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Violation Tracker Individual Record

Company: HSBC Securities
Current Parent Company: HSBC
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $26,800,000
Year: 2018
Date: August 8, 2018
Offense Group: consumer-protection-related offenses
Primary Offense: mortgage abuses
Violation Description: HSBC agreed to pay $26.8 million in settlement of allegations it securitized subprime residential mortgage loans that were unfair and in violation of Massachusetts law. $5 million went to the Commonwealth to compensate government entiities and the remainder was used for principal reductions and assisting those who suffered foreclosure.
Level of Government: state
Action Type: agency action
Agency: Massachusetts Attorney General
Civil or Criminal Case: civil
Facility State: Massachusetts
HQ Country of Current Parent: United Kingdom
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.