Share Name Share Symbol Market Type Share ISIN Share Description
HSBC Holdings LSE:HSBA London Ordinary Share GB0005405286 ORD $0.50 (UK REG)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.60p +0.08% 785.10p 783.10p 783.30p 785.70p 780.80p 785.70p 18,815,274 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Banks 34,347.5 5,759.4 5.7 156.8 156,977.45

Fed Fines 5 Big Banks $35 Million for Foreclosure, Mortgage-Servicing Issues

12/01/2018 4:30pm

Dow Jones News


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By Ryan Tracy 

WASHINGTON -- The Federal Reserve fined five big banks $35.1 million for issues related to financial-crisis-era mortgage servicing and foreclosures, while also moving them out of the penalty box for what it said was a "substantial improvement" in their practices.

The fines relate to deficiencies regulators saw in the wake of a meltdown in the U.S. housing market around the 2008-09 financial crisis. Goldman Sachs Group Inc. was fined $14 million, Morgan Stanley $8 million, CIT Group Inc. $5.2 million, U.S. Bancorp $4.4 million and PNC Financial Services Group Inc. $3.5 million.

Separately, the Fed said it was terminating enforcement actions against those five firms as well as five others: Ally Financial Inc., Bank of America Corp., HSBC Holdings PLC's U.S. unit, JPMorgan Chase & Co. and SunTrust Banks Inc.

The 10 firms had been slapped with enforcement actions in 2011 and 2012 for what the Fed said were "deficiencies in residential mortgage loan servicing and foreclosure processing." The Fed said the firms have made "substantial improvement" in their practices.

Separately, the Fed penalized Goldman Sachs $90,000 for violations related to the National Flood Insurance Act.

Write to Ryan Tracy at ryan.tracy@wsj.com

 

(END) Dow Jones Newswires

January 12, 2018 11:15 ET (16:15 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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