Big bank plans $420 million lawsuit over soured Countrywide loans

Big bank plans $420 million lawsuit over soured Countrywide loansHSBC plans to file a $420 million lawsuit against Bank of America and Merrill Lynch over soured Countrywide mortgage loans. HSBC notified the state of New York of its intention to file the lawsuit this week, claiming that Merrill Lynch and Bank of America allowed Countrywide loans to be securitized despite knowing they were toxic, according to a HousingWire report.

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