HSBC May Get Company in Predatory Lending Arena
It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to sell loans to some borrowers who eventually lost their homes or had to file bankruptcy.
Household Internatioanl paid the nation’s largest predatory lending fine - $484 million. Ameriquest comes in second. HSBC bought Household and now calls them HSBC Finance. Fremont customers identified in the lawsuit include a single mother in Dorchester who earned $1,800 a month and financed her first home purchase with a Fremont mortgage that had a $7,000 monthly payment; and a North Attleborough couple who refinanced their mortgage with Fremont, paying a $4,680 broker fee, and are now facing foreclosure this month because they could not afford their monthly payments.
The state adopted anti-predatory lending laws in 2004. “There was no consideration of what’s in the consumers’ best interest,” Attorney General Martha Coakley said. Fremont “exemplified all of the worst practices we’ve seen by lenders that have resulted in foreclosures,” she said.
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[…] HSBC May Get Company in Predatory Lending Arena It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to… […]
[…] HSBC May Get Company in Predatory Lending Arena It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to… […]
[…] HSBC May Get Company in Predatory Lending Arena It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to… […]
[…] HSBC May Get Company in Predatory Lending Arena It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to… […]
[…] HSBC May Get Company in Predatory Lending Arena It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to… […]
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[…] HSBC May Get Company in Predatory Lending Arena It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to… […]