Law360, New York (May 25, 2016, 10:48 PM EDT) -- HSBC on Tuesday filed a summons in New York state court indicating it will be suing Bank of America, Merrill Lynch and Countrywide for $420 million over claims that the banks fed it mortgage loans to be securitized that they knew were subpar.HSBC Bank USA NA filed its summons as the trustee and issuer of residential mortgage-backed securities certificates composed of loans issued and serviced by Merrill Lynch Mortgage Lending Inc. and Countrywide Home Loans Inc. and serviced by Bank of America NA. HSBC in the summons alleges that the defendants have committed “fundamental breaches” of the purchase, servicing, assignment... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
banks is reportedly looking to sue Bank of banks , mortgage Lynch and banks for $ 420 m over claims they fed HSBC mortgage loans to be securitised that they knew were fraud .