HSBC Says Mortgage Reinsurance Kickback Suit Is Too Late

Law360, New York (October 9, 2012, 1:42 PM EDT) -- HSBC USA Inc. on Friday urged a California federal judge to wipe out a proposed consumer class action accusing its reinsurance unit of extracting kickbacks from mortgage insurers, resulting in steeper premiums for borrowers, saying the complaint was filed several years too late.

The lawsuit filed earlier this year by homeowner Lucas McCarn relates to a loan he took out in 2006, meaning he waited far too long to meet the one-year statute of limitations imposed for alleged violations of the Real Estate Settlement Procedures Act,...
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