Thursday, Feb 08, 2007
Huge increase in bad debt provisions
FT.com: HSBC warns on US bad debt provisions
HSBC shocked investors on Wednesday night by warning that its US mortgage business would push group bad debt provisions for 2006 $1.75bn (£888m) higher than expected.
That's not $1.75bn in provisions, that's $1.75bn over and above expected provisions. Subscriber only article, but of particular note.
Posted by dohousescrashinthewoods @ 09:41 AM (145 views) Add Comment
3 Comments
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1. sold 2 rent 1 said...
The Telegraph had the same article
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/02/08/cnhsbc08.xml
2. Orwell said...
What is bad debt? It is just re insured and the risk spread - isn't it?
3. tyrellcorporation said...
This has reached the BBC too...http://news.bbc.co.uk/1/hi/business/6341205.stm
Remember this is for 2006!!! The bulk of ARMs mortgages are going to reset this year and 2008. Many mortgage payments are going to double...This is going to be bloody!