Donal McCarthy, a spokesman for the bank, confirmed the move and said that 100 of the job cuts will be in New York. He added that the majority, but not all, of the layoffs are directly related to the MBS close. The other 20 cuts are being made in the U.K. McCarthy declined to give details about why HSBC has halted the sale of MBS in the U.S., but it is believed to be a result of the bank closing an Indiana-based mortgage office in August and its Decision One subprime-mortgage desk in September. The bulk of the bank's origination came from these two units and that origination flow has now dried up. HSBC is expected to make a filing of its third quarter results on Nov. 14 and will reaffirm the cuts in a conference call.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27