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HSBC will pay $765 million to settle allegations it sold “toxic” residential mortgage-backed securities prior to the nation’s financial crisis. So reports CFO

The bank was said to have misrepresented the quality of its RMBS leading to “significant losses” for investors. It is accused of ignoring “due diligence procedures.”

As early as 2005, years before the U.S. was plunged into a financial crisis, HSBC risk managers expressed concerns regarding the due diligence procedures. The bank did not admit liability.

Read the full article from CFO.

Last modified on Friday, 12 October 2018
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