Industry News

HSBC Finance boosts 2006 loan loss provisions by 20%

Changes in top management follow unexpected announcement
Published on Feb 9, 2007

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by CareyBot

Subprime mortgage lender HSBC Finance Corp. is revising its loan loss provisions for 2006 by 20 percent to $10.6 billion as second-lien loans go bad at a faster rate than anticipated, the company said. “We have taken account of the ...