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BRIEF-HSBC says units completes disposal of residential mortgage loans portfolio to Credit Suisse's unit
March 7, 2017 / 2:12 PM / 9 months ago

BRIEF-HSBC says units completes disposal of residential mortgage loans portfolio to Credit Suisse's unit

March 7 (Reuters) - Hsbc Holdings PLC

* On Feb 23 units agreed and completed disposal of portfolio of predominately US second lien residential mortgage loans to DLJ Mortgage Capital, unit of of Credit Suisse

* Sellers have received cash consideration of $1.495 billion in aggregate

* Proceeds will be used to pay down long-term debt and for general corporate purposes

* Transaction is part of ongoing reduction of HSBC’s US consumer mortgage loan business

* Transaction is in line with HSBC’s strategy to sell substantially all of HSBC Finance Corporation’s residential mortgage loans

* Disposal of loan portfolio is expected to generate a pre-tax loss on sale, after associated costs, of approximately $51 million Source text for Eikon: Further company coverage:

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