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HSBC Aquires Champion Mortgage Loan Portfolio
The gross asset balance of the loan portfolio was approximately US$2.5 billion at 30 August 2006. The portfolio contains the mortgages of some 30,000 customers.
Tom Detelich, president of the consumer lending division of HSBC Finance Corporation, said: "Champion's loan portfolio is a very good fit for HSBC's consumer lending business; these are customers we know how to serve well. Our HFC and Beneficial branches are well positioned to serve Champion's customers locally, as they are based in many of the same neighbourhoods. Our aim will be to provide them with the right loan solutions as their financial needs change."
HSBC's consumer lending business operates in the United States under the HFC and Beneficial names. It is one of the nation's largest consumer finance companies, with more than 1,350 branches in 46 states, and it provides consumers with a variety of real estate secured and unsecured loans.
Champion Mortgage, based in Parsippany, NJ, is part of the consumer finance division of KeyBank, NA. Champion markets a range of products through direct mail, the internet and other media channels and serves mostly non-prime customers in 26 states across the United States, with concentration in the Northeast.