Household HSBC Watch

Developing nations pose unique problems for banks, and HSBC is no different. The old “phony ATM machine cardreader” scam that was once popular in the United States has resurfaced in the UAE. HSBC and other banks have become targets of debit card fraud. Banks in the UAE are warning their customers about […]

This is another update from our friend Curtis: “Please be advised of the following. I am currently involved in taking legal action against HSBC Mortgage Services Inc. in Brandon Florida.

My current mortgage was audited and found to be in violation of TILA, RESPA, HOPA and the Fair Trade Practices Act. The loan as […]

DB in Tennessee said: “I am a former Beneficial employee that was terminated in 2007 for, well — I’m really not sure. I started my career in 2000 as an SA and transferred office locations approximately 10 times over my career and worked for 22 different managers, and 6 different district managers. I experienced […]

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 […]

H&R Block Inc on Wednesday said its Block Financial LLC unit obtained a $3 billion credit line from HSBC Finance Corp, which will be used to fund loans for some taxpayers who expect refunds. Just last week we reported that the IRS says such loans can perpetuate fraud. For two companies that […]

In a story from Canada HSBC was forced by the court to restore clear title to a man’s home when the judge decided HSBC failed to take steps to avoid the fraud. The bank “chose to put itself in proximity to the unknown fraudster in this transaction by dealing with him, yet it failed […]

Updated: 09/20/07 6:56 AM - HSBC Bank USA will pay $10.5 million in fines and penalties to the Securities and Exchange Commission for negligently allowing its name and logo to be used in connection with an alleged Miami-based investment fraud targeted at Central and South American investors.

Under the settlement agreement announced Wednesday, the U.S. […]

Alex Hungate said: “I want to help HSBC grow by maintaining a relentless focus on the needs of its customers. In this role, with its combination of global leadership of the Personal Financial Services business plus the marketing function, I want to ensure that our services always deliver on the powerful promise of the HSBC […]

HSBC plans to refocus on emerging markets as the bank’s experiment with Household International taught them to play elsewhere. The problem with emerging markets is that they are emerging. Take the case of China’s equivalent of the US Food and Drug Administration chief. Within three weeks the man was charged with fraud, […]

Although many claim HSBC already knows what their quarterly results might be, publishing the information is another story. The Securities and Exchange Commission is also looking at subprime mortgages. The worry at HSBC is HSBC Finance, formerly Household International, and HSBC USA.

Rising interest rates, combined with falling home prices, have caused many subprime […]