Household HSBC Watch

It is rumored that many HFC and Beneficial branches will close. In fact it is truth, but HSBC has not issued a press release. DHL is now the most feared delivery service in the nation. Why, you ask? This is a report from one branch: “If your branch gets a […]

Just when HSBC thought subprime issues couldn’t get much worse analysts took a look at car and truck loans. HSBC Auto Finance is part of HSBC Finance, formerly Household International. Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance […]

Consumer Reports conducted a survey that focused on 21 credit card issuers. It found that credit unions’ credit cards ranked higher in customer satisfaction than the five major credit card companies — Bank of America, Citibank, HSBC, Capital One and JP Morgan Chase — which jointly comprise 80 percent of the credit card market. […]

Consider the direction taken by Wells Fargo which insulated Wells from the current subprime mess. Now consider the position of HSBC Plc, and specifically HSBC Finance. Consider, if you will, the people facing uncertainty and rumors of layoffs. HSBC Plc failed the employees of HSBC Finance and former Household International employees. […]

HSBC is writing off loans to struggling Americans at the rate of $38 million (£18.5 million) a day, it revealed yesterday, shareholders were told that the pace of souring loans could worsen if house prices in the United States fall further. HSBC took a provision of $3.4 billion against American consumer debt.

HSBC wrote down […]

Consumer advocate and watchdog organization Household - HSBC Watch published an open letter to HSBC, activist organization Knight-Vinke, and HSBC Chairman Stephen Green. The letter as published today, November 14, 2007. The long but insightful narrative gives some history about the watchdog organization, Household International, and predatory lending. You can read it […]

According to an article in the Huffington Post written by Steve Goldstein HSBC said it’s taking a $3.4 billion loan-impairment charge in its U.S. consumer finance business during the third quarter, which it said was $1.4 billion higher than would have been implied by extrapolating first-half trends. Of this increment, about $700 million of […]

The general public received news of HFC and Beneficial Finance branch closings, confirming what we’ve know for some time. HSBC said it would close or consolidate up to 260 more consumer-lending branches by the end of the year. HSBC already was closing or consolidating 100 offices this year.

HSBC Finance Corp., the bank’s U.S. […]

Carrick MollenKamp of the Wall Street Journal follows HSBC closely. His recent article “HSBC a canary in US mortgage mine” appeared on 12 November. It is interesting to note that HSBC helped to start the entire worldwide credit crisis. “…HSBC said souring sub-prime-mortgage loans had forced the bank to add nearly $US2 […]

HSBC Holdings Plc, Europe’s biggest bank by market value, dropped to the lowest in almost three months in Hong Kong trading after Morgan Stanley downgraded the stock on concern provisions for U.S. loan defaults will increase. Morgan Stanley expects “a significant jump in credit costs across consumer loan classes,’’ Hong Kong-based analyst Anil Agarwal […]