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HSBC Finance Mortgages Halts Operations

HSBC Finance Canada‘s mortgage subsidiary is now the latest casualty of the North American subprime/liquidity crisis. 

HSBC Finance Mortgages Inc., which handled HSBC’s alternative (non-prime) mortgages in Canada, has “ceased operations” as of yesterday.

The news follows a September 21 announcement that HSBC was shuttering its U.S. subprime operations.

This move will not affect HSBC’s prime mortgage business in Canada, which remains in full operation.

We wish all HSBC Finance employees the very best.  They are a class team of professionals.