Archive for September, 2007

Decision One Not The Source of HSBC Subprime Problems

Written by Leatherneck on September 24, 2007 under Archives, Job Losses, Lenders

Decision One was a big middleman in the subprime industry. It originated loans through thousands of brokers and then sold those loans to firms that bundled them and sold them as mortgage-backed securities.

Barclays risks loss in sale of sub-prime arm

Written by Leatherneck on September 24, 2007 under Archives, Outside the U.S.

Barclays FirstPlus portfolio mostly comprises second mortgages – loans secured against the borrower’s home, over and above a mortgage. In an environment of falling house prices, these loans effectively become unsecured borrowings – and are one of the segments of the market where bankers are becoming increasingly nervous.

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.

Learn, Improve the System, and Do Their Jobs

Written by Timothy Blake on September 20, 2007 under Archives, Editorial

There are questions regarding the effectiveness of the federal rate cut. I have a few of my own, but also know that only time will tell. Some wonder if there will be another cut, was this one too much, or will ridiculously low lending standards revive again.

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