HSBC Settles Wrongful Foreclosure Lawsuit
HSBC is now the latest big bank to pay up in order to settle claims by federal regulators that it wrongfully foreclosed on homeowners. The Associated Press (AP) reports that the British bank agreed to shell out $249 million to settle complaints that its U.S. branch used “robo-signing” and other lax paperwork practice to wrongfully foreclose on thousands of homeowners. "Robo-signing" describes the practice of automatically signing off on foreclosures without properly reviewing homeowners’ documents.