SEC Watches as HSBC Modifies Loan Terms
HSBC’s U.S. mortgage operations, which cater to a riskier clientele, may face deeper problems on about $9 billion in adjustable-rate mortgages. HSBC has tightened lending standards and made a number of management changes to minimize losses. The company also is reaching out to homeowners most likely to have problems with higher payments. HSBC and other lenders are modifying payment terms to offset a sharp rise in delinquencies and defaults.
A few years ago the US Securities and Exchange Commission slammed Household International (HSBC Finance) for rolling over approximately $1 billion (USD) of bad loans every month. When HSBC modifies payment terms to offset delinquencies and defaults it might be part of a plan for HSBC to sell HFC and Beneficial Finance.
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