Household HSBC Watch

HSBC has finally fixed a security problem that allowed web surfers to browse the directory structure of a supposedly secure website it helps to run. The John Lewis Partnership card secure website (a joint venture with HSBC) allowed hackers to view the directory structure, changing directories at will. Certain directories will always […]

According to the Telegraph, a top finance adviser at HSBC was forced out of her £200,000 a year job because of the “laddish culture” in her office, an employment tribunal heard yesterday. The 47-year-old, who worked for HSBC for 29 years, said that some of her more lucrative clients were passed on to male colleagues […]

A person who communicates with us quite often sent this latest update concerning his battle with HSBC: “In my on going battle against HSBC it seems it is beginning to heat up. The government works slowly but sometimes it works.

Please be advised that today April 22nd, 2008, I did receive a letter from the […]

For years people said HSBC should have instituted professional banking standards when they bought troubled predatory lender Household International. Bank of America certainly learned that. If BofA incorporated Countrywide without BofA standards it would have been a problem. Bank of America Corp. plans to institute strict new lending guidelines once it completes […]

Here at Household - HSBC Watch we thought HSBC was operating blindly before the mortgage crisis hit. Here is more evidence to that fact. Mining company First Quantum Minerals Ltd is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-backed commercial paper shortly before […]

UBS tried to explain subprime losses in a 50 page report. One glaring fact that stands out is a huge risk for HSBC, since HSBC did little or nothing to change HSBC Finance. UBS Said in part: “… its compensation structure for employees provided “insufficient incentives to protect the UBS franchise long-term.”” […]

As litigation and suits begin in the subprime arena, websites like Mortgage Blues added discussion areas specifically for suits and settlements. Now you can add Burns & Levinson LLP to the list of law firms that has added a subprime practice to deal with the fallout of the collapse of the subprime […]

This quote, which is on the public record, is taken from Alan Greenspan’s testimony before the Committee on Financial Services, U.S. House of Representatives, July 20, 2005:

“The apparent froth in housing markets appears to have interacted with evolving practices in mortgage markets. The increase in the prevalence of interest-only loans and the introduction of more-exotic […]

Shares of Talbot’s Inc. were battered early Wednesday following its disclosure that HSBC is no longer prepared to continue making letter of credit facilities available to the company. A letter of credit essentially substitutes the credit of a third party (usually a large bank) for that of a borrower. Did HSBC Finance attempt […]

We wonder why HSBC is raising credit card interest rates for some customers. No information is given, other than “it was a business decision.” Others call it predatory lending - a term that HSBC Finance (formerly Household International) is very familiar with. The federal government lowered the interest rates to a point […]