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Did you think HSBC Finance was gone, or exited the subprime market? HSBC has been quiet, but HSBC Finance is not gone. They are called HSBC Consumer Lending and they are still in Prospect Heights Illinois. As for subprime, according to National Mortgage News, in the second quarter of 2008 HSBC Consumer Lending was the largest — #1 — subprime lender in the United States. Here are the names and positions:
Q2 2008 – Number one, called HSBC Consumer Lending
Q1 2008 – Number three, called HSBC Consumer Lending
Q4 2007 – Number four, called HSBC Consumer Lending
Q3 2007 – Sixth place, called HSBC Finance
Q2 2007 – third place, called HSBC Finance
Now you know the history. Predatory lender Household International was purchased by HSBC in 2003. The division was named HSBC Finance. Now they are renamed again as HSBC Consumer Lending. And HSBC is the largestest subprime lender in the United States.
This article, HSBC Consumer Lending is largest subprime lender in America, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes
The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
