AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
HSBC Ups Reserve to $10.6 Billion.
WASHINGTON -- Stung by losses and anticipated writedowns on adjustable-rate second-lien subprime loans, HSBC Holdings in February increased the bad debt reserve on its B&C unit to $10.6 billion, a stunning 125% increase from its Sept. 30, 2006 figure.
A spokesman for the company noted that the $10.6 billion figure represents "reserves" and not necessarily losses.
HSBC Mortgage Services of Charlotte, N.C., is the nation's seventh largest subprime servicer with $51 billion in receivables. The mortgage unit is a subsidiary of the U.K. bank.
Speaking to analysts in London, company chief financial officer Douglas Flint said "more action will be taken" in regard to the problem. But the firm maintained it will not be exiting the subprime niche.
For now, it appears that most of the trouble is centered around residential loans - particularly seconds - funded through the bank's wholesale and correspondent network in the U.S.
Thanks to falling home values, rising delinquencies and razor-thin profit margins, the subprime sector is in the midst of a major correction with at least a dozen small- ...
- J.D. Power and Associates Reports: USAA Ranks Highest in Customer Satisfaction...
- Press release article from: PR Newswire July 19, 2006 700+ words
...Banker, Ditech, EMC Mortgage Corporation, EverHome Mortgage, First Franklin, GreenPoint Mortgage, HomeEq Servicing, Household Finance, Irwin Mortgage Corporation, Litton Loan Servicing, Navy Federal Credit Union, Saxon Mortgage, Sovereign Bank, Taylor...
- Accounting for mortgage servicing rights.
- Magazine article from: The National Public Accountant Reynolds, Brian M. September 1, 1995 700+ words
...s SFAS No. 122, Accounting for Mortgage Servicing Rights, amending SFAS No. 65...reconsider the accounting treatment of mortgage servicing rights. The MBAA wanted the FASB...the accounting distinction between mortgage servicing rights chat are acquired through...
- CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING...
- Press release article from: PR Newswire December 17, 1991 700+ words
...CONSOLIDATION OF NATIONSBANK RESIDENTIAL MORTGAGE SERVICING PROCESSING ACTIVITIES, AND THE PLANNED SALE OF MORTGAGE SERVICING UNIT ANNOUNCED CHARLOTTE, N...Consolidation of NationsBank residential mortgage servicing and processing activities, and...
- PNC'S CITIZENS FIDELITY BANK CLOSES ACQUISITION OF COWGER & MILLER MORTGAGE...
- Press release article from: PR Newswire June 8, 1992 700+ words
...ACQUISITION OF COWGER & MILLER MORTGAGE SERVICING PORTFOLIO PITTSBURGH, June 8 /PRNewswire...has closed its acquisition of the mortgage servicing portfolio of Cowger & Miller...by Citizens Fidelity Bank's PNC Mortgage Servicing Company. The acquired portfolio...
- PNC'S CITIZENS FIDELITY BANK SIGNS AGREEMENT TO ACQUIRE COWGER & MILLER...
- Press release article from: PR Newswire March 24, 1992 700+ words
...TO ACQUIRE COWGER & MILLER MORTGAGE SERVICING PORTFOLIO PITTSBURGH, March 24...definitive agreement to purchase the mortgage servicing portfolio of Cowger & Miller...will purchase a $1.5-billion mortgage servicing portfolio, consisting of approximately...
- Pitfalls lurk in plan to change servicing rules. (Financial Accounting...
- Magazine article from: American Banker Russell, Kenneth D. Horn, Michael F. May 5, 1994 700+ words
...make the accounting for originated mortgage servicing rights more like that for purchased mortgage servicing rights. The FASB expects to issue...accounting for originated and purchased mortgage servicing, the proposed statement addresses...
- Servicing profits and performance. (mortgage servicing)(Cover Story)
- Magazine article from: Mortgage Banking Oliver, Geoffrey McDonald, Laura June 1, 1997 700+ words
...1994. If you are trying to evaluate mortgage servicing performance, especially in terms...Standard No. 122, "Accounting for Mortgage Servicing Rights," companies evaluating their...on assets (after amortization of mortgage servicing rights) of 8.4 percent decreased...
- Mortgage Servicing's future: Big for capital-rich banks looking for assets.
- Magazine article from: American Banker August 18, 1997 700+ words
...remain in the game. Today, the mortgage servicing business is a healthy environment...and mortgage banks. For starters, mortgage servicing is highly attractive to capital...industry consolidates, the future of mortgage servicing is destined for further change...