HSBC

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tjmln

57 Posts

Posted - 05/11/2008 : 2:20:33 PM

HSBC is set to report significant losses due to its exposure to the US Subprime Morgage market, specifically HFC. Household was one of the major purchasers of the 100% LTV with 580 score paper.

What is the likelyhood HSBC will shut down HFC/Beneficial and their small US A paper wholesale operation?

CoolMtgGuy

1084 Posts

Posted - 05/11/2008 : 2:26:06 PM

I'd be surprised if they remain in the wholesale channel much longer.

trb

30 Posts

Posted - 05/11/2008 : 2:35:22 PM

it would be very sad if they pull out of wholesale USA as they are the best out there!

CoralSnake

9199 Posts

Posted - 05/11/2008 : 5:11:29 PM

they have some great products

propertylender.c

776 Posts

Posted - 05/11/2008 : 9:05:05 PM

4 billion dollars worth of write downs.

waynepbright

3192 Posts

Posted - 05/11/2008 : 11:10:25 PM

Yeah, bad scene here. I used to work for Beneficial for 3 years before going Wholesale and it's a drastic change since then.

spitfire

6 Posts

Posted - 05/13/2008 : 8:58:18 PM

I'm also very interested in seeing if they clos anymore offices at beneficial/ household as I work there now. From what I sen at householdwatch.com they are saying 400 more closings in te near futue.

waynepbright

3192 Posts

Posted - 05/13/2008 : 11:17:21 PM

Hey Spitfire,

Which office are you working? What location?

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