Shares of HSBC Holdings have extended their four-month losing streak amid concern that a crisis in the U.S. mortgage industry will erode earnings this year. HSBC’s stock has fallen every month since November, when the bank — the largest in Europe — said bad debts in the United States were rising. The stock fell 0.7 percent Friday in London and 0.5 percent in Hong Kong, where it is the second-worst performer in the Hang Seng index.
Consumer advocates at Household - HSBC Watch publish consumer complaints about HSBC, but across the United States HSBC complaints also focus on credit and finance. Other problems at HSBC Finance Corporation are currently overshadowed by news reports about HSBC mortgage operations. “We predicted a black eye for HSBC if they did not change Household International, and HSBC failed to do so. The only thing that changed was the name, thus HSBC is now suffering from a bad reputation in the United States” said Household - HSBC Watch.
“Shareholder lawsuits, racketeering charges, tax refund loans, late applications of payments, rude customer service, withholding cases of documents, 32 percent interest, oppressive binding arbitration, and other issues, all of which are a result of HSBC Finance Corporation, simply put HSBC in a bad position” they said. HSBC Finance Corporation is the new name of shady predatory lender Household International.
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