August 8, 2005 - New York Attorney General Eliot Spitzer sought dismissal of a case brought by a banking regulator, saying it attempts to strip states of their power to probe mortgage-lending practices at national banks. The U.S. Office of the Comptroller of the Currency, which regulates national banks, sued Spitzer’s office for seeking […]
On July 14, 2005, US District Judge Joseph Farnan issued a three page order denying the Delaware Attorney General’s motion for a stay of the judge’s previous order requiring the AG’s office to finally release the long-ago requested documents about HSBC - Household’s predatory lending settlement. The order notes that “the public has no interest […]
President Bush has nominated Ameriquest founder Roland Arnall as the next ambassador to the Netherlands. Arnall is the founder of Ameriquest Mortgage Co., which has been dogged by consumer complaints and lawsuits accusing it of fraud and falsification of documents. The California-based company last month agreed to pay as much as $50 million to settle […]
Massachusetts Attorney General Thomas F. Reilly said his office has received 133 complaints about Ameriquest since 2002. Keep your complaints about Household International and HSBC coming, and let your attorney general know. With Household 48 states were involved. Thus far with Ameriquest 29 states are involved. Find your state attorney general here […]
August 3, 2005 - According to MortgageDaily.com, Ameriquest’s parent company, ACC Capital Holdings Corp., is the nation’s largest subprime lender, based on $82.7 billion in mortgage volume in 2004, including $3 billion in Massachusetts. Subprime loans are for people with credit scores too low for them to qualify for a traditional mortgage.
The litigation parallels charges […]
7/13/2005 - Metris has been notified that the staff of the Securities and Exchange Commission plans to recommend that a civil injunction be brought against the company for possible violations of federal securities laws. In a press release late Tuesday, Metris said it received what’s called a Wells notice from the SEC staff in […]
Enron’s malfeasance revolutionized the way that corporations see their liabilities, said Leo Cunningham, a former federal prosecutor and now a partner at Wilson Sonsini Goodrich & Rosati in Palo Alto. “It has become apparent to everyone that the regulators and prosecutors take a wide view when they look at conduct they suspect to be […]
The Office of the Comptroller of the Currency, the federal banking regulator, filed a lawsuit claiming that New York Attorney General Eliot Spitzer is exceeding his authority with his probe into the banks’ lending practices and interfering with its supervisory powers. Consumer advocates at Household - HSBC Watch claim Spitzer’s probe has […]
02 Aug 2005 Banks denied order against Spitzer — New York attorney-general Eliot Spitzer has won the first round in a lawsuit filed against him by a coalition of banks after a federal judge refused to order a restraining order against the attorney-general.
US Federal District Court Judge Sydney Stein refused the banking groups’ requests to […]
The national average credit score is 678 as of summer 2005. Researchers at Household - HSBC Watch follow the impact of predatory lending and predatory credit card processing by HSBC and their holding company formerly known as Household International. In many cases - more than what one would expect from a reputable organization […]
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