Household HSBC Watch

The governor of Ohio is trying to reach an agreement with subprime lenders. Ohio has been hit with high foreclosure rates. Governor Ted Strickland said recently “While the majority of the nine lenders said in their agreements how much notice they would give borrowers before a rate reset, some — such as HSBC and Carrington — do not have clear guidelines.” Why does that not surprise me? My initial thought is that there are no clear guidelines, strict or otherwise, within HSBC Finance in general. Nobody really knows who is in charge or who is responsible for controlling the actions of employees.

In a related article HSBC is being sued nationwide over unpaid overtime. It is hard to demand free service from employees on one hand while expecting them to perform according to guidelines. If clear cut guidelines were in place HSBC would not have a problem with unpaid overtime, applying payments one day after the due date, and other self-serving policies within HSBC. However, the word “guidelines” within HSBC Finance means there is much latitude to do whatever makes a profit for the employee and HSBC. Strict guidelines are what is needed. There are none of those either.