(Bloomberg) -- HSBC Holdings Plc plans to sell bonds
backed by some of the last subprime mortgages made by bankrupt
New Century Financial Corp., once its biggest rival in the
business.
The $1 billion of subprime home loans made by New Century
of Irvine, California, that HSBC plans to package and sell as
securities on June 5 have an average age of about three months,
Fitch Ratings said in a May 29 report. New Century, whose $51.6
billion in lending last year to borrowers with poor credit
records or high debt was topped only by London-based HSBC,
stopped taking loan applications in March.
Read more at Bloomberg Bonds News
backed by some of the last subprime mortgages made by bankrupt
New Century Financial Corp., once its biggest rival in the
business.
The $1 billion of subprime home loans made by New Century
of Irvine, California, that HSBC plans to package and sell as
securities on June 5 have an average age of about three months,
Fitch Ratings said in a May 29 report. New Century, whose $51.6
billion in lending last year to borrowers with poor credit
records or high debt was topped only by London-based HSBC,
stopped taking loan applications in March.
Read more at Bloomberg Bonds News
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