HSBC Considers Strategic Options For U.S. Mortgage Unit

Posted by Orb Staff on August 19, 2010 No Comments
Categories : Residential Mortgage

HSBC Holding PLC is assessing strategic options for its U.S. mortgage unit, including selling the unit, several news outlets are reporting. Employees at HSBC Mortgage Corp.'s Buffalo, N.Y., office were notified of the assessment by e-mail earlier this week, reports The Buffalo News.

A Wall Street Journal report published Thursday quotes an HSBC spokesperson's e-mail, which said other strategic options for HSBC Mortgage may include merging the unit, exiting from the operations altogether and outsourcing all or substantially all of the platform.

Spokesperson Neil Brazil told The Buffalo News that HSBC is ‘still very much’ in the origination business.

‘That's not a part of the business that we're looking to exit at all,’ he said.

SOURCES: Wall Street Journal, Buffalo News

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