Reason for HSBC high delinquencies cited
BR in California said: “I am reading BUSINESSWEEK - Feb 18, 2008 edition - page 36 - regarding CREDIT CARD SECURITIES.
I quote “The consultancy Risk-Metrics recently analyzed 14 larges pools of credit-card assets and found that delinquencies and bad loans had jumped by as much as 19% in the last six months of 2007.
Among the WORST SECURITIES by December: those issued by Capital One, London-based HSBC, and General Electric.
‘HSBC has experienced higher delinquencies due to receivable growth, mix changes, portfolio seasoning, and an increase in bankruptcy filings,” an HSBC spokewoman said.”
The wording is great - screw the customer and they will file charges and walk from the debt…..
The earnings for 2007 still have NOT BEEN RELEASED!”
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