OCC and Federal Reserve's Agreement with HSBC to Provide $249 Million in Payments

HSBC joined the agreement announced by the Federal Reserve Board and Office of the Comptroller of the Currency ("OCC") to pay $249 million in cash payments to help mortgage borrowers. The sums paid by HSBC include $96 million in direct payments to eligible borrowers and $153 million in other assistance, such as loan modifications and forgiveness of deficiency judgments. Other lenders had previously entered into similar agreements with the bank regulators.

View Press Release in full here (links externally to Federal Reserve website).