HSBC Reaches $470 Million Accord Over Foreclosure Abuses

``HSBC Holdings Plc will pay $470 million to end U.S. probes into allegations of foreclosure abuses including robo-signing that may have deprived struggling borrowers of opportunities to keep their homes... The HSBC settlement includes payments of $100 million and consumer relief valued at $370 million, according to the Justice Department. Of the cash payment, $59.3 million will go to states to compensate borrowers who lost homes to foreclosure from 2008 and 2012. Separately, the bank will pay $131 million to resolve Federal Reserve claims over deficiencies in residential mortgage-loan servicing and foreclosure processing.''