by Calculated Risk on 9/21/2007 12:57:00 PM
Friday, September 21, 2007
HSBC to Close U.S. Mortgage Unit
From the WSJ: HSBC to Close U.S. Mortgage Unit
HSBC PLC will close its standalone U.S. subprime-mortgage business and take $945 million in related charges ...The beat goes on.
The London banking giant will close Decision One Mortgage, which originates nonprime mortgages through brokers. Instead, the company will focus on loan origination and servicing through its HFC and Beneficial bank branches.
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Approximately 750 people will lose their jobs ...