HSBC yanks massive PHH mortgage servicing portfolio

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HSBC yanks massive PHH #mortgage servicing portfolio It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its #mortgage portfolio.

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 · HSBC Holdings PLC – closing mortgage office, 600 layoffs HSBC Mortgage – cut 80 jobs in NY HSBC Mortgage Services (Correspondent division) – closed, layoffs HSBC Financial Corp. Ltd. (Canada) closing 30 branches, 300 potential layoffs HSBC – to shut down HFC, Beneficial HSBC – shuts down Decision One HSBC Financial Corp. Ltd. (Canada) – closing 30 branches, 300 potential layoffs

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Because of WaMu’s souring mortgages and other risky debt, JPMorgan plans to write down WaMu’s loan portfolio by about $31 billion. business by sharply reducing its subprime mortgage lending and.

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 · Well, a lot of money is being spent so certainly somebody’s getting hugely rich. Not sure who. Who got rich the first time around were bankers/investors who bought into the scam and sold out before it completely obliterated and/or guys like that hedge fund manager who spent a billion dollars buying insurance against the bad mortgages, expecting them to fall, and made something like a 600%.

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 · It appears that PHH Corp. has a subservicing problem on its hands, as for the second time in four months, the company is about to lose a large portion of its mortgage subservicing portfolio. PHH disclosed Thursday that it recently received notice from HSBC Bank that it plans to sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH Mortgage Corporation, a wholly-owned subsidiary of PHH.