A recent study looked at completed applications for first mortgages to buy single-family, owner-occupied homes. It considered race and income of applicants and the census tract, and loan amount. The study does not include government-backed loans, second mortgages, home improvement or refinance loans. For example, only 10 percent of the loans reported by HSBC Holdings last year were home purchase loans as defined by this study. The study was dated August 29, 2005.
One must ask if HSBC Finance Corporation, HSBC Holdings, and their former predator Household International are no longer in the mortgage business as a major player. Decision One Mortgage is a Household International HSBC Company. Has the stain of predatory lending hit them too? Only time will tell. Educational efforts have increased to notify consumers about who actually owns these companies.
Related posts:
