HSBC faces $1.6bn payout to US over bad mortgages

The biggest banks in the world are facing a bigger payout to the US government over bad mortgages than originally estimated, with HSBC on Monday acknowledging it might have to pay $1.6bn in damages.

FHFA sued 18 international financial groups in 2011, alleging they broke federal securities laws in selling mortgage-backed securities whose underlying loans did not comply with contractual guarantees to Fannie and Freddie, the mortgage agencies seized by the government in 2008 to prevent their impending failure.

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HSBC faces $1.6bn payout to US over bad mortgages

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