HSBC settles subprime mortgage claims for $765 mn

HSBC settles subprime mortgage claims for $765 mn

British banking giant HSBC has agreed to pay $765 million to resolve allegations it passed on toxic mortgage securities to investors prior to the global financial crisis, federal prosecutors announced Tuesday. Between 2005 and 2007, HSBC staff knowingly packaged low-grade loan pools with high rates of default into mortgage-backed securities -- despite warnings from its internal risk management team and outside reviewers -- according to the US Attorney’s Office in Colorado.

“HSBC made choices that hurt people and abused their trust,” Bob Troyer, US Attorney for Colorado, said in a statement. “When HSBC saw problems, it chose to rush those deals out the door. When deals went south, investors who trusted HSBC suffered.” Despite reaching the settlement, HSBC disputes the allegations, according to the Justice Department.




Growing the Red gold

Growing the Red gold

Starting before dawn has even broken, Afghanistan’s army of saffron pickers shift their way across sunbaked fields to pluck brightly the coloured crocuses that are providing the country’s farmers with a new means of income.

Solar energy to power Waqf

Solar energy to power Waqf

The first of the 535 government buildings in the Kingdom, identified to receive solar power, has received its solar roof, with Electricity and Water Affairs Minister Dr Abdulhussain Mirza inaugurating the system installed at Jaffriya W

Macron vows wage rise

Macron vows wage rise

Embattled French President Emmanuel Macron Monday announced a series of financial measures seeking to defuse the “yellow vest” revolt that has triggered violent protests in cities across the country. In a 15-minute televise


Growing the Red gold

Growing the Red gold

Starting before dawn has even broken, Afghanistan’s army of saffron pickers shift their way across sunbaked fields to pluck brightly the coloured crocuses that are providing the country’s farmers with a new means of income.

Solar energy to power Waqf

Solar energy to power Waqf

The first of the 535 government buildings in the Kingdom, identified to receive solar power, has received its solar roof, with Electricity and Water Affairs Minister Dr Abdulhussain Mirza inaugurating the system installed at Jaffriya W

US nuns stole money to gamble in Vegas

US nuns stole money to gamble in Vegas

Two California nuns who stole around $500,000 dollars from the school where they worked and splashed out on travel and gambling in Las Vegas are facing criminal charges, their order confirmed Tuesday. Sisters Mary Margaret Kreuper and

We accept people’s mandate: PM Modi

We accept people’s mandate: PM Modi

I ndia’s ruling party suffered stinging election defeats in at least two stronghold states, results showed Tuesday, in a big blow to Prime Minister Narendra Modi before national polls in 2019. The votes held earlier this month an