Hammered by losses on its subprime business, banking giant HSBC Holdings plans to unload some of its A-minus to D loans, which total in the billions, investment banking sources have told MortgageWire.The bank -- which owns No. 1-ranked subprime lender HSBC Finance -- also plans to stop providing warehouse financing on subprime mortgages, sources said. A bank spokeswoman declined to address both matters, citing company policy "not to comment on speculation." One warehouse executive said, "A client of ours was told by HSBC they are exiting the business and ending their relationship." Two bidders that invest in nonperforming product said they have already approached HSBC about buying its subprime holdings -- but at a discount. (For more details, see the March 12 issue of National Mortgage News.)
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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