio begins with a diagnosis from a physician who is certified in the state of Ohio.  The state currently has 374 physicians who are certified to recommen...More >>
    The first wave of medical marijuana went on sale last week bringing in $75,000 the first day. "I've been doing this for over a year and I've been doing edibles and stuff and vaporizing the product and it does relieve the pain at night," Jason Rowe said, of Marietta.  Getting medical marijuana in Ohio begins with a diagnosis from a physician who is certified in the state of Ohio.  The state currently has 374 physicians who are certified to recommen...More >>
Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms