Household HSBC Watch

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.”

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.

The London-based bank is expected to be the first in a long list of major residential mortgage lenders in the […]

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 […]

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 […]

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.

The Kansas City-based company said it continues to weigh a sale or spinoff of its Option One Mortgage business, which makes home loans […]

P.O. in Minnesssota said: “: I too have been trying to pay my HSBC retail charge on-line with no success. I also went to the store, this time it is ART VAN FURNITURE STORE. They refused my payment and gave me a sheet of paper telling me to make my payment on-line at www.hrsaccount.com. […]

Y.K. in Florida said: “I was sent a credit card from HSBC, I repaid the card in full. I requested that the account be closed. The account was not closed, but a service charge was added, along with interest, the company is now claiming that I owe this huge sum based on escalated charges […]

PF in California says money disappeared from her/his bank account. “This company debited funds from my bank account. I have never done business with them, ever. I called them directly and was told that I could not talk to their fraud unit to complain….to determine the ISP of the computer that supposedly did […]

BB said: ” I purchased an item with 18 months “same as cash” plan from CompUSA on August 12. My understanding of “same as cash” is you have a certain amount of time to pay the balance before accrued interest charges are added to your account. You also can pay it off at any […]

Teresa in New York asks “: I had received forms to fill out & sent them back 4/06 for the H & R Block refund lawsuit. I am inquiring what the status of that lawsuit is.”