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| HSBC to Offer Cross-Border Mortgages |
HSBC to Offer Cross-Border MortgagesOctober 4--The UK-based banking group HSBC announced plans to offer cross-border mortgages between Mexico and the United States in the 4Q, as reported during a group investor presentation conference call, as reported in Business News Americas, a business information website focusing on Latin America.
The new product will allow Mexicans working in the US to take out a peso denominated mortgage to acquire properties in Mexico," HSBC Mexico CEO Sandy Flockhart said. "The product will be expanded in 2006 to allow any foreigner who wants to buy property in Mexico with mortgages denominated in a variety of currencies," he added.
HSBC joins home finance companies Hipotecaria Nacional, Su Casita, and Crédito Inmobiliario in targeting the estimated 15 million Mexicans living in the United States. Mexicans migrants sent home US$16.6bn in 2004, up 24% from the previous year. HSBC claims about a 20% market share of remittance transfers, handling about 1 million transactions a month.
HSBC Bank USA began offering account holders free global money transfers earlier this year after Bank of America announced plans to phase out commissions and fees on some of its remittance products.
Mexico's mortgage market is booming thanks to historically low interest rates, a growing economy, government sponsored lending programs and a chronic housing shortage.
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| What's happening
in Acapulco? |
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