Many other countries have not gotten down to the dirty task of lending money for housing to people who can’t afford it and then financially leveraging the loans to create billions in false value. That’s what the U.S. has done and it has the potential to impact people around the world. The U.S. subprime market has been used in numerous fund portfolios.
Archive for » July, 2007 «
Category: General Issues, Watchdog Issues
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EZ in North Carolina said this about an HSBC CD: “In May HSBC was running a 3-month CD promotion with 5.25% APY. I opened a 3-month CD and a person in HSBC even helped me transfer the money. However, when I looked at my account later, the interest is only 2.76 percent. I contacted HSBC over the phone 3 times. Every time they just kept asking me call back but they were very interested in selling you another HSBC product! Talking to HSBC customer service is the worst thing I have ever experienced. Long story short - the problem is still the same, and I am mad every time I talk to them. The 3rd time when I talked to them, they said the money has to come from outside HSBC and be eligible for 5.25%.
Category: General Issues, Savings Issues
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“The curtain has yet to close, but if you listen closely you can hear the fat lady warming up in the wings. It has been one hell of a show, but there will be no encore. For those holding toxic mortgage paper there is nothing left to do but sue. However, even those who do not own this stuff are not in the clear. A much larger disaster looms for holders of U.S. dollar denominated assets in general. It will not be long before our foreign creditors realize that Uncle Sam is the biggest subprime borrower of them all and will similarly mark down the value of its debts as well.”
Category: Mortgage Issues, Watchdog Issues
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As HSBC Finance begins to crumble people should understand the history of predatory lending with an emphasis on Household International and HSBC Finance. Our case study is found on eBay, and proceeds support the Household - HSBC Watch watchdog program and keep their volunteers busy instead of getting real jobs like being the greeter at WalMart. (Our volunteers are really old)
Category: General Issues, Watchdog Issues
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CM in New York reports: “My HSBC account is receiving only Social Security and pension funds, but was improperly frozen because the Social Security check deposit was mischaracterized as a cash deposit. HORRIBLE HSBC customer service!”
Category: Check Issues, General Issues
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