Private label credit cards made their way to India as part of HSBC’s ‘Household Model’. In the United States many customers are fimiliar with cards such as the Best Buy card, or perhaps their CompUSA credit card. Regulators, on the other hand, are familiar with Shea v Household where Household International, and later HSBC, credited payments one day late for almost 10 years.
Archive for the Category »History of Predatory Lending «
Category: 2006 HSBC, History of Predatory Lending
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As predicted by our analysts here at Household - HSBC Watch, HSBC’s predatory profit is down. But first, read this article from Saturday, October 1st 2005 in which HSBC said less than one percent of accounts were effected by hurricane Katrina. Now read the newest news release below. Who is lying? What’s wrong here? Or could it simply be that Household International is catching up with HSBC?
“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.
Responding to the diversity of HSBC and complaints relative to HSBC operations around the world, watchdog organization Household - HSBC Watch increased forum and complaint capacity while adding HSBC India to their line-up. Originally designed to monitor former disgraced predatory lender Household International, HSBC Watch expanded as HSBC Bank plc bought Household International in 2002. “It was HSBC’s clearly stated intent to export Household’s predatory business model to other countries, thus we must react accordingly” said a member of the advocacy and watchdog organization. “We took our first complaint about HSBC India today. The forum link is here. We will expand our report section as complaints come in from or about HSBC in other countries” said the group. Household - HSBC Watch claims their live help and voice hotline programming, structure, and capacity is already in place for future expansion and multi-lingual operations 24 hours a day. “Let’s not forget there is a predatory finance company within HSBC, it is still Household International, and not much has changed. Americans paid a heavy price for this predator” said the group. They also recommend that people download “The History of Predatory Lending” which can be found in their download library.
On March 28, 2003, Household International, Inc. (“Household”) was acquired by HSBC Holdings plc (“HSBC”) by way of merger with H2 Acquisition Corporation (“H2”), a wholly owned subsidiary of HSBC, in a purchase business combination. Following the merger, H2 was renamed “Household International, Inc.” Effective January 1, 2004, HSBC transferred its ownership interest in Household to a wholly owned subsidiary, HSBC North America Holdings Inc., who subsequently contributed Household to its wholly owned subsidiary, HSBC Investments (North America) Inc. As a result of the merger and subsequent transfers, Household’s equity is no longer publicly traded. However, as wholly owned subsidiaries of HSBC, Household and its wholly owned subsidiary, Household Finance Corporation (“HFC”), will continue to file periodic reports with the United States Securities and Exchange Commission (the “SEC”) in a reduced disclosure format in accordance with SEC rules.
