New rules for credit card late fees begin Aug 22nd

In a move that certainly will reduce profits at HSBC card services, the Federal Reserve issued its final regulations on fees for late credit card payments, going over a card’s limit and other violations Tuesday, setting a $25 cap for one-time offenders and a $35 limit for frequent transgressors. The regulation also bans penalty charges …

AN open letter to HSBC's Alex Hungate

Alex Hungate said: “I want to help HSBC grow by maintaining a relentless focus on the needs of its customers. In this role, with its combination of global leadership of the Personal Financial Services business plus the marketing function, I want to ensure that our services always deliver on the powerful promise of the HSBC …

Credit card asset backed securities examined

Recent problems in the subprime sector spread around the world very quickly. Then the problems spread to Alt-A mortgages. Cash strapped borrowers with second mortgages and adjustable rate mortgages caught the attention of the world. By the morning of August 9, 2007, something else caught the attention of investors around the world. Questioning whether people …

Shareholders, Others, Poised to Sue Over Subprime Losses

When HSBC lost money due to HSBC Finance the bank worked very hard to turn a profit elsewhere. Developing nations held the wolves at bay as those opposed to HSBC’s Household International remain posed to file suit if the bank turned shareholder profits into a loss. Others may still file suit claiming $10.6 billion is …

Guardian Reports HSBC Unsecured Loans Souring

The Guardian reported on Sunday, one day before HSBC is due to release half-year results , that HSBC’s unsecured portfolio is experiencing bad debt. Analysts imply that subprime mortgage blues have spread to other parts of HSBC. Antony Broadbent, banking analyst at Sanford Bernstein, expects the bank to warn that there has been an increase …