The Telegraph reported that RBS is facing action over £18.9bn of sales, HSBC over £3.8bn and Barclays in relation to £3bn.
Documents released by the US Federal Housing Finance Agency (FHFA) claimed that RBS and HSBC retained the services of Clayton Holdings, a risk analysis specialist, to scrutinise loans before they were placed in bundles of mortgage-backed securities.
According to the filings, reports from Clayton show 18% of the mortgage loans RBS submitted to Clayton between the first quarter of 2006 and the second quarter of 2007 were rejected. However, 53% of them were subsequently included in debt packages by the bank.
By contrast, 27% of the mortgage loans HSBC submitted to Clayton were rejected, although 62% of these were eventually included.
RBS and HSBC are now among 17 banks being sued by US regulators to recoup the £120bn Fannie Mae and Freddie Mac spent on mortgage-backed securities.
Analysts said it is still “far too early” to say what the eventual cost for the British banks will be, according to the Telegraph.
However, they expect total settlements to reach hundreds of millions of dollars.
HSBC and Barclays refused to comment on the legal proceedings, while RBS said it planned to fight the legal action.
