HSBC to pay $601m for shoddy US mortgage practices

British banking giant HSBC is to pay more than $600 million to US authorities for its abusive mortgage lending and foreclosure practices in the housing market, officials said Friday.

HSBC will pay $470 million to settle the allegations by the US government, 49 states and the District of Columbia, the Justice Department said.

"This agreement is the result of a coordinated effort between federal and state partners to hold HSBC accountable for abusive mortgage practices," said Stuart Delery, acting associate attorney general, in a statement.