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Cook County Files Lawsuit Against HSBC Bank Alleging Predatory Lending Practices

Cook County property values dropped by about $42 BILLION over the past few years. That’s a lot of lost tax revenue for the County. So, what do they plan to do about it? To recoup some of those losses, the County has filed a lawsuit against HSBC Bank alleging predatory lending practices. HSBC made over 15,000 mortgages in Cook County in the past few years and focused a large chunk of their lending on high risk foreclosure areas. This will definitely be a case to follow.

http://www.chicagotribune.com/business/breaking/chi-cook-county-sues-hsbc-alleging-predatory-lending-20140325,0,5021474.story