Household HSBC Watch

In a lesson plan, designed to teach about predatory and subprime lending, we asked this question of students in 2005: “What is the impact on a country’s economy if predatory lending is left unchecked?” Three years later the answer is clearly obvious. As of today the world has seen over $515 billion […]

This is another update from our friend Curtis: “Please be advised of the following. I am currently involved in taking legal action against HSBC Mortgage Services Inc. in Brandon Florida.

My current mortgage was audited and found to be in violation of TILA, RESPA, HOPA and the Fair Trade Practices Act. The loan as […]

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 […]

It seems the FSA is busy in London. What theme seems to run through this article? It suggests there is a big difference between Islamic Finance in the Middle East and people named Mohammed running fraud schemes in London. In March, the FSA banned Andrew Talai Kiplimo, a mortgage introducer (a person […]

With regard to homeowners in trouble I can see congress saying “no bailout” to everyone, or having a very narrow definition of who gets any help, such as those who were victims of fraud. Unless the buyer can show fraud on the part of the financial institution, the courts have no authority to change […]

This is a classic example of how the subprime mess spun out of control. It is a classic example of how state regulators are continually frustrated by federal regulators and their desire to overrule state-level laws. Anyone who thinks they can get results from a local Better Business Bureau, when federal and state […]

H&R Block Inc on Wednesday said its Block Financial LLC unit obtained a $3 billion credit line from HSBC Finance Corp, which will be used to fund loans for some taxpayers who expect refunds. Just last week we reported that the IRS says such loans can perpetuate fraud. For two companies that […]

On one hand HSBC spokesman Michael Trevino said tax refund loans “represents a very small portion’’ of HSBC’s revenue. On the other hand such loans represent bad publicity for HSBC, with interest rates sometimes over 100 percent. Lawsuits such as Carnegie vs Household, paid by HSBC in 2007, cast HSBC in a bad […]

Updated: 09/20/07 6:56 AM - HSBC Bank USA will pay $10.5 million in fines and penalties to the Securities and Exchange Commission for negligently allowing its name and logo to be used in connection with an alleged Miami-based investment fraud targeted at Central and South American investors.

Under the settlement agreement announced Wednesday, the U.S. […]

When HSBC lost money due to HSBC Finance the bank worked very hard to turn a profit elsewhere. Developing nations held the wolves at bay as those opposed to HSBC’s Household International remain posed to file suit if the bank turned shareholder profits into a loss. Others may still file suit claiming $10.6 […]