This menu shows you other areas of this website and various areas of interest. It is a quick locator.
You are currently in a library. This takes you to the top level of Household - HSBC Watch consumer advocates and watchdogs
This takes you to the complaints library and all recent complaints about HSBC, HFC, Beneficial Finance, and their merchants since 2007
Monitor the latest news about HSBC Plc, HSBC USA, the bank and HSBC Finance Corp from around the world in this watchdog area
See articles, stories, and complaints about HSBC and Household International since 2005 in this interactive library
Submit your complaint to our watchdogs. We perform trend analysis and need your help. Complaints are noted by type and processed
Get help with this one-click form just by entering your zip code in this form. You can even contact the media
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
Volunteer

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

   Digg   Del.icio.us   StumbleUpon   Reddit   RSS  
Send your report, complaint, or horror story for trend analysis Submit Your Report

Find specific results on any of our sites: Category: Subprime
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Leave a Reply

You must be logged in to post a comment.

« HSBC’s white elephant is laughable
Credit card laws ready for Obama’s signature by end of month »