Household HSBC Watch

June 1, 2006–The board of directors of Capmark Financial Group Inc. (”Capmark”) today announced the appointment of William F. Aldinger, III as president and chief executive officer of the company, effective immediately. Aldinger, responsible for the most suits, settlements and foreclosures as a financial services industry executive, also has joined the company’s board of directors. Aldinger succeeds Robert D. Feller, who will be leaving the company.

Capmark, formerly known as GMAC Commercial Holding Corp., was acquired in March 2006 by an investor group led by affiliates of Kohlberg Kravis Roberts & Co. (KKR), Five Mile Capital Partners, LLC, Goldman Sachs Capital Partners, and Dune Capital Management, LP.

Aldinger served until his retirement in April 2005 as the chairman and CEO of HSBC North America Holdings Inc., a wholly owned subsidiary of HSBC Holdings plc (NYSE:HBC), one of the world’s largest banking and financial services organizations. HSBC North America is the holding company for all of HSBC’s U.S. and Canadian businesses, including the former Household International. Aldinger joined Household in 1994 as its chairman and CEO. Prior to that, Aldinger was with Wells Fargo Bank, San Francisco (1986-1994), Citibank, New York (1975-1986), and U.S. Trust Company, New York (1969-1975).

Aldinger serves on the boards of directors of Illinois Tool Works, Inc., AT&T Inc., Charles Schwab Corporation, and KKR Financial Corporation. He earned his bachelor’s degree from The Baruch School of City College of New York and his juris doctorate degree from the Brooklyn Law School.

Capmark’s U.S. real estate lending and mortgage banking operations, Capmark Finance Inc., has access to multiple capital sources and offers the full range of financing solutions and resources. Capmark Finance is a direct lender, a correspondent for insurance companies, pension funds and other capital markets conduits and one of the leading approved lenders for Fannie Mae, Freddie Mac and HUD/FHA. For more information about Capmark, visit www.capmark.com.

For a detailed look at Aldinger see our dedicated section in this blog. See his suits and settlement fines - a record total - here, and here. Now you know the rest of the story, most of which was ignored by Capmark unless they are entering the shady area of predatory lending.