It looks like the United States is not the only place where you may not get what you were told by HSBC. (see daily customer complaints). And it seems senior citizens are targeted in the U.K. as well as in the United States.
Archive for » October, 2007 «
Category: 2007 HSBC
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A U.S. real estate fund has sued HSBC Holdings alleging the British bank’s U.S. mortgage trading operation took advantage of the credit crisis to profit at the expense of the fund, the Wall Street Journal reported. In the lawsuit, Luminent Mortgage Capital, a San Francisco firm that invests in residential mortgage securities, says HSBC’s New York office placed an improperly low valuation on nine subprime-mortgage bonds, which the fund’s subsidiary had put up as collateral for loans.
Category: 2007 HSBC
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Update 2009: HSBC announced the closing of HFC and Beneficial in 2009. All of the information is in this blog. the link points to the “Jobs and Layoffs” category.
Category: 2007 HSBC
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HSBC made strong inroads into Viet Nam and is selling Islamic insurance in developing Islamic countries. Meanwhile in the United States HSBC, thanks to HSBC Finance, is making life miserable for Americans. Does this sound like a plot to an anti-western movie? You bet it does. HSBC - in my family alone - tried to negate an interest free purchase through Best Buy on an HSBC-backed credit card, failed to send a statement in the final month of our interest-free period, and rolled over almost $1300 on an HFC loan. Customer service reps were, for the most part, no help at all.
Category: 2007 HSBC
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It looks like HSBC may have found a niche that works better than United States subprime loans. Here is how the ploy actually works: Sell one product and up-sell or cross-sell as many other products as you can. HSBC said they would export the “Household International” model to developing nations. (Some analysts debate that the Household model is bad for a country’s economic base.)
Category: 2007 HSBC
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