HSBC admits buying Household International was a disaster

“The most recent high profile mortgage distress signal came from HSBC, the world’s third largest bank in marketcap size behind Citigroup and Bank of America. What an unmitigated disaster their acquisition was in 2003 of Household International, a lender to subprime borrowers. HSBC increased their loan loss reserves to $1.38 billion in Q3 from $1.25 …

HSBC's Storehouse and Rowe File Bankruptcy

Household – HSBC Watch consumer advocates said for years that a combination of high HSBC interest rates, questionable payment processing and troubled merchants is a bad combination for customers and credit card holders. Add Storehouse to HSBC’s list of merchants, also known as troubled companies that need every dime of ill-gotten gains ot stay in …

HSBC Foreclosure Encourages Murder

Jacksonville Area Legal Aid is calling for “troops” from the legal and business communities to help combat the rising rates of foreclosure and murder in Jacksonville. “Where there is murder, there are higher rates of foreclosure,” said Michael Figgins, executive director of JALA. “The cost of abusive mortgage lending is killing us. We know how …

Challenges mount against HSBC refund-anticipation loans

Most sued and former executive of HSBC and CEO of predatory lender Household International William F. Aldinger III once boasted that his company ‘invented tax refund loans’ – and they are proud of it. Household, and later HSBC, partnered with H&R Block. H&R Block CEO Mark Ernst appeared eager to turn the page on a …