US mortgage defaults weigh on HSBC profits
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Global banking giant HSBC Holdings announced a a 35.5-percent surge in bad debts during 2006 owing to increased defaults on home loans by high-risk US borrowers.
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HSBC Holdings  posted on Monday a 5 percent rise in 2006 profits, just short of analysts' expectations, as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending.
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Shares of HSBC Holdings  fell more than 2 percent in Hong Kong on Thursday, after the British lender announced a larger-than-expected 2006 bad debt charge.
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The US housing downturn may have serious financial repercussions, experts warn, hitting investment funds linked to sub-prime lending.
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H&R Block Inc. HRB.N on Thursday cut   its full-year earnings outlook and said its quarterly loss more   than quadrupled because of rising mortgage defaults.
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U.S. stocks declined on Thursday, pushed down by declines in banking shares after Britain's HSBC  warned that bad debts from its U.S. mortgage lending business would hurt results.
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Business & money: Building society damaged by the sub-prime mortgage crisis in the US and other one-off charges
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After escaping a rising tide of  subprime defaults earlier this year, leading U.S. investment  banks and brokerages face an opaque offshoot of those risky  mortgages.
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LONDON/HONG KONG  - Shares of HSBC Holdings   dropped more than 2 percent on Thursday after the British lender announced its bad debt charge last year would be about $1.8 billion higher than expected.
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Business & money: Biggest share falls since height of credit crunch after US bank's $18bn write-off and Rock uncertainty grows
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London equities tracked Wall Street sharply lower on Tuesday as growing concerns about the health of the US subprime lending sector harried the financials sector and resurrected fears of a wider slowdown.
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Shares of Wall Street's investment banks slipped at the opening bell Monday ahead of the brokerages' third-quarter earnings reports, as a J.P. Morgan Securities analyst said investors might be more comfortable if they reported lower profits.
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NEW YORK -- The nation's banks are just beginning to feel the pain of defaults on risky mortgages they made at low introductory rates when housing prices were soaring, Federal Reserve governor Susan Bies said.
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U.S. stocks fell on Thursday after a warning about U.S. subprime mortgage lending from Britain's HSBC  sparked a sell-off in financial stocks and investors worried that fallout from the housing slowdown may be far from over.
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London shares fell on Tuesday as investors reacted to fresh banking sector losses linked to the subprime housing crisis in the United States.
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HSBC, Standard Chartered, Hang Seng bank announced Thursday that they will cut their lending and saving rates despite the 25 points rate hike in the United States overnight.
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Profit at No. 4 bank rises, but misses estimates as revenue from home loans tumbles 40 percent. NEW YORK  - Wells Fargo &amp; Co.