I wrote negatively about HSBC a couple of years ago because I did not see how a zillion very small accounts in China could be very profitable.
I have never been a fan of sub-prime lenders because of the blowups that come along every now and then.
While I would not call HSBC's stock a blow up, the action in New Century (NEW) is a blow up. Novastar (NFI) is another one capable of blowing up now and then and was down 10% Thursday.
I wrote about the mortgage REITs here in 2004; never been a fan.
Full disclosure: one client asked me to buy NEW a while back. I could not talk him out of it, but I sold it Thursday at the opening print.