With the United States in a recession the double-speak is interesting. Some call the recession of 2000-2001 a “mini-recession.” Now HSBC’s Douglas Flint has a “technical recession.” HSBC finance director Douglas Flint said: “The issue now is the US slowdown and whether it enters a technical recession, and what that does to […]
It is one thing to buy a predatory lender — Household International — but quite another to cotinue the business practices almost unchanged. HSBC is still one of the biggest subprime lenders in the United States. As a result, lawmakers sent a letter to HSBC asking the lender and mortgage servicer to help […]
A total of $5 trillion of mortgage loans, or almost half of the nation’s home loans, belong to “risky asset categories’’ such as subprime and Alt-A, Gross of Pacific Investment Management Co. said Bill Gross, who manages the world’s biggest bond fund. A commentary is posted on the firm’s Web site today. HSBC and […]
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 […]
Doesn’t this just sound sweet as candy: “More than 5,000 employees from HSBC-North America’s HFC and Beneficial branches as well as HSBC Credit Centers will team up with Rebuilding Together and other community organizations nationwide in a wide variety of community service and environmental projects. The HSBC philanthropic initiative, called “Joined Up to Give […]
HSBC Finance signs unsuspecting persons to home loans, only to foreclose and own the property. Is the same logic applied to HSBC Towers? Spanish ownership of the £1.1bn HSBC Tower is under threat after it emerged the owners were struggling to meet a deadline to refinance debt on the building. Metrovacesa, the […]
AK in Oregon sent this op-ed piece. We are publishing it here instead of in our complaints blog:
“HSBC- predatory lenders who slam insurance, offer over market rates and fees, and treat employees with disrespect.
When I started working at HFC I was just out of college. I was excited to have a job […]
Subprime issues hit HSBC very hard in the United States, but an interview with Warren Buffets shows that HSBC’s problems are mounting at a rapid rate. Losing millions per day is one thing, but to watch losses rise rapidly is quite another. What HSBC once failed to realize is that their niche market […]
If Arab nations have money and the United States is no longer profitable just refocus. If Islamic finance seems attractive in the U.K. and U.S. just focus on your new new friends. That is the business model for HSBC - the Hong Kong Shanghai Bank, headquartered in London and doing business in […]
As Knight Vinke looks firmly at HSBC, and as HSBC announced they want to sell their Marbles credit card operation, one must wonder about the logic. As our friends at Mortgage Blues recently pointed out HSBC and others would certainly concentrate on credit card operations. Here is why:
With the subprime mortgage and home […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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