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HSBC Shuts Down Decision One Mortgage

Written by Leatherneck on September 22, 2007 under Archives, Job Losses, Lenders

HSBC Holdings PLC, Europe’s biggest bank, said yesterday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking $945 million (U.S.) in charges and writedowns, because the business is no longer sustainable.

Investec After Subprime Move On Kensington

Written by Leatherneck on September 21, 2007 under Archives, International

If a company like Investec buys into subprime at the worst possible time in recent history they end up singing the mortgage blues. Investec has its own problems with “subprime” lending having this year bought a UK subprime lender (Kensington) at the worst possible time. Yesterday the company admitted it would have to downgrade its profit expectations for the business but was busy telling everyone that the lender accounted for only five per cent of its overall portfolio.

Look for higher fees as banks look for profits

Written by Leatherneck on September 16, 2007 under Archives, Economic Impact

Banks are trying to make a few dollar more by making changes. Bank of America recently raised ATM fees to $3 in most locations. The average ATM surcharge for non-customers was $1.64 in 2006, nearly double that in 1998, according to Bankrate.com. Banks are also boosting other fees, often assessing $35 fees on account overdrafts and $39 late fees on credit cards.

Economy Slows in Australia, Northern Rock Shakes U.K.

Written by Leatherneck on September 14, 2007 under Archives, International, Outside the U.S.

People stood in line in England to withdraw their money from Northern Rock. News from Australia is not much better, where loan defaults rose by almost 30 per cent in the last financial year with failures to pay the bills on time up in every Australian state and territory, figures from the nation’s biggest credit check firm have revealed.

Lehman Head Trader Beaman Disappears

Written by Leatherneck on September 13, 2007 under Archives, Job Losses

A head trader on the commercial mortgage-backed securities desk at Lehman Brothers Holdings Inc is no longer with the investment bank, the company said on Thursday. The executive, John Beaman, is no longer with the company. No reason for his departure was given. Sometimes a reason puts an end to speculation, but sometimes no reason is needed. We will let you decide why Beaman is no longer with the company.

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