Reinsurers Deny Role In Alleged HSBC Kickback Scheme

Law360, New York (April 9, 2012, 12:28 PM EDT) -- Four mortgage insurers urged a California federal judge on Friday to drop them from a proposed class action alleging they took part in a kickback scheme with HSBC USA Inc.'s reinsurance unit, saying they never handled the lead plaintiff’s loan.

PMI Mortgage Insurance Co., Republic Mortgage Insurance Co., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc. said homeowner Lucas McCarn lacked standing to sue them under the Real Estate Settlement Procedures Act. McCarn claims in the March 12 suit that the insurers and two others gave...
To view the full article, register now.