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, […]
The following information pertains to the right to recind an agreement between HSBC and a customer. It is quite lengthy, but very interesting. The information comes from the FTC and OCC, respectively, according to the submitter. Case law is included:
I. TILA & Res Judicata
(Analogous to Mr. Curtis xxxxxx , […]
The latest data on home prices show that the downturn in the housing market is getting worse, rather than better, raising questions about consumers’ ability to keep propping up the economy. American consumers have taken a hit not just from falling home prices, but also rising energy prices and a wobbly stock market. A […]
HSBC USA thought it was a great idea to refinance or finance debt from Household International. Now called HSBC Finance Corporation, it was not a great idea after all. Since HSBC USA and HSBC Finance Corporation share the debts the not-so-rosy picture effects both, and greatly impacts HSBC overall.
Net income for the HSBC […]
WASHINGTON - Former Ohio Congressman Bob Ney was sentenced Friday to 30 months of incarceration for his role in the Jack Abramoff influence-peddling scandal. The Justice Department had asked for a term of 27 months in prison. Ney, the only member of Congress charged in the scandal, pleaded guilty last October to conspiracy […]
An analysis of the contributions shows that senators who voted to pass the bill raised an average of nearly twice as much between 1999 and 2004 from the finance and credit industry as those who voted against the bill. The bill’s supporters received an average of $36,600 from the industry during the six-year timeframe, […]
WASHINGTON (AP) - The Supreme Court made it harder Tuesday for investors to join forces to file high-stakes fraud lawsuits against companies. The 8-0 decision blocks state class-action lawsuits by stockholders who contend they were tricked into holding onto declining shares.
Justice John Paul Stevens, writing for the court, said that to rule […]
Typically the introduction and maintenance of a private-label card is more of a financially driven decision that means lower credit processing fees and more money made off of each transaction. A review of merchants in the HSBC Finance Corporation Household International private label card program indicate many are in financial trouble. The decision to […]
Household International and HSBC pushed hard for bankruptcy reform, saying filers were deadbeats and scam artists. We’ve been called worse by Household and HSBC. It turns out they were wrong with their stereotype.
In what will undoubtedly be the first of many “I told you so” reports, the National Association of Consumer Bankruptcy Attorneys […]
Did anything change between their findings in 2004 and the sellout of American consumers in 2005? Not that we can tell. Former predator Household International was instrumental in pushing for bankruptcy reform, and HSBC took over after they bought Household.
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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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