The first complaint was published in this section of this website on July 16, 2007. The database for the previous section had grown so large that the move made sense.
As of today, December 14, 2009, there are 1,341 complaints in this section. More will be filed before the year is over.
HSBC closed down almost all of HSBC Finance, previously Household International, with the exception of their credit card business. The other businesses are in run-off mode.
Doing so did not slow down the number of complaints received by Household – HSBC Watch. After ten years there is no end in sight.
Add complaints in the previous section, plus our 2004, 2005, and 2006 databases, and the total number of complaints about HSBC and HSBC Finance is well over 4000.
Only one time did regulators take action in the last ten years. It was 2002 when Household International was charged with predatory lending. No regulatory action against HSBC ever took place. None!
Surely charges of regulators turning a blind eye to the buildup of the financial crisis can be verified and justified as a valid cause for concern.
Yes, HSBC Finance was not sustainable and HSBC lost over $45 billion. HSBC was never held accountable for over 4000 consumer complaints.