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February 07, 2016 9:01 AM ET

Thrifts and Mortgage Finance

Company Overview of HSBC Finance Corporation

Company Overview

HSBC Finance Corporation, through its subsidiaries, provides real-estate secured loans in the United States. The company was formerly known as Household International Inc. and changed its name to HSBC Finance Corporation in December 2004. HSBC Finance Corporation was founded in 1878 and is based in Mettawa, Illinois. HSBC Finance Corporation operates as a subsidiary of HSBC Investments (North America) Inc.

26525 North Riverwoods Boulevard

Suite 100

Mettawa, IL 60045

United States

Founded in 1878

1,700 Employees

Phone:

224-880-7000

Key Executives for HSBC Finance Corporation

Chief Executive Officer and Director
Age: 54
Chief Financial Officer and Executive Vice President
Age: 52
Group Chairman of HSBC Holdings PLC
Age: 66
Chief Operating Officer of USA and Senior Executive Vice President
Age: 51
Chief Risk Officer, Senior Executive Vice President, Executive Director and Member of Risk Committee
Age: 54
Compensation as of Fiscal Year 2015.

HSBC Finance Corporation Key Developments

Federal Reserve Board Announces $131 Million Penalty Against HSBC North America Holdings, Inc. and HSBC Finance Corporation

The Federal Reserve Board announced a $131 million penalty against HSBC North America Holdings Inc. and HSBC Finance Corporation for deficiencies in residential mortgage loan servicing and foreclosure processing. The penalty is being assessed in conjunction with an agreement involving similar deficiencies that HSBC announced February 5, 2016, with the U.S. Department of Justice, other federal agencies, and the state attorneys general. The penalty assessed by the board is the maximum amount allowed under the law, taking into account the circumstances of HSBC's unsafe and unsound practices and foreclosure activities. The penalty may be satisfied by providing borrower assistance or remediation in conjunction with the Department of Justice settlement, or by providing funding for nonprofit housing counseling organizations. If HSBC does not satisfy the full penalty amount within two years, the remaining amount must be paid to the U.S. Department of Treasury. The Board will closely monitor compliance by HSBC with the requirements of the order. The terms of the monetary assessment against HSBC are similar to those that were part of the penalties issued by the Board in February 2012 and July 2014 against six other mortgage servicing organizations that reached similar agreements with the U.S. Department of Justice and the state attorneys general.

HSBC Finance Corporation Declares Quarterly Dividend for Holders of Series B Preferred Stock, Payable on December 15, 2015

HSBC Finance Corporation announced that its board of directors declared the regular quarterly cash dividend on the company’s Series B preferred stock of $0.3975 per depositary share payable on December 15, 2015, to stockholders of record as of December 1, 2015.

HSBC Finance Corporation Declares Dividend for Holders of Series B Preferred Stock, Payable on September 15, 2015

HSBC Finance Corporation announced that its board of directors declared the regular quarterly cash dividend on the company’s Series B preferred stock of $0.3975 per depositary share payable September 15, 2015, to stockholders of record as of September 1, 2015.

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