How bad are foreclosures at HSBC Finance? I thought people were getting a lot of phone calls, judging by the reports and complaints we receive. Some idiots, like NovaStar, were calling home owners early in the month, even before the payments were due. I thought these subprime lenders were checking to see […]
A drug dealer spreads poison through the neighborhood while encouraging thefts, robberies, and burglaries to pay for the drugs. Drugs poison our neighborhoods, cities, and towns. Investment banks and global banks are no different if they sold poisoned merchandise. Take the case of Lehman Brothers. Lehman was the dominant marketer of […]
It is one thing to buy a predatory lender — Household International — but quite another to cotinue the business practices almost unchanged. HSBC is still one of the biggest subprime lenders in the United States. As a result, lawmakers sent a letter to HSBC asking the lender and mortgage servicer to help […]
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 […]
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 - […]
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. […]
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 leaders in the UK think the U.S. subprime disaster has subsided. Mr. Geoghegan acknowledged that some homeowners are still having difficulty repaying their mortgages, and the situation in the U.S. is complicated by market volatilities resulting from the upcoming presidential election and inflationary pressures. Presidential election? How about a doubling […]
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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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