This is published exactly like we received it. TG in California said: “I’m a happy and proud employee of HSBC in California. I see the positive impact we make on our customers lives every day. I regularly read postings on your site and am stunned and the lack of accuracy and fairness here. I’d like to suggest you install a brief IQ test in the submission section. I think doing so would go a long way to validate some level of intelligence is behind each ‘complaint.’”
Last week an HSBC employee suggested a spelling malfunction by some submitters. Now an I.Q. test is recommended. This is a classic case of putting the cart before the horse, so to speak. Perhaps HSBC should issue the I.Q. test and spelling test before making a loan. HSBC fails to do so, but this employee now wants the customers to be responsibile for HSBC’s failure. It is also a classic example of HSBC Finance, and attempts to make the customer think they, and they alone, are at fault.
The people submitting the complaints are actual HSBC customers. Is this employee saying they are stupid? That only stupid customers have problems? Or is “validate some level of intelligence” a scam by HSBC to discover profitable customers?
Let’s address “all the good we did for California.” Here are the headlines form this week alone:
Foreclosures up 213% for July over last year
Estimate: 1300 foreclosures every business day in California
California foreclosures jump to 20-year high
Record drops in US home prices continue
Granted, all of these are not totally HSBC, but a lender is a lender. Some loans were better than others. Some loans are unsecured, some were sold to other lenders, and some should never have been made in the first place.
First Heritage Bank, NA, of Newport Beach and IndyMac Bank, of Pasadena, California both failed. More will soon follow. HSBC shut down its own Decision One Mortgage, and exited the auto finance business, thus we see unemployed Californians in San Diego. To concentrate on spelling or I.Q. tests while HSBC is cutting back, optimizing, and making changes certainly does not address the real issues.
Consider the experience of a couple moving to Merced last month from a nearby town. Their mortgage broker set up a Federal Housing Administration loan for them, which meant that it would be guaranteed by the federal government. To finance the loan, the broker went to the HSBC Mortgage Corporation. At the last minute, HSBC said no, giving reasons that had nothing to do with the couple’s finances or their new house. “Property is unacceptable due to high foreclosure rate and volatility of subject market,” HSBC informed the couple via fax. Apparently, even a government guarantee wasn’t enough.
A spokeswoman for HSBC says it has financed 36 mortgages in Merced County this year but declined to comment on the fax.
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