Some Michigan Residents Will Get Share Of Mortgage Lender Settlement

Certain Michigan residents will receive a portion of around $3.5 million as part of a nationwide settlement with mortgage lender and servicer HSBC to address mortgage related abuses.

Michigan Attorney General Bill Schuette says the settlement nationally totals $470 million.

The money provides direct payment to borrowers because of foreclosure abuses, loan modifications and other relief.

Tougher mortgage servicing standards as well as independent oversight authority is part of the deal.

The settlement complements a $25 billion national Mortgage Settlement reached in 2012.

Forty-eight other states, the District of Columbia, the U.S. Department of Justice (DOJ), the U.S. Department of Housing and Urban Development (HUD), and the U.S. Consumer Financial Protection Bureau (CFPB) were also parties to the settlement