HSBC Blasts Deutsche Dismissal Bid In $615M RMBS Dispute

Law360, New York (June 17, 2013, 1:37 PM EDT) -- HSBC Bank USA NA on Friday hit back at a Deutsche Bank AG unit's bid to dismiss a New York federal suit accusing Deutsche of misrepresenting $615 million in risky mortgage loans underlying residential mortgage-backed securities, saying it wasn't contractually barred from filing the suit.

According to HSBC, the trustee for the RMBS — ACE Securities Corp. Home Equity Loan Trust Series 2007-HE3 — DB Structured Products Inc. had wrongly argued that HSBC's "sole remedy" under two contracts related to the RMBS was to give DBSP...
To view the full article, register now.