Types Of Bankruptcy

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September 21st, 2007

HSBC closing Fort Mill’s Decision One

HSBC Holdings PLC on Friday said it was closing a Fort Mill, S.C.-based unit that makes subprime mortgage loans through independent brokers.

The London-based company said it will layoff 750 Decision One employees, primarily in Fort Mill, Charlotte and Phoenix. HSBC Finance will now focus on originating and servicing loans through its consumer lending branches under the HFC and Beneficial names, the company said.

The subprime lending business, particularly through outside brokers, has collapsed in recent months as defaults have spiked among borrowers and investors have declined to buy these mortgages as securities. Read more



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