Santander Payment Protection Insurance Busted

What do HSBC and Santander have in common? Aside from Santander buying HSBC’s auto loan business in the U.S., they both have insurance problems. Santander UK yesterday revealed that its half year profits had dropped after it set aside more cash to cover claims over the mis-selling of payment protection insurance (PPI). In the six …

Countrywide Must Face MBIA Fraud Claim, Appeals Court Rules

Bank of America Corp. (BAC) and its Countrywide Financial Corp. unit must face a fraud claim brought by bond insurer MBIA Insurance Corp., an appeals court ruled. The New York court yesterday upheld an April 2010 trial- court denial of Countrywide’s motion to dismiss the claim against it in the 2008 suit. MBIA alleges that …