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HSBC Sells US Mortgages to Credit Suisse

HSBC Sells US Mortgages to Credit Suisse

HSBC has agreed to sell mortgages worth $1.6 billion to DLJ Mortgage Capital, a subsidiary of Credit Suisse. The loans are part of HSBC’s U.S Consumer and Mortgage lending portfolio. HSBC will receive $1.495 billion as part of the deal which will used to clear some of the debt.

“HSBC has agreed to sell mortgages worth $1.6 billion to DLJ Mortgage Capital, a subsidiary of Credit Suisse.”

~ Forbes

This sale will now bring the total outstanding loans for the U.S CML unit to below $5.7 billion. In the late 2008, the outstanding loans for the US unit was at a peak of $62 billion.  HSBC used to have a huge presence in the US mortgage industry prior to the economic downturn of 2008.

Related Reports: Forbes, Reuters

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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