BBC News: HSBC in $765m deal with US regulator

BBC News, October 10, 2018: HSBC in $765m deal with US regulator

HSBC has reached a $765m (£582.3m) settlement in the US over its sale of mortgage-based securities during the run-up to the financial crisis.

The deal resolves claims by the US that HSBC misled buyers about the quality of the securities, which were backed by pools of home loans.

The issues, which occurred between 2005 and 2007, led to major losses by investors, prosecutors said.

As is common in such settlements, HSBC did not admit or deny the claims.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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