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Agreement reached with HSBC to address mortgage abuses

SIOUX FALLS (AP) -- Attorney General Marty Jackley says South Dakota borrowers will receive money as part of a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing and forec...

SIOUX FALLS (AP) - Attorney General Marty Jackley says South Dakota borrowers will receive money as part of a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing and foreclosure abuses.

Jackley says the settlement provides direct payments to South Dakota borrowers for past abuses and compels HSBC through tough servicing standards to treat its borrowers much more fairly in the future.

The settlement includes 49 states, the District of Columbia, the U.S. Department of Justice, the U.S. Department of Housing and Urban Development and the Consumer Financial Protection Bureau.

The agreement largely mirrors the 2012 National Mortgage Settlement reached in February of 2012 with the five largest national mortgage servicers.

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