HSBC home loans are under pressure in the United States, primarily because of HSBC Finance and subprime. HSBC home loans are also under pressure in the United Kingdom. Across the board more than one million households, hit by redundancy or a sharp fall in income, are expected to miss at least one mortgage payment over the next year as the recession worsens. Other homeowners could fall behind for less critical reasons, such as switching bank accounts, being paid late or going away on holiday.
Recession spans the globe and is a worldwide problem. Some say bad home loans started in the UK, while others point a finger at the United States as the source of all global financial upheaval.
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