HSBC - No talks, no responsibility, leaves problems to Americans
While HSBC Finance - formerly Household International - runs wild and partially unregulated in the United States HSBC said it has not participated in talks in the United States. HSBC already took more than $10 Billion in markdowns for losses. Is there any feeling of corporate responsibility? Remember if you will that HSBC continued to buy and fund subprime loans until it was too late and the train wreck took place. When funding was cut many brokers could not fund loans. Many jobs were lost.
Granted HSBC was not the only bank involved in subprime, but HSBC was one of the biggest and most involved. Now they seem content to leave to problems to Americans like you and I. Take note at Knight Vinke. Now you see the real HSBC, and beneath it is predatory HSBC Finance with the old Household International infrastructure and “pay for performance” pay structure. Debt cancellation insurance packing, late application of payments, and other issues still exist. We publish complaints sent to us daily by customers.
HSBC, Europe’s biggest bank, said on Monday that it has not participated in talks with big U.S. banks forming an US$80 billion fund to buy ailing mortgage securities and other assets. “At this point in time, it’s not something that we discussed with the parties,” Sandy Flockhart, head of global commercial banking, said during a media briefing in Hong Kong.
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I work for Household International and I read your website weekly. I am amazed at how you continue to print this drivel about HSBC and HFC/Beneficial. Here’s a note for your reference and this can be verified as well… most of the paper that those losses you are referring to above is from loans that were acquired from other lenders and added to HSBCs portfolio. HFC/Beneficial have some of the lowest rates of delquencies and foreclosures in the country among sub-prime lenders. Believe it or not, most of us in the industry have ethics and morals to go along with our strong convicitions.
If you are going to print information, be sure to print all the information that is relevant to the issue, not just enough to make us look like evil people who are only out to harm consumers.