Household HSBC Watch

In the US Banker section of American Banker, we spotted an interesting line: “The concern was, ‘How much subprime do you do? What is your risk of having what Household (International) had?’” It was a question asked of Richard Davis, CEO of U.S. Bancorp, in February 2007. HSBC bought Household in […]

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 […]

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 […]

While I could literally fill up this entire website with a diatribe about employment issues at HSBC, I am going to try and focus on one area for now- my experience with their corrective action program. Just as HSBC bullies and pressures their customers into taking high interest and fee loans coupled with insanely […]

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 […]

This quote, which is on the public record, is taken from Alan Greenspan’s testimony before the Committee on Financial Services, U.S. House of Representatives, July 20, 2005:

“The apparent froth in housing markets appears to have interacted with evolving practices in mortgage markets. The increase in the prevalence of interest-only loans and the introduction of more-exotic […]

The following information pertains to the right to recind an agreement between HSBC and a customer. It is quite lengthy, but very interesting. The information comes from the FTC and OCC, respectively, according to the submitter. Case law is included:

I. TILA & Res Judicata
(Analogous to Mr. Curtis xxxxxx , […]

Before William F. Aldinger sold his company - Household International - to HSBC his logic about people and repayment of loans was simple. Aldinger thought people would always make their house payment and their car payment, regardless of how they were treated. For a number of years the logic held true. Then […]

Analysts at Household - HSBC Watch think HSBC learned from the recent subprime crisis, regardless of what they tell Knight Vinke and other activists. After studying HSBC and Household International for many years Household - HSBC Watch thinks HSBC will make a move soon. Changes must look like they are HSBC’s idea, […]

HSBC Direct announced a new promotion and sweepstakes but the offer may not be very good. Since HSBC Direct is part of HSBC USA - HSBC North AMerica Holdings we wonder how much information is shared within the company. Primarily we are concerned about HSBC Finance Corporation - which is the old Household […]