HSBC Finance Corporation and HSBC Bank USA has sold a $1.6 billion portfolio of mostly US second lien residential mortgages to DLJ Mortgage Capital, a wholly-owned subsidiary of Credit Suisse Group AG.

The sale is part of HSBC’s strategy to reduce the company’s mortgage portfolio, pay down debt and for general corporate purposes, HSBC said in a statement on Tuesday.

HSBC will take a $51 million pretax loss on the deal.

The company confirmed the sale on on 23 February 2017

Erik Sandstrom
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