NCUA Files Suit Against HSBC

The NCUA is continuing its initiative to recover losses resulting from faulty securities sold to corporate credit unions by filing suit against HSBC Bank USA, National Association.  The complaint alleges that HSBC, as trustee, failed to provide required notices, failed to properly monitor loan servicers, and failed to take timely action to force repurchase, substitution, or cure defective mortgage loans. [3/23/15]