The credit union group filed the suit in federal court in Alexandria, Virginia, in its role as liquidating agent for five failed corporate credit unions and on behalf of some NCUA guaranteed notes trusts. It is seeking damages to be determined at trial.
The NCUA said some $1.97 billion in residential mortgage-backed securities from the trusts were purchased by the U.S. Central, WesCorp, Members United, Southwest and Constitution credit unions between 2004 and 2007. The complaint said HSBC did not properly monitor loan servicers or take timely action on bad loans.
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