Household HSBC Watch

In 2004, the FBI tracked 172 convictions or “pretrial diversions” involving mortgage fraud. The numbers were even greater in the first quarter of 2005, leading to its exhaustive “Financial Crimes Report to the Public.” The study identified the top 10 hot spots for mortgage fraud complaints as California, Nevada, Utah, Colorado, Missouri, Illinois, Michigan, South Carolina, Georgia and Florida.

In Washington State a plan to fight mortgage fraud was bolstered through the Legislature by reputable members of the mortgage industry who were upset with the number of mortgage fraud schemes in the state. Not only were more consumers getting fleeced, but the entire home-loan industry also was getting a collective black eye. “After the nationwide predatory lending settlement of Household International, which started in Washington and Florida, we doubt Household International, HFC, or Beneficial would be called reputable members, said consumer advocates at Household - HSBC Watch.”