Bankruptcy laws were changed and strengthened in 2005. Then greedy banksters, mortgage brokers, and lending companies felt safe. They could do whatever they wanted to do, since it was harder to declare bankruptcy. Nationally, the total number of bankruptcies filed in the first half of 2008, however, rose 29.2 percent, to 522,205, […]
HSBC’s U.S. mortgage operations, which cater to a riskier clientele, may face deeper problems on about $9 billion in adjustable-rate mortgages. HSBC has tightened lending standards and made a number of management changes to minimize losses. The company also is reaching out to homeowners most likely to have problems with higher payments. HSBC and […]
U.S. stocks took a beating yesterday largely because poor earnings from Countrywide. one of the nation’s largest mortgage lenders. There are renewed concerns about whether the housing downturn could damage the broader economy. At Household - HSBC Watch we say it will, as higher fuel prices and less cash flow is not hard […]
“What started in 1994 as predatory lending under then-CEO William F. Aldinger finally began to fall like feathers in the wind by 2007″ said Household - HSBC Watch. “People need to understand that HSBC Finance has a major credit card operation and they will try to make up earnings somewhere, and regulators seem […]
A promotion in February and dismissed by July is sad news for David Gibbons of HSBC. One must ask if Gibbons was hired for his connections with the OCC, a bank regulator, or his ability. One thing is for sure - Gibbons did not see the risk at HSBC Finance, formerly known as […]
HSBC claims to have sub-prime mortgage problems under control. Changes in top management at HSBC Finance Corporation do not address the problem, however, according to other sources.
WASHINGTON, June 14 — Delinquencies and foreclosures among homeowners with weak credit moved higher in the first quarter, particularly in California, Florida and other formerly hot real estate […]
Look for signs of consolidation and streamlining as HSBC possibly looks to clean up their United States image by unloading predatory lender Household International, now called HSBC Finance Corporation. The North American division accounted for almost two-thirds of HSBC’s $10.6 billion in loan-loss provisions for 2006. HSBC earned $4.7 billion before tax in North America […]
Traditional credit scores haven’t done a good job in accessing risk for non-traditional mortgage products such as interest-only loans and option adjustable rate mortgages, says a senior executive with HSBC Holding Plc, a British international banking giant.
In discussing trends in HSBC’s U.S. mortgage business this year, company officials this week told analysts that they expect […]
How long before HSBC employs a cohort of burly bailiffs to chase up debtors? Bad loans hang around the neck of the world’s third-largest bank like an albatross. Most of it comes from former predatory lender Household International which is still in business as HSBC Finance Corporation. And HSBC is buying more […]
Fitch Ratings recently announced it performed a study on option ARMs and determined servicers should have “extensive” processes and default management procedures and practices in place before adding this product to their servicing repertoire, as well as contingency plans prepared to address increased delinquencies and subsequent losses. Standard & Poor’s said Thursday that it raised […]
Call somebody about this, anywhere in the world, for FREE
An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act.