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HSBC pays $1.6 billion to end 14-year mortgage-lending lawsuit

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HSBC Finance Corp., an HSBC Holdings Plc. (HSBC) unit, will pay $1.575B to settle a shareholder class action securities case that was brought in 2002. The case involves Household International, the consumer finance business that HSBC purchased in 2003. Household International is now HSBC Finance.

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NEW YORK (Reuters) – HSBC Holdings Plc will pay $550 million (425 million pounds) to resolve a U.S. regulator’s claims that the British bank made false representations in selling mortgage bonds to.

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HSBC agreed on Friday to pay $550 million to settle a lawsuit filed in 2011 by the Federal Housing Finance Agency, the federal regulator that oversees the government’s two mortgage finance companies, over troubled mortgage-backed securities sold in the lead-up to the financial crisis.

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Thursday, a unit of HSBC Holdings said it will pay $1.575 billion in order to end a 14-year old shareholder class action lawsuit. The lawsuit stems from questionable mortgage lending undertaking more than a decade ago from the Household International consumer finance business that HSBC bought in 2003, according to an article by Jonathan Stempel for Reuters .