HSBC is donating (if that is the right word) money to help with foreclosure prevention. We view this announcement with reservation, since foreclosures and lack of response by HSBC are still reported by homeowners. However, Money Management International (MMI), a nonprofit credit and debt counseling and education agency, today announced the official launch of their foreclosure prevention program that started in July 2007. With receipt of its second $1 million grant from HSBC-North America, MMI is able to expand its Preserving Homeownership and Savings Education Strategy (PHASES) program.
HSBC Finance recently cut 214 jobs in Franklin Park and Elmhurst as its consumer lending unit moved its records administration duties from Illinois to Buffalo. About a third of the affected workers have been placed in alternative positions within HSBC, a spokeswoman said. As for HSBC’s credit card business, according to CBS News, HSBC (HBC) sent out 54% less direct mail advertisements. Judging by our complaints blog, that might be a good thing for unsuspecting consumers.
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: