Household HSBC Watch

HSBC (Hong Kong Shanghai Bank Corp) has been dealt a major blow to its expansion plans in China. Its main domestic partner, Chinese lender Bank of Communications, has been reclassified as a large state-owned bank, which protects it from a foreign takeover.

Three years ago, HSBC paid $1.75 billion for a nearly 20% stake in […]

Eric Stein, senior vice president of the Center for Responsible Lending, said lenders who made high-interest rate loans to borrowers with weak credit are to blame for pushing homeowners into financial peril.

The Durham, North Carolina-based center projects that 2.2 million families will lose their homes due to a growing crisis in the subprime mortgage market […]

Campaigners today hit out at plans by a leading UK bank to set up a branch where only the wealthiest customers can receive face-to-face services.

John McFall MP, chair of the Treasury Select Committee, said the move by HSBC “flew in the face” of commitments to financial inclusion while charities slammed the decision for neglecting the […]

The History of Sub-Prime and Predatory Lending, approximately 30 pages in PDF format, is revised for 2007. This educational and informative document is written as a lesson plan for educators, but is also prudent for anyone that wants to learn about the subject. At the same time The History of Sub-Prime and Predatory […]

Look for signs of consolidation and streamlining as HSBC possibly looks to clean up their United States image by unloading predatory lender Household International, now called HSBC Finance Corporation. The North American division accounted for almost two-thirds of HSBC’s $10.6 billion in loan-loss provisions for 2006. HSBC earned $4.7 billion before tax in North America […]

HSBC Mortgage Services plans to close its collections call center in Orlando and eliminate nearly 110 jobs locally, the company said this week (April 6, 2007). The Charlotte-based mortgage business of HSBC North America said it would move the work and an undetermined number of jobs to a similar operation in Tampa. HSBC […]

A long list of troubles for HSBC Panama’s General Manager Joseph Salterio grew even longer when newspaper “La Estrella de Panama” recently published an article, “Tras la pista de la Romana, S.A.,” about how the assets of a family rice milling company were allegedly transferred into another company, defrauding the family co-owners. The complainant is […]

HSBC mortgage operations in the Fort Mill, S.C., area are taking a hit from restructurings that have closed branches and shifted work to other units.

The campus in Lancaster County, S.C., just south of Ballantyne, is home to Decision One Mortgage and HSBC Mortgage Services, both part of London banking giant HSBC Holdings Plc. HSBC moved […]