HSBC acquires portfolio of Champion Mortgage
From the Associated Press
HSBC Holdings, a British banking powerhouse that makes consumer loans under the HFC and Beneficial brands in the U.S., is buying the $2.5-billion mortgage loan portfolio of Champion Mortgage for an undisclosed price.
HSBC said in announcing the deal that the loan portfolio it was buying consisted of the mortgages of about 30,000 customers.
Champion, based in Parsippany, N.J., is a unit of Cleveland-based KeyCorp. It serves mostly nonprime customers in 26 states.
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