Household HSBC Watch

In a deal that brings back memories of predatory lending at Household International, Massachusetts Attorney General Martha Coakley on Tuesday accused defunct subprime lender Option One Mortgage Corp. of using deceptive and discriminatory lending practices while under the ownership of H&R Block. The complaint filed in Suffolk Superior Court alleges that No. 1 U.S. tax preparer H&R Block and Option One, which was shut down last year, used unfair and deceptive practices conduct to sell risky mortgages that the companies should have known were destined to fail.

H&R Block and Household International were partners in high interest tax refund loans. Now HSBC and Block are partners, after HSBC bought Household International. HSBC renamed Household as HSBC Finance. Some analysts believe Massachusetts Attorney General Martha Coakley will also charge HSBC with using unfair and deceptive practices. It is important to file your complaints with your attorney general. You can see HSBC customer complaints, including unfair and deceptive practices, in our complaints blog.