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Subprime Mortgage Crisis Affecting UK Banks
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The subprime mortgage crisis continues to unravel its tentacles across the globe. As if it weren't enough to be hitting the market and U.S. banks, it is also impacting banks abroad. According to BusinessWeek, UK bank HSBC is expected to "write down $1 billion on its portfolio of subprime mortgages when it unveils its third-quarter earnings for its U.S. division on Wednesday." This is just the latest chapter in the subprime mortgage crisis for HSBC, which started reporting trouble in February. And the ripples of the subprime mortgage crisis continued in Hong Kong, where the HSBC news caused stocks to tumble. It seems like there is no end to the continuing story of the subprime mortgage crisis.
About this poster:
Posted by:
vwalker
(female, late-30s)
(Posted 12/4/07)
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