Three metro Atlanta counties are seeking as much as $100 million from a British bank they claim did significant damage to their property tax bases and financial operations by luring minorities into home loans they could not afford.
Fulton, DeKalb and Cobb sued London-based HSBC and its American subsidiaries in U.S. District Court in Atlanta. The suit claims the housing foreclosure crisis was “the foreseeable and inevitable result” of lending practices adopted by HSBC, its affiliates and other financial industry giants that have not been named as defendants that generated loans “destined to fail.”
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