- Associated Press - Saturday, February 6, 2016

PROVIDENCE, R.I. (AP) - Rhode Island officials say homeowners who were victims to banking giant HSBC’s abusive lending practices may be eligible for relief under a mortgage abuse settlement.

The Providence Journal reports (https://bit.ly/1PFjJjj) that 222 Rhode Island borrowers who were foreclosed by the London-based bank between Jan. 1, 2008 and Dec. 31, 2012 can expect to receive one-time payments of between $1,200 and $1,400.

The office of Rhode Island Attorney General Peter Kilmartin says another 946 homeowners who were not foreclosed upon may still be eligible for loan modifications or loan forgiveness. The settlement allows for $370 million in relief to homeowners.

The Justice Department announced Friday that HSBC had reached a $470 million settlement with the federal government and nearly all states over mortgage lending and foreclosure abuses.


Information from: The Providence Journal, https://www.providencejournal.com

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