Articles Tagged with ''HSBC Holdings Plc''

HSBC agrees to $765 million settlement with DOJ over pre-crisis mortgages

Plus $26.8 million settlement with Massachusetts
HSBC revealed Monday that it recently agreed to a “settlement-in-principle” with the Department of Justice that would see the bank pay a $765 million civil penalty that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007. But that's not the only pending settlement for the London-based bank.
Read More

HSBC Sets Aside $3.2 Billion for Bad Loans

HSBC Holdings Plc said Monday morning that bad bets on U.S. mortgages continued to eat away at the company's bottom line, but not enough to offset strong growth in markets outside the United States. Europe's largest bank by assets said it set aside $3.2 billion during Q1 in loan impairment charges, compared to $1.6 billion in the year-ago period.
Read More

HSBC: Decision One To Close, 750 Jobs Eliminated

HSBC Finance said today that it will close its Decision One subprime wholesale lending unit, the latest in a string of mortgage lenders pulling back from wholesale and correspondent lending. The bank said it will place a greater emphasis on origination and servicing through its HFC and Beneficial retail branch channels. From the press statement:
Read More

HSBC Cuts 600 Jobs; Will Close One Office

Per Bloomberg, HSBC said it will eliminate 600 mortgage jobs and close one of its US-based mortgage operations centers as it adjusts to a long-term downturn in the mortgage market: HSBC Holdings Plc, Europe's biggest bank by market value, will eliminate 600 U.S. jobs and close a mortgage office as it retreats from the subprime home loans that have triggered a rise in defaults.
Read More