HSBC Lobs $69M Suit At Nomura Unit Over Mortgage Pool

Law360, New York (November 6, 2012, 7:54 PM EST) -- As trustee of Nomura Home Equity Loan Inc., HSBC Bank USA NA has sued one of the company's former affiliates in New York state court for breach of contract, seeking at least $69 million over a securitized loan pool it alleges is riddled with credit quality misrepresentations.

HSBC alleges in an Oct. 29 complaint that Nomura Credit & Capital Inc., which securitized and sold approximately 5,885 mortgages to Nomura Home Equity in 2006, misrepresented the credit quality of the pool and that there are more than...
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