Even bankrupt lenders are looking for a new approach to lending. One subprime lender, the bankrupt Delta Financial, is reemerging as a lender of FHA mortgages and other “alternative” products. The company’s former chief executive, Hugh Miller, along with a small group of former Delta executives, is launching Reliance First Capital, a mortgage company […]
HSBC Bank USA has pulled out of the federal student loan program for the upcoming academic year as the credit crunch puts a crimp on academic lending. In other words there is little profit in it or the loan program would have been accelerated instead. On the other hand students with limited […]
Iain Dey of the Telegraph reports that HSBC will this week reveal a further $1bn (£475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores. You can see the full article here. […]
HSBC Financial Corp. Ltd. is closing 30 of its 140 small branches in Canada, affecting 300 employees, as it tightens up its lending practices in the continuing credit crunch. Operating separately from HSBC Bank Canada, the loan company is a subsidiary of a similar U.S. operation that has suffered in the U.S. subprime mortgage […]
Barclays faced fresh embarrassment yesterday over its £314 million emergency loan from the Bank of England, when HSBC, its rival, furiously denied that an error by its bankers had forced Barclays into the red. Meanwhile, it emerged that Britain’s biggest high street banks have more than $120 billion (£60 billion) worth of exposure to the […]
Aug. 15 — Asian stocks trading in the U.S. fell to their lowest in nine months on concern mounting losses from the credit markets will reduce earnings. HSBC Holdings Plc declined $1.17 to $87.18. The company, which controls two of Hong Kong’s largest lenders, took over Household International Inc., a U.S. subprime […]
When web traffic slows down in the summer it is the perfect time for analysts at Household - HSBC Watch to crunch the numbers. In the latest session we disovered the source of specific complaints, and it does not look good for Best Buy, the nations largest electronics retailer. Specifics:
Customers received a Household […]
Peter Eavis wrote on 3/10/2005: “History shows again and again that lending companies that use punitive tactics don’t do well over time. Two good examples come to mind. First, the old Conseco, which charged insufferably high interest rates on loans for mobile homes. The company filed for bankruptcy in late 2002 primarily because of […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
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