Sub Prime Delinquencies Soar
While overall mortgage delinquencies dropped in the first quarter of 2005, subprime delinquencies rose. Advocates at Household - HSBC Watch explained that one factor may be, under international accounting rules, that HSBC (formerly Household International) Finance Corporation is required to report home mortgages correctly for the first time in years. “During their transition to Indian call centers customer service is in a state of flux. Payments are returned to customers, mail is returned, credit bureas are faced with thousands of suspicious reports of deliquencies, and more. Identity theft and the GM card, and a change to international accounting rules puts HSBC at the top of banks to stay away from for now” said Household - HSBC Watch. “When you call customer service you may get a totally untrained employee based on the answers and complaints we received last month” the group said.
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