Household HSBC Watch

Editor’s Note: See latest reports on layoffs and reorganization here

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 […]

Bankruptcy laws were changed and strengthened in 2005. Then greedy banksters, mortgage brokers, and lending companies felt safe. They could do whatever they wanted to do, since it was harder to declare bankruptcy. Nationally, the total number of bankruptcies filed in the first half of 2008, however, rose 29.2 percent, to 522,205, […]

Not too long ago a finance company like CitiFinancial, Beneficial Finance, or HFC could loan to people with less than perfect credit. Some loans would make money. Then greedy bankers and predatory brokers exploded the practice, and subprime was born. It changed the dictionary. Therefore it is proper to say that […]

HSBC made the news again. This time it was an article about home equity lines of credit — or the fact that such credit lines are frozen or gone all together. When Denise Lopez bought two new tables, a floor lamp and a chair recently, her intent was to finance it with her […]

In February 2008 Niall Booker became Chief Executive Officer of HSBC Finance Corporation. He will also succeed Brendan McDonagh as Chief Operating Officer of HSBC North America. In March 2007 HSBC Holdings appointed experienced and long-serving banker Niall Booker as chief operating officer, according to a company statement. Is Booker experienced in consumer […]

What is the relationship between HSBC and their regulator, The Office of the Comptroller of the Currency? Keep in mind that HSBC spends millions on lobbying and has hired former OCC executives in the past. Here is an example of that relationship.

This is part of a public records document written September 29, 2006 […]

HSBC said the bank would export the business model of Household International, purchased by HSBC in 2003. As disturbing as it sounds, HSBC bragged about exporting the so-called “Household Model” even though history will show the model as a predatory lender. Subprime losses in the billions of dollars showed a failure. Pragati […]

We received this telling information in a note today: “I have an HFC second mortgage and a credit line which HSBC moved to Beneficial.” Is HSBC making Beneficial look better than HFC? Or does the statement mean that HSBC moved the person’s second mortgage and the person’s credit line (both of them) […]

It reminds me of the old game we played when we were kids. The game where we had to pick out “the one that was different from all the others.” Banking industry leaders (their words, not mine) are calling for reforms. The proposals were put forward by a high-level group led by former […]

We received this information today and we thank the submitter. They know who they are. “As a former long time HSBC employee and manager, I continue to hear a great deal of internal information from sources in the know. I’ve had 3 separate and unrelated sources tell me since Monday this week that […]