Monday, Jun 16, 2008
Yet another bites the dust
FT: HSBC closes HFC Bank division
HSBC Group is to terminate all second charge mortgage lending through its intermediary brand Endeavour Personal Finance (EPF), FTAdviser.com can reveal.Seventy EPF staff have entered into a consultation period and intermediaries have been told that all applications need to be completed by the close of business today (16 June). Any pipeline business needs to be completed within 30 days.EPF was operated as a division of HFC Bank, which HSBC bought as part of the purchase of US specialist lender Household. However, the US parent company has been under increasing pressure due to bad debts from the US mortgage crisis.
Posted by jack c @ 06:41 PM (368 views) Add Comment
1 Comment
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1. paul said...
Notice how the UK media and the US media have quietly converged viewpoints to call the respective house price crashes a "mortgage crisis".