Items Tagged with 'HSBC Holdings'


  • HSBC to pay $765 million in settlement over pre-crisis mortgage bonds

    DOJ accused bank of selling mortgage-backed securities full of toxic loans
    HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis. The Department of Justice announced Tuesday that it reached a final settlement with HSBC that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007.
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  • 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.
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  • HSBC continues cutting U.S. mortgage business with $4.9B loan sale to Credit Suisse

    HSBC Finance mortgage book was $117.7 billion in 2008, now it’s $2 billion
    HSBC’s reduction of its U.S. mortgage business, which began way back in 2008, took another big step forward recently, as the company announced recently that its subsidiaries, HSBC Finance Corporation and HSBC Bank, sold $4.9 billion in mortgages to a subsidiary of Credit Suisse.
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  • HSBC reaches $601M settlement over charges of 'abusive mortgage practices'

    Settlement reached with DOJ, HUD, CFPB, Federal Reserve, 49 states
    HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses. The massive settlement with HSBC was jointly announced Friday by the Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, 49 states and the District of Columbia.
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  • Wells Fargo sued over subprime securities

    HSBC, other banks also tied to lawsuit
    This time Wells Fargo and several other top banks were sued by an Irish securities firm, which claimed the banks failed to protect investors from home loans that defaulted after the financial crisis.
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  • HSBC Cuts US Portfolio by $9 Billion in H109

    HSBC Holdings [stock HBC][/stock] continued to unwind its US mortgage operations in in the first half of 2009 (H109). The firm posted $5bn pretax profit in H109, down 51% from H108, despite heavy losses of $3.7bn in its North American segment. Since it began to run down its US personal financial services including mortgage operations in Q107, HSBC has reduced its consumer finance portfolio by $34bn to $91bn -- by 27% in total -- and by $9bn in H109 alone. The business segment saw a pre-tax loss of $2.9bn in H109.
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  • 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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