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Ohio, 48 other states and D.C. have joined a $470 million settlement with HSBC, a mortgage lender and servicer. Attorney General Mike DeWine announced the settlement last Friday.
According to a press release, the settlement will provide payments to almost 20,000 Ohioans who borrowed from HSBC between 2008 and 2012.
“Former and current borrowers will get relief. Current borrowers will get relief in the form of reduced terms of their mortgage, either reduced interest rates or forgiveness of a portion of a loan,” Dan Tierney, spokesperson for the Ohio Attorney General’s office, said. “People who may have lost their homes would receive direct cash payments, and moving forward there’s criteria that the company agrees to abide by for the protection of homeowners and borrowers and potential borrowers.”