HSBC Reports Delinquencies, First Quarter Losses

""HSBC Finance"":http://www.hsbcusa.com/, the U.S.-based arm of London-based ""HSBC Holdings Plc"":http://www.hsbc.com/, says HSBC Finance reported net losses for the first three months of 2007 as well as an upswing in delinquencies within its mortgage services unit.
According to financial statements, HSBC posted a net profit of $888 million during the first three months of 2006, which fell to $541 million during the same period in 2007.
In its latest quarter report, HSBC said, ""Compared to the prior year quarter, with the exception of our private label portfolio, all products reported higher delinquency levels due to the seasoning of a growing portfolio including higher real estate secured delinquency primarily at our Mortgage Services business.""