As I work on my article about failed and bankrupt mortgage companies I found one that is very much alive but singing the mortgage blues. HSBC bought predatory lender Household International almost five years ago.
A $9 billion wave of risky mortgages resetting at higher interest rates in the United States could force Europe’s biggest bank, HSBC Holdings Plc , to absorb another big hit to profits as more customers default. Most of HSBC’s reset activity, which increases the chances of defaults by triggering sharply higher monthly mortgage payments, will take place in the second half of the year. If resets drive people into foreclosure HSBC stands to lose second mortgage money as well, primarily through HFC and Beneficial Finance, which are also owned by HSBC.
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This article, HSBC Singing The Blues Over Mortgages, is just one of our articles from our Mortgage Crisis Daily
The Subprime Mortgage Crisis Before, During, and After
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