HSBC made the news again. This time it was an article about home equity lines of credit — or the fact that such credit lines are frozen or gone all together. When Denise Lopez bought two new tables, a floor lamp and a chair recently, her intent was to finance it with her […]
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. […]
NAACP members are raising awareness about lending discrimination at 17 lending institutions. HSBC released the following statement regarding the NAACP to Eyewitness News: “HSBC Finance Corporation does not comment on litigation. However, at HSBC Finance Corporation, we take our fair lending and consumer protection practices very seriously, and we are confident that we […]
Some of us remember when Wachovia was a small North Carolina based bank. This week Wachovia hired investment bank Goldman Sachs to advise it of its options on its decimated loan portfolio. Wachovia said that Goldman will “perform analytics on our loans to evaluate various alternatives. One does not think of Wachovia as […]
Even bankrupt lenders are looking for a new approach to lending. One subprime lender, the bankrupt Delta Financial, is reemerging as a lender of FHA mortgages and other “alternative” products. The company’s former chief executive, Hugh Miller, along with a small group of former Delta executives, is launching Reliance First Capital, a mortgage company […]
In a deal that brings back memories of predatory lending at Household International, Massachusetts Attorney General Martha Coakley on Tuesday accused defunct subprime lender Option One Mortgage Corp. of using deceptive and discriminatory lending practices while under the ownership of H&R Block. The complaint filed in Suffolk Superior Court alleges that No. 1 U.S. […]
AK in Oregon sent this op-ed piece. We are publishing it here instead of in our complaints blog:
“HSBC- predatory lenders who slam insurance, offer over market rates and fees, and treat employees with disrespect.
When I started working at HFC I was just out of college. I was excited to have a job […]
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 action reminds everyone of Bear Sterns. HSBC must inject $45 billion to keep two funds afloat. Structured investment vehicles, or SIVs, raise money in the short-term commercial paper market and use it to invest in longer-term assets, such as mortgages. Since HSBC is in such a bad position relative to subprime […]
JF in Pennsylvania sent this report, which we publish in both of our blogs: “How household Financial gets their mortgage customers and makes money? As you probably already know HFC/Beneficial send out live checks in the mail to thousands across the USA monthly. These range from anywhere from 5k, 7k, 10k. They are at […]
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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.
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.
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