It’s been a while since my last conversation with Carrick Mollenkamp of the Wall Street Journal. We were busy watching HSBC Finance for evidence of the old Household International. Carrick wrote an article on November 18, detailing subprime’s effect on HSBC Finance. It is interesting to discover that HSBC is still re-aging loans. While the practice once resulted in a cease and desist order from the SEC, apparently it is legal as long as the practice is disclosed and the amount of such loans is accurately and correctly disclosed. Re-aging, or putting more debt on the back end of the loan and pretending that the loan is current is no way to solve a problem.
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