Michigan getting more than $3.5 million in HSBC settlement - WNEM TV 5

Michigan getting more than $3.5 million in HSBC settlement

Posted: Updated:
File photo File photo
LANSING, Mich. (AP) -

Michigan is getting more than $3.5 million as part of banking giant HSBC's $470 million settlement with states and the federal government over mortgage lending and foreclosure abuses.

Michigan Attorney General Bill Schuette announced Michigan's share of the settlement on Monday.

The money will provide direct payments to borrowers for past foreclosure abuses, loan modifications and other relief for borrowers in need of assistance. The deal also requires the bank to improve standards for how it services loans and handles foreclosures.

Officials say the lending and foreclosure abuses helped intensify the country's economic meltdown.

Copyright 2016 Associated Press. All rights reserved.

Powered by Frankly
Powered by WorldNow CNN
All content © 2018, WNEM; Saginaw, MI. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.