This time state attorney’s general are asking HSBC Finance for something other than evidence of predatory lending. They are asking for help. What will be the result if requests are ignored? History shows that HSBC Finance was Household International, which was purchased by HSBC in 2003. Prior to that Household was sued by AG’s in almost every state. The allegations were predatory lending, and Household settled for $484 million.
The states are asking lenders to create systems to fast track changes for distressed mortgage holders. Those lenders include Wells Fargo Home Mortgage, Morgan Stanley Home Loans, HSBC Finance Corp., JPMorgan Chase & Co., Citigroup and American Home Mortgage Servicing Inc. The states cite protocols set up by Countrywide Financial after its merger with Bank of America as an industry example.
Does this sound sweet and rosy, like it might work? You tell me. Here is evidence to the contrary. DW in Iowa said: “We will be losing our house in a couple of weeks to HSBC. To sum it up. I had to give up my job. HSBC, who says that they are willing to work with people, refused our hardship case. Turned around raised our mortgage payments and then refused another hardship letter. They do not work with people or care about the people who put food on their table so that they can party it up while we get to live God knows where.”
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