It has been ten years since consumer advocates started Household - HSBC Watch. Sometimes we wonder where the years went. Ten years ago we started a single web page on a free server. Now we have over 3000 visitors every day. Part of the traffic obviously is a result of the current mortgage crisis. Our volunteers give their time and resources to help in this effort, while much of our work is accomplished by telecommuting and virtual offices. It’s been ten years since we first realized that Household International abused military servicemembers and civilians.
We thank each and every one of you for your support. Everyone that sent a report received a reply. At this point it is very clear that mortgage and credit card lending needs reforms, oversight, and regulation. We do not align ourselves with any specific group or advocacy organization. In fact some of those organizations have come under fire recently for their efforts. Some have been accused of making matter worse, or pressuring lending institutions under the Community Reinvestment Act. We also watch United States banks and international banks as part of our Mortgage Blues effort.
Some banks fought wild lending ideas, claiming instead to price based on risk (customer credit worthiness) alone. Those banks seem relatively unhurt by today’s subprime and CDO fiasco. Others, including HSBC Finance and Decision One Mortgage, decided to participate in wild and crazy lending that has effected countries around the world. It also effected the lending industry and job losses related to lending.
Unfortunately the United States diminished themselves in the eyes of the world. Excesses and lack of regulation cuased billions of dollars in losses in other countries. Damage has been done. What banks and the mortgage industry accomplished relative to America’s standing in the world community is considered by many as treason similar to Jane Fonda and Viet Nam. They undermined this country, put the dollar at risk, and asked for a bailout. At the same time many of the same banks are fighting consumers, like you and me, as they seek to deny us a credit card users bill of rights.
Household - HSBC Watch exists to examine the global picture while studying the role of HSBC and HSBC Finance (formerly Household International.) While lobbyists and big money conduct business in Washington DC, we also call and write on your behalf. We do it for free, with little funding other than what comes from our websites. To that end we celebrate our tenth anniversary and look forward to many more.
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