Household HSBC Watch

What is the relationship between HSBC and their regulator, The Office of the Comptroller of the Currency? Keep in mind that HSBC spends millions on lobbying and has hired former OCC executives in the past. Here is an example of that relationship.

This is part of a public records document written September 29, 2006 […]

Part of what HSBC thought was a good deal when HSBC bought Household International was that HSBC did not guarantee the debt of the troubled predatory lender. Now that subprime losses bring the desbt in question there has been discussion of dumping HSBC Finance. Kathleen Shanley, analyst for independent research firm Gimme Credit, said […]

If you worked overtime for HSBC, HSBC Finance, or any subsidiaries such as Beneficial or HFC you can seek relief. A new suit was filed today. The suit follows the recent conditional FLSA certification by Judge Maxine Chesney of the Northern District of California of Nichols Kaster & Anderson’s Wong, et al. v. […]

For those who lost their homes to foreclosure by Household International in 2002 or before, there is more information. Many people thought Household International was a predatory lender. The majority thought Household’s $484 million settlement was too low. A commentary by Doug Noland says “The nexus at the time was the […]

Delta Financial Corp., the Woodbury-based subprime mortgage lender, filed for bankruptcy Monday, almost two weeks after announcing it would stop originating loans and file for court protection. Included in Delta’s list of its top creditors were subsidiaries of HSBC, KPMG and Deutsche Bank — all multinational banks that have lost hundreds of millions of […]

Due to deterioration in HSBC’s U.S. operations Moody’s took acton today. Moody’s Investors Service said Thursday it has lowered the ratings outlook for HSBC Holdings PLC, Europe’s largest bank, and its subsidiaries to “Stable” from “Positive” due to weakness in the company’s U.S. operations. Moody’s also affirmed the company’s ratings at investment grades, […]

HSBC plans to refocus on emerging markets as the bank’s experiment with Household International taught them to play elsewhere. The problem with emerging markets is that they are emerging. Take the case of China’s equivalent of the US Food and Drug Administration chief. Within three weeks the man was charged with fraud, […]

We looked at Google News a few minutes ago, as we do about 20 times a day. We have custom categories for “HSBC” and “Household International” and Google News shows us four headlines per section. The problem is that HSBC can issue enough warm, fuzzy, and cuddly press releases that you don’t see […]

Finally after years of advocating for consumers and performing watchdog functions Household - HSBC Watch is proud to announce that there will be oversight and monitoring of HFC, Beneficial Finance, and other HSBC holding companies.

Federal and state banking regulators on Tuesday said they would step up their scrutiny of lenders that make home loans […]

According to Randall Bauer, a fixed-income portfolio manager at Federated Investors, the total U.S. mortgage-market value is estimated at $9.5 trillion to $10.5 trillion, with about 15% of the total represented by subprime assets.

While the problems for subprime borrowers and lenders appear clear, the impact on mortgage bondholders depends on a variety of factors. […]