Fitch Rates HSBC as Subprime Servicer

Fitch Ratings has assigned an RPS2-minus residential primary servicer rating for subprime product to HSBC Mortgage Corp (USA).The rating agency also affirmed the company's RPS2-plus residential primary servicer ratings for prime, alternative-A, and home equity/home equity line of credit loans. Fitch said the ratings reflect HSBC Mortgage's "experienced management team, adequate internal controls, and integrated technology," as well as the "strong" financial condition of its parent company, HSBC Bank USA. HSBC Mortgage is based in Depew, N.Y., with a subprime collections unit in Elmhurst, Ill. Fitch can be found online at http://www.fitchratings.com.