Decision One (HSBC) - Non-prime Wholesale

2007-09-21

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stories: co.uk, chron.com, businesswire.com

We've been waiting for official word of this for a while, since HSBC began reacting to mortgage-related losses early on this year. Now it's official: Decision One is done. The unit had switched from making about $17 million in Q4 '06 to a slight loss in the most recent quarter. 750 jobs will be cut (primarily in Fort Mill, S.C., Phoenix, Ariz., and Charlotte, N.C), and HSBC will take a $880 million writedown for the closure.

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.