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HSBC Reaches $470M Deal To Settle Mortgage Investigation

HSBC reached a $470M settlement deal Friday over allegations of mortgage abuses from the US Justice Department, the latest in a $25B string of similar bank settlements since 2013.

The UK bank has to reform its mortgage and foreclosure practices as part of the deal, with $370M of the fines going to borrowers and the rest going to federal and state agencies, the Wall Street Journal reports.

The charges add to a list of penalties for HSBC. The bank paid out $249M in 2013 for similar allegations, and $1.9B for failing to police money laundering through its accounts. [WSJ]

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