HSBC to Close U.S. Subprime Mortgage Unit, Cut Jobs, affects at Hangseng and
Nikkei Index
Sept. 21 (Bloomberg) -- HSBC Holdings Plc, the U.K. bank that was among the
first to disclose soured U.S. home loans seven months ago, will shut its
Decision One subprime mortgage unit and eliminate 750 jobs.
Employees in Phoenix, Charlotte, North Carolina, and the U.S. unit's Fort Mill,
South Carolina, headquarters will be affected, London-based HSBC said in a
statement today.
More than 110 companies in the U.S. have halted some mortgage operations or
exited the business since the start of 2006 amid the worst housing slump in 16
years, a rise in overdue payments and record foreclosures. HSBC's provisions
for bad loans, primarily to U.S. borrowers with poor credit histories, climbed
63 percent to almost $6.4 billion in the first half.
SEE MORE :
http://www.detikfinance.com/index.php/detik.read/tahun/2007/bulan/09/tgl/22/time/120528/idnews/833106/idkanal/5
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKHR5aP4LpoE
http://www.taipeitimes.com/News/biz/archives/2007/09/23/2003380084
http://www.breitbart.com/article.php?id=070921184520.wtl53nyy&show_article=1&lsn=1
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Boardwalk for $500? In 2007? Ha!
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