HSBC Holdings PLC, London, has restructured two structured investment vehicles to address U.S. subprime mortgage woe-sparked liquidity concerns affecting these financial instruments.Standard & Poor's said HSBC's ratings would be unaffected by the move and noted that none of the asset-backed securities and other structured finance notes in the pool has been downgraded. "After taking into account expected repayments and amortizations, HSBC ultimately expects to provide up to $35 billion in liquidity facilities and term funding to the new vehicles," the rating agency said. "This is a substantial sum, but HSBC has maintained a very strong liquidity position throughout the current market dislocation, and it has sufficient available resources to absorb these additional obligations."
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24