Fitch Ratings has withdrawn HSBC Finance Corporation’s U.S. residential mortgage servicer rating as follows:
–Primary servicer rating for subprime product ‘RPS2-’.
The withdrawal is based on the fact that there is insufficient information to maintain the rating. HSBC Finance Corporation announced earlier this year the discontinuance of loan originations of all products by its consumer lending business.
The ratings were determined in accordance with Fitch’s criteria ‘Rating U.S. Residential Mortgage Servicers’, dated Nov. 29, 2006 and ‘Global Rating Criteria for Structured Finance Servicers’ dated September 30, 2009, both of which are available at ‘www.fitchratings.com’.
Editor’s Note: RBMS is defined as residential mortgage-backed securities. As a side note, Fitch Ratings has affirmed HSBC Mortgage Corporation (USA)’s (HMC) U.S. residential servicer ratings.
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