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HSBC pays for risky securities
Source: Agencies |
September 14, 2014, Sunday
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Print Edition
Print Edition
BRITISH bank HSBC has agreed to pay US$550 million to resolve claims it misled US mortgage giants Fannie Mae and Freddie Mac over risky mortgage securities it sold them before the 2007 housing market collapse.
HSBC sold the securities to the two firms between 2005 and 2007. Under the deal, HSBC will pay US$176 million to Fannie and US$374 million to Freddie.
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