US mortgage defaults weigh on HSBC profits
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Global banking giant HSBC Holdings announced on Monday 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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The US housing downturn may have serious financial repercussions, experts warn, hitting investment funds linked to sub-prime lending.
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US home buyers may see a slight rise in mortgage rates if housing finance company Fannie Mae, which is mired in an accounting scandal, slows purchases of bonds backed
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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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Global banking giant HSBC has said that its bad debt charges rose modestly in its third quarter but noted that its overall financial performance was better than in the same period a year earlier.
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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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Most large US banks appear poised to post higher third-quarter profits, but may struggle to post big gains as sluggish commercial lending and weak stock trading
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Swiss bank UBS reports a worse-than-expected third quarter loss, hit by bad debt in the US housing market.
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Will Goldman Sachs and Bear Stearns mention subprime troubles when they report earnings?
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Stocks fell on Tuesday as the housing slump took a toll on companies' earnings outlooks, while trouble in the subprime mortgage market hurt financial companies' shares.
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U.S. stocks fell on Thursday after worries about bad mortgage debts hit bank shares and a warning from luxury home builder Toll Brothers Inc.  reignited concern about the erosion of the housing market.
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Global credit squeeze undermining private sector sale of mortgage lender
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NEW YORK - Investors on Thursday will weigh the sharp retraction in stocks the day before as well as fears that the corporate profit picture is deteriorating.    Dow Jones futures fell 4 points recently, while Nasdaq futures were down 3 points and S&P futures dropped 0.20 points...
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HSBC Holdings  on Monday said its 2006 profits rose 5 percent, 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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A U.S. real estate fund has sued HSBC Holdings  alleging the British bank's U.S. mortgage trading operation took advantage of the credit crisis to profit at the expense of the fund, the Wall Street Journal reported.
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Shares on Wall Street looked set for a weaker start on Wednesday as concerns about the U.S. subprime mortgage market resurfaced ahead of U.S. housing and key inflation data and a slew of corporate earnings.
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Wall Street stocks were mixed yesterday, having pared early losses, after a big fall in profits at Bank of America (NYSE:BAC) added to woes in the financial sector and weighed on investor confidence.