Fulton, DeKalb, Cobb sue bank; Counties say loans made to minorities that likely would default
Posted on December 25, 2012 at 04:27 AM EST
Three Atlanta-area counties are suing British bank HSBC (NYSE: HBC), claiming the financial institution cost them hundreds of millions of dollars in extra expenses and damage to their tax bases by aggressively signing minorities to housing loans that were likely to fail, reports The Associated Press. The outcome will likely help determine whether other area governments try to hold big banks responsible for loses in tax revenue based on what they claim are discriminary or predatory lending practices,…