HSBC to pay US$601 million for shoddy US mortgage practices

February 5, 2016 6:26 PM

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WASHINGTON: British banking giant HSBC is to pay more than US$600 million to US authorities for its abusive mortgage lending and foreclosure practices in the housing market, officials said on Friday (Feb 5).

HSBC, Europe's biggest bank, will pay US$470 million to settle the allegations by the US government, 49 states and the District of Columbia, the Justice Department said in a statement.

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