HSBC bails out of Wholesale
On Nov. 18, HSBC exited the wholesale lending business. My rep at HSBC was on vacation when the news was announced, and therefore missed the explaination why. obviously they felt it wasn't profitable for them, but what I don't understand, is if they're only originating to sell to Fannie and Freddie, what's the risk given everything today is vanilla.
at November 22, 2008
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