Articles Tagged with ''HSBC''

HSBC Exits Correspondent, Wholesale Lending

HSBC Holdings [stock HBC][/stock] confirmed Wednesday that it will cut roughly 325 U.S. jobs as part of an exit from wholesale/correspondent mortgage lending; the London-based bank shut down lending activity via third-party brokers on Tuesday afternoon. Among the cuts will be 100 account executives that worked with brokers nationwide, or all HSBC account execs; another 225 jobs will be lost at the firm's Depew, New York-based office, Bloomberg News reported.
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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.
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The Hits Keep Coming: Fitch Downgrades $9.4 Billion in Subprime RMBS

Question: how much is left to downgrade in the subprime RMBS space? Answer: more than you might think. In what's becoming a week-end ritual during the credit crunch, Fitch Ratings on Friday issued a spate of new subprime RMBS downgrades. The downgraded securities are sure to force some readjustments to someone's balance sheet, given all of the previously-rated AAA securities that are now taking a fall. The ignonimous list of new downgrades:
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HSBC Mortgage Corp. Resi Servicer Ratings Affirmed

Fitch Ratings said late last week that is had affirmed numerous servicer ratings for HSBC Mortgage Corp., the U.S. mortgage servicing arm of HSBC Bank USA, NA. HSBC saw its residential primary servicer ratings for prime, Alt-A and HE/HELOC affirmed at 'RPS2+,' while the rating agency assigned a rating of 'RPS2-' for subprime servicing. From the press statement, it appears that HSBC is consolidating servicing operations across its rather substantial portfolio:
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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:
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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.
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HSBC Sees US Mortgage Losses Beat Back By Gains in China

HSBC Holdings PLC, Europe's largest bank, said today that first-half profit rose 25 percent, driven largely by investment gains in China. The gains there were enough to offset continued weakeness in the company's US-based mortgage lending operation, HSBC Finance, according to the company's earnings statement. From Bloomberg:
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