OCC Seeks To Protect HSBC Lending
The Office of the Comptroller of the Currency, the federal banking regulator, filed a lawsuit claiming that New York Attorney General Eliot Spitzer is exceeding his authority with his probe into the banks’ lending practices and interfering with its supervisory powers. Consumer advocates at Household - HSBC Watch claim Spitzer’s probe has absolutely nothing to do with the OCC’s supervisory powers. “The OCC said there are no issues of predatory lending relative to banks under their control, yet HSBC, Household International, Beneficial Finance, HFC and others lead one to believe that statement is questionable at best. Blocking Spitzer to save face hurts the American people” said the group. “The OCC needs to take some action of their own relative to complaints about HSBC” the group went on to say.
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My wife Daphne and I are senior citizens and have been having a difficult time with HFC since we refinanced our home mortgage with them in 1997 at a rate of 16% until 2003. Since Nov, For the past 2 years, after attempting to refinance elsewhere, my interest rate dropped to 7.8%, but it was only then disclosed to me that because of “deferred” interest at 16% totalling over $90,000. I again have an opportunity to refinance elsewhere for 5.2%. During the same 7 yr. period, my principal dopped by less than $4000. I intend to payoff the total balance with my new refinance loan, but I WILL need help in pursuading HFC to cancel or drastically reducing the deferred interest. Thanks.