OK, so I’ve seen many people post comments about the FHA product coming to HFC/Bene. In a different direction, this entire blog has all along been saying that HSBC has WAY too many legal entities in the USA and that by doing so, HSBC is able to confuse lawmakers when they start snooping around.
On a conference call recently with a DGM, it was said specifically that HFC/BENE is having such a hard time getting FHA loans because of the number of entities HSBC has in the US. I believe the number of HFC/BENE entities is 48? And the plan (whether this is gov’t mandated or not, I’m not entirely sure) HSBC intends to consolidate all down to 3! The fed gov’t has actually told HSBC that unless they consolidated their entities to fewer, then they would not extend the license or permission to write FHA loans to HFC/BENE offices.
Now, reading some peoples previous comments and also reading through the lines of HSBC’s company politics… I’m gonna make a humble assumption. HSBC does not want law makers up in their books. They don’t want law makers snooping around knowing whats REALLY going on behind closed doors. They don’t want law makers knowing what they tell their AEs, BSMs, DSMs, etc. So, HSBC is sitting here stalling (acting like they’re in full motion fulfilling the gov’t requests) on getting the FHA program and all while practically painting a picture to their employees that FHA will be the ‘promise land’ just like they did with the conforming loans.
BLAH! Well General Manager Mike Eden, I think I smell what you are cooking. I smell what all the seniors in the company are cooking. It smells like a big heaping pot of poop soup.
O, then you’re gonna sell us in the near future aren’t you?… Any comments?
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