Household HSBC Watch

It pays - immensely - to enact state restrictions on America’s booming subprime mortgage industry, the Center for Responsible Lending reported. Consumers with marred credit or tight finances still get home loans easily and usually for a lower price when states govern subprime loans, researchers at the Durham, N.C.-based consumer advocacy group found.

Unfortunately Household International […]

PHILADELPHIA, PA — The new $4 billion “Opportunity Finance Network” of 167 financial institutions across the U.S. unveiled a far-reaching campaign including: the first phase of a multi-billion “Fair MortgageTM” strategy to combat predatory lending; plans for $100 million or more in financing to preserve the affordability of housing units in manufactured home parks for […]

In a report just released by a foreclosure tracking service the number of homes in foreclosure increased a whopping 27% in January 2006 and a 45 percent increase from January 2005, with the state of Georgia leading in the number of foreclosures.

“The number of foreclosures from predatory lenders and inflated appraisals remains unclear […]

HSBC partner, tax preparer H&R Block, will restate earnings. The company, which is in the middle of its make-or-break season preparing other people’s tax returns, said it had underestimated its own “state effective income tax rate” in previous quarters — meaning it owes another $32 million in back taxes.

As a result, H&R Block […]

Predatory lenders and Chairman beware. The High Court in London today dismissed an appeal by three British bankers against extradition to the United States on charges relating to the 2001 collapse of Enron.

In a landmark judgement, David Bermingham, Gary Mulgrew and Giles Darby, all former investment specialists for NatWest, failed to overturn the extradition order […]

One of the most profitable and largest banks in France, CCF was acquired by HSBC holding in Dec. 2000. CCF once used Click to Call to answer customer questions and expand online business.

As its name suggests, HSBC France (formerly CCF S.A.) represents the operations of big British bank HSBC in France. Rebranded in 2005, the […]

Consumers with credit cards from HSBC constantly report violations fo the Federal Truth in Lending Act. (see the act here)

Violations date back to 1994 when credit cards were part of Household International, famous for evictions and predatory lending, according to consumer watchdog organization Household - HSBC Watch. In 2003 Household was renamed HSBC […]

Who would pay an annualized rate of 178 percent on a 10-day loan they are essentially making to themselves?

Apparently over 12 million taxpayers would, according to the National Consumer Law Center. That is how many taxpayers took out a refund anticipation loan, or RALs, in 2004. Though these loans are more often referred to as […]

HSBC USA, the immediate legal parent of HSBC Bank USA, said fourth-quarter profits fell 27 percent, driven entirely by the accounting costs of transferring credit card loans and customers with an affiliate company. The bank reported earnings of $196 million, down from $269 million a year ago. For the year, profits similarly fell […]

Union leaders yesterday called for a tightening of a publicly funded scheme intended to lure jobs to Scotland after a £1m grant was awarded to the richest bank in UK history. HSBC, which makes £1m profit every hour ($1,740,249 USD), will receive the regional selective assistance (RSA) grant from the Scottish Executive in return […]