Editor’s note: This is the second reference to William F. (Bill) Aldinger this week. See the comment by CD in Minnesota. I don’t feel sorry for the guy.

JS in Maryland asks “Why havn’t there been any reports on here recently about more layoffs and Beneficial and HFC branch closings next week? We’ve heard another 100-200 by October 10th. Do any of your insiders have any other info? There are a lot of concerned branch employees and their familys out there. DGMs met one on one with their RGMs. Have heard more mega branchs and consolidations. Does anyone have any info on how they are making their decisions this time around? Will it still be based on performance or would it be seniority. Any insight would be appreciated. Thanks!”

That is a good question. HSBC has been very silent, and employees have been voting in our polls but we have not received any valid information concerning the next round of consolidations. I agree with you that many employees are concerned, as are their families. The concern is valid. If you remember back to Thanksgiving 2007 there was very little to be thankful for as layoffs and cutbacks struck with full force.

If you have any information let us know. We publish after we have the same input from more than one source, where the input matches valid research in other areas.

The states are asking lenders to create systems to fast track changes for distressed mortgage holders. Those lenders include Wells Fargo Home Mortgage, Morgan Stanley Home Loans, HSBC Finance Corp., JPMorgan Chase & Co., Citigroup and American Home Mortgage Servicing Inc. The states cite protocols set up by Countrywide Financial after its merger with Bank of America as an industry example.

Does this sound sweet and rosy, like it might work? You tell me. Here is evidence to the contrary. DW in Iowa said: “We will be losing our house in a couple of weeks to HSBC. To sum it up. I had to give up my job. HSBC, who says that they are willing to work with people, refused our hardship case. Turned around raised our mortgage payments and then refused another hardship letter. They do not work with people or care about the people who put food on their table so that they can party it up while we get to live God knows where.”

We thank each and every one of you for your support. Everyone that sent a report received a reply. At this point it is very clear that mortgage and credit card lending needs reforms, oversight, and regulation. We do not align ourselves with any specific group or advocacy organization. In fact some of those organizations have come under fire recently for their efforts. Some have been accused of making matter worse, or pressuring lending institutions under the Community Reinvestment Act. We also watch United States banks and international banks as part of our Mortgage Blues effort.

Some banks fought wild lending ideas, claiming instead to price based on risk (customer credit worthiness) alone. Those banks seem relatively unhurt by today’s subprime and CDO fiasco. Others, including HSBC Finance and Decision One Mortgage, decided to participate in wild and crazy lending that has effected countries around the world. It also effected the lending industry and job losses related to lending.

Unfortunately the United States diminished themselves in the eyes of the world. Excesses and lack of regulation cuased billions of dollars in losses in other countries. Damage has been done. What banks and the mortgage industry accomplished relative to America’s standing in the world community is considered by many as treason similar to Jane Fonda and Viet Nam. They undermined this country, put the dollar at risk, and asked for a bailout. At the same time many of the same banks are fighting consumers, like you and me, as they seek to deny us a credit card users bill of rights.

Household - HSBC Watch exists to examine the global picture while studying the role of HSBC and HSBC Finance (formerly Household International.) While lobbyists and big money conduct business in Washington DC, we also call and write on your behalf. We do it for free, with little funding other than what comes from our websites. To that end we celebrate our tenth anniversary and look forward to many more.

Things have been quiet at HSBC. With each investment bank or major lender in trouble, HSBC was mentioned as a possible buyer. HSBC bought nothing. HSBC is consolidating and combining to save money, but made no major moves. Silence and lack of activity seems to speak volumes about HSBC’s actual worldwide plans.

Recently a major information technology group examined HSBC computer failures, detailing what went wrong and how delays in recapturing information seemed unacceptable. Attempts to contact HSBC regarding the issues were unsucessful. Giving HSBC the opportunity to speak to the matter or comment on lessons learned, the group said instead that “calls to HSBC were not returned.” More silence. Perhaps the future will tell us why.