Decision One Not The Source of HSBC Subprime Problems

This is just one of our articles referencing the financial crisis, crash of the housing market, subprime, and more:

Decision One was a big middleman in the subprime industry. It originated loans through thousands of brokers and then sold those loans to firms that bundled them and sold them as mortgage-backed securities.

Decision One was “a huge buyer,” said Chris Freemott, president of All American Mortgage, a mortgage broker. “The subprime-mortgage market — as the subprime-mortgage market would go — it’s dead.”

Decision One wasn’t the source of HSBC’s subprime problems and the exit reflects more HSBC’s decision to tighten lending standards and scale back its mortgage business. It will continue to originate loans through a network of nearly 1,300 branches in 46 states under the Beneficial and HFC names. Consumer advocates at Household – HSBC Watch say HFC and Beneficial reflect poorly on HSBC, bringing to mind thoughts of predatory lending and high interest rates.

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