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 […]
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. […]
Shifting political sands in America and Europe, especially after the 9-11 terror attacks and concerns of a probable slowdown in developed economies are encouraging Islamic investors to turn their focus into growth economies like India and China. Saudi Economic and Development Company (Sedco) and Bearys Group have come together to invest $20 million for […]
Citigroup Inc. is abandoning a push to open as many as 100 branches a year in the U.S., concluding it had little chance to dislodge entrenched rivals in several markets. Barely two years after introducing the strategy, executives at New York based Citigroup now intend to sell or close some of the newest Citigroup […]
H&R Block Inc on Wednesday said its Block Financial LLC unit obtained a $3 billion credit line from HSBC Finance Corp, which will be used to fund loans for some taxpayers who expect refunds. Just last week we reported that the IRS says such loans can perpetuate fraud. For two companies that […]
On one hand HSBC spokesman Michael Trevino said tax refund loans “represents a very small portion’’ of HSBC’s revenue. On the other hand such loans represent bad publicity for HSBC, with interest rates sometimes over 100 percent. Lawsuits such as Carnegie vs Household, paid by HSBC in 2007, cast HSBC in a bad […]
The Pentagon on Monday implemented new rules to protect U.S. service members and their families from high-cost, short-term loans, saying stress from such loans can hurt military readiness. The regulation, prompted by a law passed by Congress last year, limits the fees and interest that creditors can charge on payday, vehicle title, and tax […]
Standard & Poor’s Ratings Services said Friday it placed H&R Block on credit ratings watch for a possible downgrade, citing potential trouble for the company’s mortgage lending unit amid a crisis in the subprime market.
“Upheaval in the subprime mortgage market has depleted the results” of Block’s Option One Mortgage Corp. unit, S&P said.
H&R Block’s Option […]
Shares of HSBC Holdings have extended their four-month losing streak amid concern that a crisis in the U.S. mortgage industry will erode earnings this year. HSBC’s stock has fallen every month since November, when the bank — the largest in Europe — said bad debts in the United States were rising. The stock fell […]
HSBC’s high interest tax loan partner H&R Block Inc. lost $156.5 million during its second quarter, nearly twice its loss from a year ago, primarily because of weaker results in its mortgage business.
The Kansas City-based company said it continues to weigh a sale or spinoff of its Option One Mortgage business, which makes home loans […]
Call somebody about this, anywhere in the world, for FREE
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.
Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act.
