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HSBC faces default troubles

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British bank HSBC posted a sharp rise in its number of delinquent U.S. mortgage loans in the first quarter. Its delinquency rate rose to 5.3 percent, up from 4.8 percent in the fourth quarter and almost double the banks’ delinquency rate in the first quarter in 2006. HSBC, which issued a large number of subprime mortgages, is one of the first foreign lenders to disclose that it is having problems with its U.S. mortgage business. more [WSJ]