“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. […]
HSBC Holdings Plc, Europe’s biggest bank by market value, may report its sharpest decline in profit since 2001 as costs for bad U.S. loans increased. Another fine job by HSBC in the United States while helping to ruin the U.S. economy, devastate inner cities and destroying confidence in subprime markets around the world. HSBC, […]
A total of $5 trillion of mortgage loans, or almost half of the nation’s home loans, belong to “risky asset categories’’ such as subprime and Alt-A, Gross of Pacific Investment Management Co. said Bill Gross, who manages the world’s biggest bond fund. A commentary is posted on the firm’s Web site today. HSBC and […]
More U.S. banks may fail after the collapse of mortgage lender IndyMac Bancorp Inc, straining a financial system seeking stability after years of lending excesses. More than 300 banks could fail in the next three years, said RBC Capital Markets analyst Gerard Cassidy, who had in February estimated no more than 150. Face […]
With no end in sight to the turbulence in the housing and financial markets, the chairman of the Federal Reserve Ben Bernanke said on Tuesday morning that it would issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit. We want to know what the […]
HSBC is in a push to grow its lending to middle-market businesses nationwide by targeting firms that need its international capabilities. Whether these firms (businesses) need HSBC services remains to be seen. We are certain HSBC will then push the businesses for HSBC credit card processing and HSBC merchant - private label - […]
HSBC Finance is a nationally known subprime lender. At the onset of United States mortgage problems HSBC Finance had few, if any, prime FHA insured loan packages. Casting caution to the wind HSBC loaned to almost anyone. While HSBC was not the only subprime lender, nor the only mortgage lender to suffer […]
Should the government investigate current conditions? Will a free economy poison itself, and the rest of the world, as it did with subprime mortgages? Are banks and institutional investors trying to recap $385 Billion dollars (USD) in collaterized debt obligation losses? These questions and many more are being discussed at Crazy Speculators (www.crazyspeculators.com) and we […]
HSBC Middle East has agreed to reduce the mortgage repayments of a customer after a barrage of complaints about the bank’s refusal to pass on successive US interest rate cuts. The move could open the floodgates for customers of HSBC and other lenders in the UAE to get their mortgage rates reduced as discontent […]
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 […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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