This website provides information about the joint state-federal settlement with HSBC.

Announcements

February 2017:
Please note; the deadline to file a claim was November 15, 2016 and claim forms are no longer being accepted. Payments on valid claims mailed on February 17, 2017. The payment amount for each loan was approximately $1,200. The exact amount is not being released to help prevent fraud.

Settlement Highlights:
• $370 Million in relief for borrowers who are still in their homes
• $58 Million in cash to foreclosed homeowners
• Modeled on National Mortgage Settlement

The Federal government together with state attorneys general in 49 states and the District of Columbia reached a settlement in 2016 requiring HSBC Mortgage, Inc., to provide $428 million in various forms of relief to certain borrowers. The agreement was filed in the United States District Court for the District of Columbia on February 5, 2016. The United States District Court for the District of Columbia entered the Consent Order on March 14, 2016. The agreement addresses HSBC's alleged misconduct regarding its mortgage servicing and foreclosure practices. HSBC created an approximately $58 million fund for the approximately 75,000 HSBC borrowers who were foreclosed upon between January 1, 2008 and December 31, 2012. In addition, HSBC must adhere to significant homeowner protections. The agreement requires that HSBC follow the servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest mortgage servicers. HSBC's compliance with this settlement will be monitored by the same professional monitoring team in charge of enforcing the NMS, led by former North Carolina Banking Commissioner Joseph Smith.

Further information concerning the HSBC settlement is available here:
• To see a copy of the Consent order click here: Consent Order
• To see a copy of the Exhibits click here: (Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E, Exhibit E-1, Exhibit H, Exhibit I)

Settlement Timeline

Notice packages were sent to Eligible Borrowers: August 2016

Primary Deadline to File a Claim: November 15, 2016

Payments to eligible borrowers who made claims: Payments mailed February 17, 2017.