State Attorney General Targets Banks for Unfair Lending

State Attorney General Eric Scheiderman is targeting several banks he says have unfair lending practices, which prevent clients from getting out of debt.

Schneiderman will be in Buffalo, N.Y., today to announce a series of lawsuits starting with HSBC, a New York State corporate bank. He says the bank has prevented thousands of homeowners across the state from negotiating or modifying mortgages to make them more affordable.

This lawsuit comes after a study focusing on four counties found that 300 New Yorkers have been involved in legal issues with HSBC. Two other banks are facing similar suits.