Reporter John Stark of the Bellingham Herald has been monitoring Household International and HSBC almost as long as we have here at Household – HSBC Watch. A consumate professional, we’ve talked with Mr. Stark from time to time over the years. That’s why an article published this morning in the Bellingham Herald was a sight for sore eyes. It places Household International, and lack of regulatory attention, at the scene of the crime in today’s mortgage crisis.
We invite you to decide for yourself as you read John Stark’s article. The link opens in a new window so you won’t lose your place. The article is titled “Mortgage warning signs not heeded — Regulators missed chance to curb abuses”
A new study is investigating the subprime crisis, which lenders had the most subprime paper, and which lenders facilitated others by buying their paper. What HSBC cannot afford is to be the name most commonly associated with today’s subprime debacle. This is the second article that points in that direction, and once again Household International and HSBC Finance Corporation is becoming a liability for HSBC. Warning signs to that effect were not heeded either.