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HSBC to Resolve Mortgage Bond Claims

15 September 2014 10:50 WIB

dailymail.co.uk

TEMPO.CO, Jakarta - British bank HSBC has agreed to pay US$550 million to resolve U.S. claims that it misled U.S. mortgage giants Fannie Mae and Freddie Mac about risky mortgage securities it sold them before the housing market collapsed in 2007, as reported by Associated Press.

The Federal Housing Finance Agency, which oversees Fannie and Freddie, announced the settlement Friday with HSBC. London-based HSBC is Europe's largest bank and also has extensive operations in the U.S. Its U.S. division has about $289 billion in assets, making it the 9th largest bank in the U.S.

HSBC sold the securities to the two mortgage companies between 2005 and 2007. Under the settlement, HSBC is paying US$176 million to Fannie and US$374 million to Freddie.

"We are pleased to have resolved this matter," Stuart Alderoty, HSBC North America's senior executive vice president and general counsel, said in a statement.

The settlement is the latest federal government agreement over actions related to the financial crisis that struck in 2008. The meltdown, triggered by vast sales of high-risk mortgage securities, plunged the economy into the deepest recession since the Great Depression.

AP




Bank Mandiri Ensures Safe Operation after Fire Hits Head Office

11 Agustus 2022

Bank Mandiri Ensures Safe Operation after Fire Hits Head Office

Plaza Mandiri building, which is the head office of state lender Bank Mandiri, caught fire in the early hours of Thursday, August 11, 2022.


Bank Indonesia Partners with Thailand to Prevent Money Laundering

5 April 2019

Bank Indonesia Partners with Thailand to Prevent Money Laundering

Bank Indonesia (BI) and Bank of Thailand (BOT) are collaborating to prevent money laundering and terrorism funding.


Sri Mulyani Tapped as Asia-Pacific Best Finance Minister

4 April 2019

Sri Mulyani Tapped as Asia-Pacific Best Finance Minister

Finance Minister Sri Mulyani Indrawati has again tapped as FinanceAsia's Asia-Pacific Best Finance Minister of 2019 for three consecutive years.


Ovo, Go-Pay Not a Threat to Banks, LPS Says

26 Maret 2019

Ovo, Go-Pay Not a Threat to Banks, LPS Says

In the end, both OVO and Go-Pay would have to place their money in banks too, LPS says.


LPS Reviews Guarantee e-Money, e-Wallet

15 Maret 2019

LPS Reviews Guarantee e-Money, e-Wallet

The Deposit Insurance Corporation (LPS) is reviewing the guarantee insurance for customers' e-money and e-wallet.


OJK Eases Rule on Bank Consolidation

12 Maret 2019

OJK Eases Rule on Bank Consolidation

The Financial Services Authority (OJK) will ease the rule on banks' single presence policy.


Jusuf Kalla: Future of Banking Industry is Consolidation

27 Februari 2019

Jusuf Kalla: Future of Banking Industry is Consolidation

Jusuf Kalla predicts that Indonesia's bank industry is heading toward consolidation, either through mergers or acquisitions.


Mandiri Partners with Tokopedia, Bukalapak to Offer Digital Loan

27 Februari 2019

Mandiri Partners with Tokopedia, Bukalapak to Offer Digital Loan

Bank Mandiri assures that it will partner with two known e-commerce; Tokopedia and Bukalapak to introduce digital loan services.


Rupiah, JCI Weaken as BI Maintains 7DRR Rate

22 Februari 2019

Rupiah, JCI Weaken as BI Maintains 7DRR Rate

The Jakarta Composite Index (JCI) and the rupiah weakened on today's trade, February 22.


BRI: No Clients Affected by Bank Teller's Rp2.3 Bln Fraud

31 Januari 2019

BRI: No Clients Affected by Bank Teller's Rp2.3 Bln Fraud

Bank BRI assures that none of its clients are affected by the Rp2.3 billion embezzlement.