“Even though my account is and has been in good standing — and I also pay $241.72 extra payment on top of my mortage due amount every month since I’ve had this account — HSBC charged a late fee of $143.91. This is for a standard, conventional, 30 year fixed mortgage. We surveyed […]
Traditional lenders typically offer lower rates than competitors to snare customers. In contrast, subprime lenders base rates on credit scores, so what is a ‘’fair” rate can be difficult to gauge. Subprime borrowers’ credit scores typically fall below 620, on a scale of 350 to 850. To compensate for taking on these riskier customers, […]
Subprime lenders foreclose on properties much more frequently than do conventional lenders. About 3.5 percent of subprime mortgages and refinancing loans go into foreclosure, but a study by the University of North Carolina Kenan-Flagler Business School found that 20 percent of refinancings in 1998 through 2000 that were examined wound up in foreclosure. For conventional […]
TESTIMONY OF
ELIOT SPITZER
NEW YORK ATTORNEY GENERAL
BEFORE THE ASSEMBLY STANDING COMMITTEE ON BANKS
REGARDING THE
OFFICE OF THE COMPTROLLER OF THE CURRENCY’S
PREEMPTION OF STATE CONSUMER PROTECTION LAWS
New York, New York
April 16, 2004
Good morning.
I want to thank Chairwoman Nolan and the other members of the Banking Committee for convening this hearing on a topic that is […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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