HSBC To Hit Merrill, BofA With $420M Suit Over RMBS Deal
By Daniel Siegal (May 25, 2016, 10:48 PM EDT) -- HSBC on Tuesday filed a summons in New York state court indicating it will be suing Bank of America, Merrill Lynch and Countrywide for $420 million over claims that the banks fed it mortgage loans to be securitized that they knew were subpar.
HSBC Bank USA NA filed its summons as the trustee and issuer of residential mortgage-backed securities certificates composed of loans issued and serviced by Merrill Lynch Mortgage Lending Inc. and Countrywide Home Loans Inc. and serviced by Bank of America NA. HSBC in the summons alleges that the defendants have committed "fundamental breaches" of the purchase, servicing, assignment...
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