HSBC to Close U.S. Subprime Unit
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HSBC said it would close Decision One Mortgage, cutting 750 jobs and taking $945 million in charges and write-downs, because it is no longer sustainable.
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Sovereign Bancorp Inc. is reportedly on the brink of cutting several hundred jobs and closing its wholesale mortgage banking unit, the first major change at the bank since veteran Boston executive Joseph P. Campanelli took the helm in October.
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New Century Financial Corp. , the largest independent U.S. subprime mortgage lender, said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately.
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Korea First Bank, South Koreaâs eighth-largest lender, said it would make an announcement on Friday regarding a stake sale, with global banking giant HSBC Holdings Ltd.
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H&R Block Inc  on Thursday said the sale of its Option One Mortgage Corp. subprime lending unit may fall apart, as credit markets deteriorate and after its quarterly loss more than doubled.
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TOKYO Japanese banking regulators on Friday ordered Citigroup to close its private banking business here after they found serious breaches in its operations.
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The company said it would shutter part of its Japanese  trust business and promised sharper oversight of its remaining  operations, after a scandal led to the closure of its private  bank in the country.
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HSBC Holdings reported that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that had led to the removal of two senior executives. The chief executive, Michael F. Geoghegan, said problem loans would take up to three years to work out. HSBC, which is based in London and operates in Europe, Asia and the Americas, reported net income of $15.79 billion for 2006, up from $15.08 billion in 2005. Loan impairment charges and other risk provisions rose to $10.57 billion, from $7.08 billion, largely because of a 20 percent increase in bad debt charges in the subprime mortgage market in the United States.
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Two Bear Stearns Cos.  hedge funds that invested heavily in securities backed by subprime mortgage loans are close to being shut down as a rescue plan is falling apart, The Wall Street Journal Online reported on Wednesday.
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Freddie Mac , the No. 2 U.S. mortgage finance company, said on Monday it will no longer serve as a broker dealer in the multi-trillion-dollar mortgage bond market, a move some said is designed to lower risk and placate regulators.
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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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Mortgage giant Freddie Mac announced Monday that it is shutting down some operations of its debt-securities sales division and transferring others - moves that experts said should tighten the company's internal controls after an accounting scandal.
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SunTrust Banks (NYSE: STI) will close about 60 branches after the completion of its acquisition of Memphis, Tenn.-based National Commerce Financial Corp.
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The deterioration in the U.S. mortgage market forced the departures of two top executives at HSBC Holdings.
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Morgan Stanley  on Wednesday said it will eliminate 1,000 jobs as it scales back its U.S. residential mortgage operations and closes its British residential mortgage lending business, Advantage Home Loans.
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step
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Government-sponsored lender Freddie Mac said Monday that it will restructure some of its mortgage securities operations, primarily by ceasing the market-making activities of its Securities