Household HSBC Watch

TS in Ohio sent this report. If you studied the Countrywide case regarding fees added during bankruptcy you will see the same is happening at HSBC. Read this report carefully. Compare it to what attorneys are saying about Countrywide adding additional fees when the bankruptcy court is handling the payments. […]

AK in Oregon sent this op-ed piece. We are publishing it here instead of in our complaints blog:
“HSBC- predatory lenders who slam insurance, offer over market rates and fees, and treat employees with disrespect.

When I started working at HFC I was just out of college. I was excited to have a job […]

Is this legal precedent that HSBC Finance should worry about? Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint […]

Knight Vinke, the activist investor, launched a fresh attack on HSBC yesterday, accusing Europe’s biggest bank of flattering its US sub-prime losses by failing to write down $30 billion (£15 billion) worth of mortgage assets. Knight Vinke may have a point, as HSBC claims to have US losses under control, while almost every other […]

An HSBC Finance employee advised us of this frightening move by HSBC, saying “As a current employee I am appauled to see Beneficial and HFC’s latest trick which seems to be avoiding federal caps on interest rates. As of May 5th they rolled out their new pricing sheets with rates set above the […]

One fact everyone knows about HSBC Finance Corporation, a subprime division of HSBC, is the company will not modify or change anything willingly. When HSBC says they modified 11,900 sub-prime mortgages, valued at $1.9bn, that were due to reset to punitively high rates this year it was not done willingly. HSBC Finance has […]

More losses are now official for HSBC. In total, HSBC wrote off 5.8 billion dollars (2.9 billion pounds) in the three months to March as a result of losses linked both directly and indirectly to the subprime crisis which it said would very likely push the US economy into recession. The truth is […]

Analysts say that HSBC Holdings PLC (HBC) will again show large losses in the U.S., although these should be absorbed by stellar performance in Asia. Stellar, absolutely stellar. Except in the United States. As gasoline prices set an all-time record high many customers of HSBC Finance are finding it difficult to […]

HSBC can submit as many press releases about planting trees, green offices, and gifts for credit card holders as they desire. Did HSBC ever think that those cute articles are negated by real news? For example, this article is quite astonishing: “Security-incident prone bank HSBC has admitted losing a server containing transaction […]

Law firm Clyde & Cois is launching a case against HFC, a lender owned by HSBC, which sold payment protection insurance to 163,000 people between 2005 and 2007. Insurance packing in UK gets HSBC sued, as it did in the United States. Household Internaitonal, charged with predatory lending before HSBC purchased the troubled […]