This is a classic example of how the subprime mess spun out of control. It is a classic example of how state regulators are continually frustrated by federal regulators and their desire to overrule state-level laws. Anyone who thinks they can get results from a local Better Business Bureau, when federal and state complaints are already ignored, is sadly mistaken. Please note how the FTC is not required to help. Here is a horror story that drives the point home:
“Again I received the same paperwork showing insurance I requested however I have the original documents showing insurance cancelled and they did not address the fraudulent documents they sent me showing (*hand written) I had my mortgage with HFC 1995.
I bought my townhouse in 4/1995 and had my mortgage with Saxon and then Meriteck. I have the original payoff paperwork showing loan paid off in 1996.
HSBC sent me the same documents (1999 & 2002) with disability and credit life added on to my loan however they did not send where it was cancelled or the 1997 and 1998 documents showing where they added more insurance and deducted insurance from a revolving home loan.
I contacted HSBC’s resolution department and was told they are changing their stand. So I am taking fraudulent charges out on HSBC for sending me documents I never signed or had a mortgage with them in 1995. How can a company keep doing this and get away with it when I have sent all the back up?”
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OMBD Customer Assistance
This is in response to your Internet correspondence to the Office of the Comptroller of the Currency (OCC), Customer Assistance Group (CAG). CAG answers questions and assists consumers in resolving complaints against national banks. A national bank is a bank that has the word National or the letters N.A. in its official name.
Your previously received complaint (case #717156) about Household Financial (HSBC Finance Corp) is against an entity that does not fall under the jurisdiction of our office. The appropriate supervisory agency is the Federal Trade Commission (FTC). Their address is:
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, N.W.
Room H-240
Washington, DC 20580
1-877-382-4357
www.ftc.gov
The FTC tracks complaints but does not investigate individual complaints. Therefore, you may also want to file complaints about the company to the Better Business Bureau (www.bbb.org) and your State Attorney General’s Consumer Protection Agency.
Please direct all future correspondence to the appropriate office at the above address.
Sincerely,
Customer Assistance Group
gg 717156
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