The NCUA has settled a complaint about the way HSBC sold mortgage-backed securities to five failed corporate credit unions without having to go to court.
The bank has agreed to pay NCUA $5.25 million in the matter, without admitting fault and the settlement lifts the total the agency has managed to recover from MBS-selling banks to $170.75 million.
The agency said it will use the money to help offset the costs of settling claims against losses from the securities. Credit unions have had to pay assessments to help cover those claims and the agency has taken three banks to court over the losses.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
