HSBC To Pay Credit Union Agency $5.25M Over MBS Losses

Law360, New York (March 13, 2012, 3:30 PM EDT) -- HSBC USA Inc. has agreed to pay $5.25 million to settle potential claims by the National Credit Union Administration over the sale of mortgage-backed securities and offset costs associated with the failure of several credit unions, the bank confirmed Tuesday.

HSBC is the latest financial institution to avoid the NCUA’s litigation blitz that the agency hopes will help reduce the burden on credit unions, which have had to collectively pay for the losses from five failed credit unions. In November, Deutsche Bank AG and Citigroup Inc....
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