Household HSBC Watch

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 […]

HSBC Holdings Plc, Europe’s biggest bank by market value, may report its sharpest decline in profit since 2001 as costs for bad U.S. loans increased. Another fine job by HSBC in the United States while helping to ruin the U.S. economy, devastate inner cities and destroying confidence in subprime markets around the world. HSBC, […]

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 […]

A former employee of HSBC in Florida sent us this opinion: “Ex-employee from HSBC, parent company of HFC/Beneficial collections team. First I would like to straighten some facts about prior to my bashing. This company is a pay for performance company and each employee has the bonus options. The better you […]

With no end in sight to the turbulence in the housing and financial markets, the chairman of the Federal Reserve Ben Bernanke said on Tuesday morning that it would issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit. We want to know what the […]

Adjustable rates will reset this summer and fall. The timing reflects the height of subprime lending in the summers of 2005 and 2006, when many borrowers secured loans scheduled to adjust in two or three years. For many, an adjustment means their interest rate will go up two to three percentage points. HSBC […]

JH in tennessee opines: “Prediction is Household / Beneficial will not be around in 2 years. It’s easy to see that they are using their current staff to solicit paying off open Real Estate loans by attempting to qualify them for conforming loans so they can sell off to investors. Couple that with […]