11/25/2008

HSBC Holdings PLC, one of the first banks to report rising mortgage delinquencies, is now focusing on modifying loans to reduce losses, the Wall Street Journal reported.

The British bank is offering modifications for longer periods of time, a sign that HSBC expects housing problems to persist, the newspaper said.

HSBC has modified 238,000 home loans with a balance of $28.8 billion in combined outstanding principal since January 2007, the Journal said.

Source: http://www.bloomberg.com/apps/news?