HSBC Settles RMBS Charges for $765M – NMP Skip to main content

HSBC Settles RMBS Charges for $765M

Phil Hall
Oct 10, 2018
The Federal Deposit Insurance Corporation (FDIC) has reached a settlement with HomeStreet Bank of Seattle for violations of the Real Estate Settlement Procedures Act

HSBC has reached definitive agreement with the Department of Justice that resolves charges related to the underwriting, issuance and securitization of residential mortgage-backed securities (RMBS) from between 2005 and 2007.
 
The settlement requires HSBC North America Holdings Inc. to pay a $765 million civil monetary penalty, of which $492 million will be paid by HSBC USA Inc. The company is not required to admit liability or wrongdoing in connection to the RMBS matter.
 
“We are pleased to put this investigation related to activity that occurred more than a decade ago behind us,” said Patrick J. Burke, President and Chief Executive Officer at HSBC USA. “Since the financial crisis, HSBC has been strengthening our culture, processes and internal controls to ensure fair outcomes for our clients. The U.S. management team is focused on putting historical matters into the rearview mirror and completing the turn-around of HSBC’s U.S. operations.”

 
Published
Oct 10, 2018
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