Household HSBC Watch

Here is breaking news from Saudi Arabia involving HSBC and the Bin Laden family. The Saudi Binladin Group successfully completed the issuance of a privately placed SAR Sukuk of finance raising more than SR1bn from the capital markets in Saudi Arabia. This is the Saudi Binladin Group’s first go at the Saudi debt […]

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 […]

Rep. Brad Miller, who—along with a handful of other Democrats—is urging the mortgage industry to delay certain foreclosures until the FHA’s “Help for Homeowners” gets going. The program is a key component of the new housing legislation and is intended to help struggling barrowers stay in their homes. Brad Miller contacted HSBC Finance. […]

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 […]

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 […]

There is a vast difference between true global bankers who once had branches aboard the luxurious Cunard Lines, and the finance company logic of embarassed former predatory lenders. I am old enough to remember true bankers in England, the Cunard Steamship Lines, and such professionalism. I am also old enough to remember when […]

An HSBC Finance employee advised us of this frightening move by HSBC, saying “As a current employee I am appauled to see Beneficial and HFC’s latest trick which seems to be avoiding federal caps on interest rates. As of May 5th they rolled out their new pricing sheets with rates set above the […]

Credit Mutuel seems to be the most likely candidate to buy more than half the French operations of HSBC while HSBC says it will focus on emerging markets. HSBC also declined to comment on reports that the bank was selling its French operations. The most efficient way to impliment HSBC’s “Household Model” is to […]

Delta Financial Corp., the Woodbury-based subprime mortgage lender, filed for bankruptcy Monday, almost two weeks after announcing it would stop originating loans and file for court protection. Included in Delta’s list of its top creditors were subsidiaries of HSBC, KPMG and Deutsche Bank — all multinational banks that have lost hundreds of millions of […]

This may also be part of HSBC’s repositioning, or perhaps a move to make Knight Vinke happy. Other analysts thought HSBC would keep their credit card operations while getting rid of predatory and subprime lending. Such lending is often equated with Household International, now called HSBC Finance Corp. An earlier press release […]