Mortgage Broker

HSBC Sees Profits At US Lending Business Drop 40 Percent 

If you thought the subprime market woes were completely over, you’ll probably want to think again — HSBC Holdings PLC, a UK-based bank that’s probably wishing right now it hadn’t waded into the US subprime market, said early today that its US unit earned $541 million, down significantly from $888 million in the year-ago period. The decline was driven by a big increase in mortgage arrears as rising interest rates and weaker property prices piled pressure on HSBC Finance’s customers.