Lenders

HSBC, Bear Sterns writedown billions

Written by Timothy Blake on November 14, 2007 under Archives, Economic Impact, Investors, Lenders

HSBC said today it will take $3.2 billion in provisions for credit losses, and Bear Sterns announced a new $1.2 billion writedown. It is interesting to note that Bear Sterns said problems were related to subprime. HSBC said almost the same, but analysts noted that HSBC is shutting down some HFC and Beneficial Finance offices. HFC and Beneficial make unsecured loans and second mortgage loans.

Fannie Mae sings the mortgage blues with more losses

Written by Timothy Blake on November 09, 2007 under Archives, Lenders

Fannie Mae, the home mortgage company, said on November 9th that its third-quarter loss more than doubled, to $1.39 billion, as a deepening housing slump increased mortgage delinquencies. The net loss was caused by a $2.24 billion decline in the value of derivative contracts and $1.2 billion in credit losses among the $2.7 trillion of mortgage assets Fannie Mae owns or guarantees, the company said in a filing with the Securities and Exchange Commission.

Wachovia’s Golden West Financial Backfires

Written by Timothy Blake on November 09, 2007 under Archives, Economic Impact, Lenders

The U.S. credit crisis deepened today as Wachovia Corp reported a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial Corp said more customers are missing payments. Earlier in the subprime debacle we reported that people were trying to stay current on their credit cards even if they were having problems making their house payments. That is no longer the case. What got Wachovia into this mess in the first place?

HSBC stops sales and trading of mortgage backed securities

Written by Timothy Blake on November 08, 2007 under Archives, Economic Impact, Lenders, Outside the U.S.

Here is an article we expected so see about two months ago. It is also published on Household – HSBC Watch. Insiders at HSBC say we should look for more changes and cutbacks from HSBC in the United States as the bank’s image has been tarnished by predatory lender Household International, and as more people learn that HSBC is the Hong Kong Shanghai Bank Corporation. Shanghai is a municipality of the People’s Republic of China that has province-level status. Heavy investment in Islamic banking doesn’t help HSBC in the U.S. either, said one analyst. Here is the article:

Indy Mac Sings the Mortgage Blues as speculators walk

Written by Timothy Blake on November 06, 2007 under Archives, Investors, Lenders

Does this sound like it would be a problem? IndyMac, a Top 10 mortgage lender nationally, had been No. 1 in loans to so-called Alt-A borrowers, typically small business owners with good credit scores who wrote off their expenses so aggressively that their tax returns showed little income. The lender made mortgages to those customers without documenting their earnings. What happens when the tax man and the bill collectors come?

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