RBS, HSBC and Barclays being sued by a US regulator
The Royal Bank of Scotland, HSBC and Barclays are among the 17 banks being sued by the US regulator for their role in the sale of toxic mortgage backed-securities.
The Federal Housing Finance is filing lawsuits against some big names, including: Bank of America, Barclays, Deutsche Bank, Goldman Sachs, HSBC and RBS. They are trying to recover some of the losses suffered by Fannie Mae and Freddie Mac in the purchase of billions of dollars worth of bonds in the lead up to the financial crisis.
RBS is being sued for over $30.4bn (£18.7bn) of residential mortgage-backed securities sold to Fannie Mae and Freddie Mac. HSBC and Barclays are being sued $6.2bn and $4.9bn respectively.
September 9, 2011
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