Household HSBC Watch

With the United States in a recession the double-speak is interesting. Some call the recession of 2000-2001 a “mini-recession.” Now HSBC’s Douglas Flint has a “technical recession.” HSBC finance director Douglas Flint said: “The issue now is the US slowdown and whether it enters a technical recession, and what that does to […]

This is another update from our friend Curtis: “Please be advised of the following. I am currently involved in taking legal action against HSBC Mortgage Services Inc. in Brandon Florida.

My current mortgage was audited and found to be in violation of TILA, RESPA, HOPA and the Fair Trade Practices Act. The loan as […]

As HSBC seeks to raise money in the United States, primarily through HSBC Finance, the number of complaints continues to rise. Advocates at Household - HSBC Watch say the number of complaints received on a daily basis is at the highest in five years. Disappointment with HSBC credit cards and merchant credit cards […]

The annual report to State Attorney’s General has been published in our blog so our readers can see a breakdown of complaints on a state by state basis. It is in our complaints blog - a fitting home for this annual report. The report was mailed to the National Association of Attorneys General […]

When HSBC lost money due to HSBC Finance the bank worked very hard to turn a profit elsewhere. Developing nations held the wolves at bay as those opposed to HSBC’s Household International remain posed to file suit if the bank turned shareholder profits into a loss. Others may still file suit claiming $10.6 […]

NEW YORK, June 19 - Standard & Poor’s on Monday raised its ratings on HSBC Holdings Plc. and its subsidiaries, citing greater diversification earnings, and stabilization of its consumer finance business. “The upgrade of holdings reflects the increasingly strongly diversified earnings profile and global reach of the well-managed HSBC group, and the reduced […]

Subprime lenders, most recently Ameriquest Mortgage Co., have also been targeted in multistate investigations by attorneys general. To compensate for the greater likelihood customers will default, subprime loans have higher fees and interest rates than those traditional loans. But state officials and borrowers allege that some subprime lenders charge excessive fees or rates, taking advantage […]

The national “do not call” list is welcomed by consumers and almost eliminates annoying interruptions at dinner. But Household International, and in one case their credit card merchant CompUSA fought consumer activists favoring “do not call” legislation in the early formative years. Examples:

“I received calls from Warrantech (an extended warranty company) after I […]

HSBC entered the New York market in 1980 after acquiring first, Marine Midland Bank and later Republic National Bank. In 2003, HSBC acquired Household International, shortly after the lender settled for $486 million charges of predatory lending by attorneys general in 46 U.S. states. Developments are monitored by Household - HSBC Watch.

HSBC’s New Jersey […]

ICP has raised to the federal Office of the Comptroller of the Currency the fact that the mortgage lending data filed by HSBC for its ex-Household units HFC, Beneficial and Decision One, all point to the OCC as the regulator of these companies. Each has been state-regulated; HFC and Beneficial are subject to a […]