Good Ridance. Since they purchsed HFC and Bene they have proceeded to hammer the american consumer in every way possible from high interest real estate loans to credit cards and car loans. Another predator slipping away into the night.
HSBC was a train wreck looking for a place to crash; they were in trouble over a year ago, and their Sub Prime unit, Solstice, was doing junk loans until just a few months ago! I worked for them (AE) for a few months and their submission system was the most cumbersome system I had ever seen. Their "A" paper pricing was lackluster and the Pres. of Mortgage Banking told me, "Well, sadly, we aren't here to make AE's money!". Well, dude, maybe I will see you in the unemployment line!
Jack Martin
It doesn't sound like any of the posters actually did business with HSBC Mortgage Corp or are familiar with who they were. HSBC Mortgage Corp was a company acquired by HSBC just like HFC (household) was. They were completely separate companies, under different legal entities, and different chains of command.
HSBC Mortgage Corp (I'll leave the HFC talk to a more appropriate thread) was out of NY and ONLY did A paper. They were plain Jane strictly vanilla. They were actually really strict and had an overwhelming focus on compliance. They also had ridiculously long term times that made them difficult to work with.
Frankly, with HSBC (the corporate behemoth) being so conservative I'm amazed they kept wholesale open for so long. But, this is yet another blow for brokers as another mega bank pulls out of wholesale to focus on retail.
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