Volume 14 - Number 14
July 11, 2014
HSBC Pays $10 Million to Settle Fraud Charges Against Fannie, FHA
HSBC failed to implement and maintain required quality controls and failed to oversee the foreclosure-related charges it submitted to the FHA and Fannie Mae, resulting in unspecified millions of dollars in taxpayer losses, according to federal investigators. Under the terms of the civil settlement announced last week by the Manhattan U.S. Attorney’s office and the Federal Housing Finance Agency’s Inspector General, HSBC will pay $10 million to settle charges that in 2009 and 2010 it failed to properly supervise foreclosure-related fees by outside lawyers and other service providers to the FHA and Fannie.
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