http://www.spa.gov.sa/English/details.php?id=484654
*HSBC Closes Sub-Prime Lending Division* Washington, September 21, SPA--HSBC Finance Corporation, Europe's largest bank, announced Friday it will close its wholesale mortgage lender Decision One Mortgage. Decision One originates "sub-prime" mortgages through brokers. Sub-prime mortgages are loans given to customers with poor credit history. Banks and investors have begun to avoid originating and purchasing sub-prime mortgages because of rising delinquencies and defaults among the risky loans. HSBC will continue to originate mortgages through its consumer-lending network under its HFC and Beneficial brands. About 750 employees will be affected by the closing, which will cost HSBC about $945 million. --SPA [Non-text portions of this message have been removed]
