Correction

Published May 15, 2008, 1:00 p.m. EDT

1 Min Read

In a recent item, MortgageWire overstated the mortgage impairment charges for HSBC North America Holdings. According to a spokeswoman for the company, its U.S. subprime division, HSBC Finance Corp., had impairment charges of approximately $2.2 billion in the first quarter, reflecting charges on subprime mortgages, unsecured consumer loans, and automobile notes. The company would not provide a specific impairment figure for subprime mortgages for the quarter. The entire company (HSBC NA) booked total loan impairment charges of $3.2 billion in the quarter, the figure that MortgageWire reported. This figure also includes credit-card-related charges, the spokeswoman said.

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