Household HSBC Watch

With regard to homeowners in trouble I can see congress saying “no bailout” to everyone, or having a very narrow definition of who gets any help, such as those who were victims of fraud. Unless the buyer can show fraud on the part of the financial institution, the courts have no authority to change […]

Federal regulators did little to stop predatory lending. Ameriquest and HSBC predatory lending settlements were state-driven. I suggest to our readers the reason was because the Fed needed predatory loans. Alt-A’s (define) and subprimes were partially predatory and the Fed could not issue conflicting policy statements. The OCC only issued guidelines […]

As the subprime market declines and loan losses mount, third parrty mortgage brokers are having a tough time of it. Like many realtors, mortgage brokers are unemployed but don’t know it yet. Fired by companies that once funded them, mortgage brokers are casualties of risk management. Lenders like HSBC and Wells Fargo […]

Predatory lending settlements are now available to Ameriquest customers, and the final settlements still pale when compared to HSBC’s Household International. In fact some regulators said the Household International settlement should have been much more than $484 million, but they were afraid a realistic amount would put the company out of business.

The […]

WASHINGTON (AP) - The Supreme Court made it harder Tuesday for investors to join forces to file high-stakes fraud lawsuits against companies. The 8-0 decision blocks state class-action lawsuits by stockholders who contend they were tricked into holding onto declining shares.

Justice John Paul Stevens, writing for the court, said that to rule […]

Household International’s predatory lending settlement in 48 states had some exclusions. So did a recent Ameriquest settlement. Excluded are mortgages arranged by independent mortgage brokers. Those small, local companies arrange most high-rate loans. Internet brokers are just as prolific.

Knowing where most of their business came from, predatory lenders simply exclude them from settlement […]

Household International’s predatory lending settlement in 48 states had some exclusions. So did a recent Ameriquest settlement. Excluded are mortgages arranged by independent mortgage brokers. Those small, local companies arrange most high-rate loans. Internet brokers are just as prolific.

Knowing where most of their business came from, predatory lenders simply exclude them from settlement […]

In retrospect those who settled with Household International on charges of predatory lending would have done it differently. No doubt exists that Household’s predatory lending settlement was a guideline for the Ameriquest settlement. Both were accused of predatory lending. Both were involved with people’s real estate loans, either as primary predators or […]

Consumers with credit cards from HSBC constantly report violations fo the Federal Truth in Lending Act. (see the act here)

Violations date back to 1994 when credit cards were part of Household International, famous for evictions and predatory lending, according to consumer watchdog organization Household - HSBC Watch. In 2003 Household was renamed HSBC […]

Following a $484 million settlement between Household Finance and 50 states in 2002, Household International is now a subsidiary of HSBC Group plc. The company sold 2,188 high-rate loans in the Carolinas in 2004.
Since the settlement agreement, HSBC has adopted standards that consumer advocates regard as among the most stringent in the industry. Much of […]