This time state attorney’s general are asking HSBC Finance for something other than evidence of predatory lending. They are asking for help. What will be the result if requests are ignored? History shows that HSBC Finance was Household International, which was purchased by HSBC in 2003. Prior to that Household was […]
It has been ten years since consumer advocates started Household - HSBC Watch. Sometimes we wonder where the years went. Ten years ago we started a single web page on a free server. Now we have over 3000 visitors every day. Part of the traffic obviously is a result of the […]
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. […]
“It is clear that growth models in our industry based on high and increasing leverage will no longer be sustainable,” said HSBC chairman Stephen Green. Changes are being made at HSBC, partly to appease Knight Vinke. Don’t tell Green, however, because he wants the world to think it is all his idea. […]
On the legal front it appears as though HSBC USA and HSBC North America Holdings have some explaining to do. In a recent court document it was discovered that the are actual two additional holding companies as part of HSBC in the United States. Why is that?
There are actually two additional US holding […]
Once upon a time — back before the crying, wailing, and sobs of subprime lending — HSBC plc said the bank did not spend money on lobbying and attempts to influence legislation. Certainly William F. Aldinger spent money to do so in the United States, as his predaotry little company (Household International) was purchased […]
According to Business Wire, Capgemini announced today a renewal of their relationship with HSBC for continued collaboration with HSBC’s Global Technology Centers. According to a self-serving press release Capgemini and HSBC are both the greatest, most wonderful organizations. What is wrong with the report? Capgemini supports HSBC key strategic businesses, including Consumer […]
As litigation and suits begin in the subprime arena, websites like Mortgage Blues added discussion areas specifically for suits and settlements. Now you can add Burns & Levinson LLP to the list of law firms that has added a subprime practice to deal with the fallout of the collapse of the subprime […]
The chief of the Federal Deposit Insurance Corp warned on Thursday that if industry solutions fail to help subprime mortgage borrowers, the odds of government involvement will increase. President Bush is already talking about a Reagan-style tax rebate. Nancy Pelosi and her Democrats are in no position to argue. The entire idea […]
A proposed mortgage industry reform bill has been hotly debated, but one point is perfectly clear. The bill would add funds for enforcement. As lenders and brokers saw a fortune to be made in mortgage lending, enforcement staffing at the state level barely increased since 2003. The problem of funding and staffing […]
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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.
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