“Even though my account is and has been in good standing — and I also pay $241.72 extra payment on top of my mortage due amount every month since I’ve had this account — HSBC charged a late fee of $143.91. This is for a standard, conventional, 30 year fixed mortgage. We surveyed 10 other mortgage holders. If they pay after the 15th but before the 28th of the month the maximum late fee for the group suveyed was no more than $19. Is the HSBC late fee a percentage of the payment? As with most of HSBC’s fine print the extra $241.72 this person sends every month certainly does not offset anything. The matter hinges around when HSBC decides to process the payment.
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It seems the FSA is busy in London. What theme seems to run through this article? It suggests there is a big difference between Islamic Finance in the Middle East and people named Mohammed running fraud schemes in London. In March, the FSA banned Andrew Talai Kiplimo, a mortgage introducer (a person who brings business from customers to brokers and lenders) from Ilford, after he was found to have put forward applications “supported by inflated income statements, false employment details and a false set of accounts and tax calculation”. And in February, similar action was taken against two partners of a mortgage broker and accountancy firm in Ilford. The FSA said Amjad Malik and Tahir Mahmood, of Abbaci Associates, had submitted false loan applications to lenders, and “pose a risk to consumers”.
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Here at Household – HSBC Watch we receive complaints every day. Some involve pre-payment penalties on home loans that trap the buyer, preventing refinancing or otherwise putting the buyer upside down in the home. That may soon change according to Federal Reserve Chairman Ben Bernanke.
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More U.S. banks may fail after the collapse of mortgage lender IndyMac Bancorp Inc, straining a financial system seeking stability after years of lending excesses. More than 300 banks could fail in the next three years, said RBC Capital Markets analyst Gerard Cassidy, who had in February estimated no more than 150. Face the facts as HSBC makes a decision about their business model in the United States. HSBC bought a predatory lender–Household International– and subsequently saw huge losses. HSBC never got a foothold in America, except for a few states. HSBC tarnished their own image. No, we have no idea about which banks will fail in the next three years, but we will not miss some of them.
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On the legal front it appears as though HSBC USA and HSBC North America Holdings have some explaining to do. In a recent court document it was discovered that the are actual two additional holding companies as part of HSBC in the United States. Why is that?
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