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Relief for Some Michigan Homeowners in HSBC Settlement

Michigan is getting more than $3.5 million as part of a national settlement with mortgage lender HSBC. (Tabor Andrew Bain/Flickr)
Michigan is getting more than $3.5 million as part of a national settlement with mortgage lender HSBC. (Tabor Andrew Bain/Flickr)
February 9, 2016

LANSING, Mich. - Some Michigan homeowners who suffered a financial blow during the mortgage crisis may get some relief. The state will receive over $3.5 million as part of a $470 million national settlement with mortgage lender HSBC.

Megan Hawthorne, deputy press secretary with the Michigan Attorney General's office, explains the money will repay eligible borrowers for past foreclosure abuses such as robo-signing, improper documentation or unfair loan rates. The company will also have to provide loan modifications for other borrowers.

"HSBC will decide, they'll have a monitor that oversees it to make sure that they're making the proper decision," she says. "But it could include a principal reduction or some sort of re-financing for an underwater mortgage."

The settlement arose after allegations of misconduct related to mortgage loans. It impacts borrowers who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2012.

Forty-eight other states were involved in the deal, which Hawthorne says includes stricter mortgage servicing standards and operating practices to ensure HSBC customers are treated fairly in the future. She adds the attorney general will continue to monitor other multi-state cases tied to the mortgage crisis.

"If they see an opportunity to help Michigan residents who may have been affected, there's an opportunity to help them," says Hawthorne. "The attorney general office is going to pursue that option to see what can be done and make sure that Michigan residents get the repayment that they deserve."

In 2012, $25 billion was awarded across the country in the National Mortgage Settlement and in 2014 the SunTrust Mortgage Settlement provided over half a billion dollars to homeowners.

Mary Kuhlman, Public News Service - MI