HSBC Australia chief executive Stuart Davis said HSBC likes his credit cards. A year ago the bank introduced a credit card system developed by the group’s US finance company subsidiary Household International (now called HSBC Finance Corporation).
Davis said it had made a big difference to the business. “It has given us a lot […]
Many other countries have not gotten down to the dirty task of lending money for housing to people who can’t afford it and then financially leveraging the loans to create billions in false value. That’s what the U.S. has done and it has the potential to impact people around the world. The U.S. subprime market […]
HSBC plans to refocus on emerging markets as the bank’s experiment with Household International taught them to play elsewhere. The problem with emerging markets is that they are emerging. Take the case of China’s equivalent of the US Food and Drug Administration chief. Within three weeks the man was charged with fraud, […]
In past years as a former customer I felt cheated, swindled, and was lied to by HFC - Household International. No, I was not the victim of foreclosure. Nor was I duped by my Best Buy credit card interest free period. That happened to my wife. I admit my wife and […]
No matter how you spell it around the world - subprime, sub-prime, or sub prime - it is still a concern for the largest banks in the world. Four of the five, however, are not very concerned as limited exposure and a weak dollar put them in a great position. HSBC, reporting today, […]
The Guardian reported on Sunday, one day before HSBC is due to release half-year results , that HSBC’s unsecured portfolio is experiencing bad debt. Analysts imply that subprime mortgage blues have spread to other parts of HSBC. Antony Broadbent, banking analyst at Sanford Bernstein, expects the bank to warn that there has been […]
It is Saturday night in the United States but Sunday in England and Sunday papers have been printed. It’s also one day closer in London until the day HSBC releases new numbers. London is bracing itself for more bad news on bad debts from HSBC when it announces its half-year results tomorrow, amid […]
As first mortgages reset to higher rates people are losing their homes. Clearly there is a crisis in the mortgage industry. Remember the second mortgage? Finance companies like HSBC Finance, Beneficial, and HFC like to give customers second mortgages. One article explains the truth about these mortgages, and sometimes it is […]
We’re hearing rumors about HSBC’s Decision One. Some say Decision One Mortgage, HSBC’s U.S.-based subprime lending arm, is taking even more steps to stop the bleeding in its mortgage operations. Sources suggested to Housing Wire today that the company has decided to close 13 of its 15 offices nationwide, leaving only its Phoenix and […]
HSBC said on Friday, July 27, it had sold its 19 percent stake in iBusinessCorporation.com Holdings Ltd to Cheung Kong (Holdings) Ltd for HK$6.98 million ($895,000). iBC.com is a joint venture company established by four parties in early 2000 to facilite e-commerce on the Internet.
“This won’t be the last sale for HSBC” said […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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