The opinion section of the Santa Cruz Sentinal published this commentary. Bankruptcy reform is another issue favored by predatory lender HSBC and subsidiary HSBC Finance Corporation which was the old Household International. Here is the commentary:
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Consumer watchdog organization Household - HSBC Watch witnessed changes in class action legislation with mixed emotion yesterday. Consumers need to know that Household International was, and is, a major supporter of these changes and worked hard through lobbying efforts and personal contact to put this legislation through.
President George W. Bush on Friday signed a landmark bill that makes it easier for defendants to move multimillion-dollar class action lawsuits to federal court.
Household Watch has learned from sources close to the issue that Coalition for Fair and Affordable Lending (CFAL) was joined by subprime and predatory lenders seeking to overturn or override state and local legislation. Their website is here. FairLendingNow.com - sounds nice doesn’t it. Now you know who’s really behind it.
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HSBC claims that it does not make political campaign contributions. (The claim is made, among other places, in HSBC’s “corporate responsibility” statement). HSBC’s statement is misleading. As reported by Crain’s Chicago Business of November 8, 2004: “At Prospect Heights-based HSBC North America Holdings Inc. (formerly Household International Inc.), PAC contributions have almost doubled since 2000 to nearly $1.5 million.
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Over 25 states and many cities and towns passed predatory-lending restrictions since 1999. Looking ahead, predatory home lending is expected to be a continuing financial and political issue. It may not be an easy job. Household International has a huge staff of lobbyists and PAC money to fight any consumer favorable initiatives.
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