Household HSBC Watch

02 Aug 2005 Banks denied order against Spitzer — New York attorney-general Eliot Spitzer has won the first round in a lawsuit filed against him by a coalition of banks after a federal judge refused to order a restraining order against the attorney-general.
US Federal District Court Judge Sydney Stein refused the banking groups’ requests to block Spitzer from seeking further data about their lending practices to low-income borrowers, but said that he would reconsider if Spitzer tried to subpoena information from the banks before he rules on the lawsuit. The directive comes after the Clearing House Association, which represents a coalition of 11 banks, including HSBC Bank USA, filed a lawsuit earlier in the month asking the court to block Spitzer from probing into whether they charge minorities excessive mortgage rates.

Consumer advocacy organization Household - HSBC Watch said in a statement “It is shameful to read references to HSBC and ‘a restraining order against the attorney-general’. Questionable at best, intelligent minds must ask what HSBC is hiding. Their history of predatory lending through Household International, Beneficial Finance and HFC (Household Finance) is a volitile situation that should be exposed.”