When considering recent issues with General Motors, identity theft and the GM credit card, combined with the high cost of fuel and slowdowns in the auto industry, one must ask if General Motors is considering the sale of General Motors Acceptance Corporation and GMAC’s residential mortgages. Intelligent minds conclude that GM would not turn to HSBC, a bank that had issues with the GM Card.
More frightening is the thought that GM needs the money and already has a relationship with HSBC Plc, which means they have a relationship with disgraced predatory lender Household International. Through a maze of holding companies, HSBC Finance Corporation is the old Household. HSBC North America Holdings includes Household International. And yes, HFC (Household Finance Corporation) and Beneficial Finance still exist today.
If GM decides to sell all or part of GMAC they may decide to sacrifice reputation and integrity by selling to the highest bidder. HSBC already sacrificed reputation and good standing among professional bankers when they bought Household International. Since nothing really changed relative to the predator’s structure, mindset, and business practices it would be a nightmare horror story if one’s mortgage or second mortgage suddenly became the property of HSBC – Household International. Granted, when a mortgage is sold to a new servicer they cannot change the rates and terms, but Household and HSBC specialize in ways to bypass such laws. If your first payment is late you suddenly find yourself on their terms.
My payment is never late, you say. Millions said and thought that. Sorry, but your payment was processed one day after the due date. Is GMAC for sale? Will they sell to HSBC? Let’s hope not, but if they do it will be the end of General Motors.