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You're browsing: HSBC News » Subprime » Article Title: Countrywide lost 97 billion while HSBC lost 50 billion
17
May
Countrywide lost 97 billion while HSBC lost 50 billion
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How did HSBC make out with their purchase of Hosuehold International? While the question did not matter much until 2005, that is when trouble struck.

HSBC Finance Corp/HSBC Holdings plc was the ninth biggest loser, reporting about $50.3 billion in subprime losses while WMC Mortgage Corp/General Electric Co came tenth with loan losses of around $49.6 billion.

Countrywide Financial Corp, with subprime loan losses of around $97.2 billion, topped the list, followed by Ameriquest Mortgage Co/ACC Capital Holdings Corp with loan losses of around $80.6 billion.

Ameriquest and Household International are the only two classified as predatory lenders, losing nationwide lawsuits. HSBC Finance Corp/HSBC Holdings plc was one of the few already in the subprime market. Through HFC and Beneficial, HSBC Finance catered to subprime borrowers.

Related posts:

  1. Billion dollar losses continue for HSBC Finance
  2. Morgan Stanley says HSBC needs up to $30 billion
  3. $4.3 billion loss for HSBC in U.S. as losses continue
  4. Credit card debt crushes HSBC and others
  5. UBS forecasts $2.7 Billion loss HSBC Finance

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