Retired military, police officers, government officials and other professionals must form an alliance to work with US regulators while developing mechanisms to identify predatory lending. We need individuals that are devoted to getting to the truth as foreclosures and predatory tactics destroy the fabric of civilized society.
A well tuned scam has been rehearsed and perpetrated until it becomes believable. In other words, the predators often “suggest or imply” certain guarantees such as a lower payment. The predators often “use omissions to suggest or imply.” In both cases the customer’s defense becomes an unsubstantiated “he said – she said” frustrating experience. In some cases the predators just do things that are wrong.
Akin to state sponsored terrorism if left unchecked, the world cannot accept or afford predatory lending. Don’t accept what happened as undocumentable. Send others to see if they have the same experience. Investigate, hold community meetings, write to the lender, appeal to board members, and dig until you get to the truth. Start a web site.
Consumer advocates at Household – HSBC Watch held a meeting of 100 active duty Soldiers, asked specific questions, and determined that Household International, now called HSBC Finance Corporation, practiced predatory lending in their auto financing, credit card, home loan, second mortgage, and tax refund lending.
We cannot legislate morality. If company officials want to be immoral it is their business. But we do legislate finance and banking. Those who think they can are international bankers because the company name was changed from Household International to HSBC are wrong. What they did to Americans was wrong. To think that a new focus erases past deeds is wrong.
Household International will always be with us, and with the people who were hurt, committed suicide, foreclosed upon or faced other disasters. Americans who were stepped on as Household climbed the ladder to HSBC will never forget. It is a complex situation but it is incumbent upon our government to stop financial terrorism. HSBC never addressed Household’s problems.
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