HSBC Agrees to $470 Million Settlement Over Alleged U.S. Mortgage Abuses

 HSBC Agrees to $470 Million Settlement Over Alleged U.S. Mortgage Abuses

U.K. bank to compensate some customers who lost their homes or had their loans modified

By  MARGOT PATRICK 

THE WALL STREET JOURNAL

LONDON—HSBC Holdings PLC agreed Friday to pay $470 million to settle federal and state allegations of abusive practices in its U.S. mortgage business.

The British bank must make major changes to how it services mortgages and handles foreclosures in the U.S. and will compensate