Seen in The Asian Banker on December 18, 2006: “HSBC is scrambling to reinforce senior management to stave off internal problems at Household International, its U.S. sub-prime acquisition made when Sir John Bond was chairman. Looks like serious problems are creeping up.”
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Category: 2006 HSBC, HSBC Worldwide, Predatory Lending
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WASHINGTON - HSBC Holdings PLC, the world’s third-largest bank, said yesterday it will be hurt by its exposure to controversial mortgages that helped spark the U.S. housing boom, but which are now coming up for renewal.
Category: 2006 HSBC, In the U.S., Predatory Lending
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How long before HSBC employs a cohort of burly bailiffs to chase up debtors? Bad loans hang around the neck of the world’s third-largest bank like an albatross. Most of it comes from former predatory lender Household International which is still in business as HSBC Finance Corporation. And HSBC is buying more higher risk loans. What are they up to? Where is the logic at HSBC USA, HSBC FInance Corporation, and in London?
Category: 2006 HSBC, HSBC Worldwide, In the U.S., Predatory Lending
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A nightmare for homeowners everywhere might be in the near future as HSBC Finance Corporation bought Champion Mortage’s portfolio recently. You may remember HSBC Finance by their old name - Household International - and the nation’s largest predatory lending settlement. Or perhaps you recognize the from racketeering charges with their high interest rate tax loan partner H&R Block. No doubt this new deal will be bad for consumers.
Category: 2006 HSBC, In the U.S., Predatory Lending
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HSBC’s high interest tax loan partner H&R Block Inc. lost $156.5 million during its second quarter, nearly twice its loss from a year ago, primarily because of weaker results in its mortgage business.
Category: 2006 HSBC, In the U.S., Predatory Lending
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