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HSBC faces legal action over home loans

Article By: ,  Financial Analyst
June 4, 2013 5:45 PM

HSBC is being sued by the state of New York after being accused of ignoring a law about home loans.

The lawsuit, which has been obtained by the Buffalo News, accuses the financier of being too slow to file paperwork in 300 foreclosure cases in New York state. HSBC is yet to comment.

New York Attorney General Eric Schneiderman was quoted by the news provider as saying HSBC has been "brazenly" ignoring the state's laws.

He explained this has had the effect of "leaving homeowners across New York stuck in a legal limbo where they can't even get the legally required settlement conference that could help them keep their homes".

Mr Schneiderman's HSBC lawsuit comes only a short time after he said he was prepared to sue Bank of America and Wells Fargo due to a nationwide settlement over mortgage servicing abuses.

Despite the news of the lawsuit, HSBC's share price is slightly up today (June 4th).

Its stocks at 16:04 BST are trading 11 points higher than at the start of the day, a rise of 1.45 per cent.

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