From the Columbus (Ohio) Dispatch of September 21: “HSBC lobbyist Van Doorn, who fought stricter state oversight three years ago, said, ‘There’s no question that the regulations could use some tightening.’ He said Ohio’s predatory-lending law was an important step, but, ‘We’re light years ahead of where we were’ when it passed in 2002. Shortly after, HSBC’s Household International settled federal deceptive-lending charges for $484 million.” Light years in deception and misdirection, perhaps. Meanwhile the export of Household’s predatory practices continues apace. Now HSBC plans to sign a preliminary deal to buy Korea Exchange Bank soon, in a deal that could cost as much as $6.5 billion, the Korea Times reported in its Sept. 22 edition. HSBC was in talks with U.S. equity fund Lone Star, which owns a controlling 50.5-percent stake in KEB, to buy the South Korean bank, the newspaper said citing an unnamed HSBC executive. “There will be an announcement on the merger talks soon,” the executive was quoted as saying.
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Charlie Mayfield, speaking of the John Lewis and Waitrose credit cards said: “HSBC’s acquisition of HFC was key to our decision to forge a long term relationship with them. It added considerable breadth to HSBC’s credentials within the credit card market, making them the ideal companion for this venture.” Welcome to the quotable quotes section of HSBC Watch Charlie. If your 89 year old mother is foreclosed upon by your new friends you might think otherwise, but for now you are the quotable quote of the year. Last year a member of your new found friends said consumers ‘were the pieces of sh*t …’ but don’t let that influence your opinion.
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In a speech last month to the New York Bankers Association, then-Acting Comptroller of the Currency Julie Williams addressed criticism that the agency’s enforcement is too soft. “When supervisors identify an issue, we expect it to be fixed, promptly, without having to resort to subpoenas for the information we need or to enforcement action to achieve the result we seek,” Williams said.
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Martin Coxell, 32, of Shepherd’s Hill found out his chequebook had been snatched from the post when someone tried unsuccessfully to use it last month. But two weeks later thieves intercepted another chequebook sent from the HSBC bank to Mr Coxell – and cashed 2,100 of cheques. Mr Coxell said he had begged HSBC staff not to send him cheques through the post, but claimed his pleas had fallen on deaf ears.
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“A fine piece of work from a real crusader for justice” said one visitor. “An excellent primer and introduction for the average person” and “helpful to navigate the sometimes confusing world of sub-prime lending and predatory practices.” These comments and many more are about our 20 page “History of Predatory Lending With an Emphasis on Household International and HSBC.” Many references in the document will be part of our analysis of what went wrong with subprime. Protect your family and educate your children, friends and neighbors while protecting yourself from predatory home loans and predatory credit cards. Read “The History of Predatory Lending” today. This is another service of Household – HSBC Watch consumer advocates – your watchdog organization.
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