I spent over 25 years working as an attorney representing large commercial real estate lenders. I have little experience in consumer protection issues, since I didn’t represent consumers or banks who dealt with consumers. I had forgotten that Household Finance, successor to Beneficial, had received the largest fine for predatory lending ever.

I cannot practice law over the internet or represent people in any way but I may be able to provide some expertise in complicated financing transactions – not that what did Household is complicated. Fraud, pure and simple.

Aside from being a real estate lawyer specializing in lending, I am a 5th generation lawyer and even before I went to law school was very well educated by my father on financial literacy. I knew enough not to sign a document I hadn’t read or to trust what someone told me rather than verify the statement independently.

Maybe it was always that case that borrowers knew nothing, signed whatever was thrust in front of their faces, listened to the brokers and didn’t understand what they were doing, but when I graduated from law school in 1978, there were fewer crooks.

Since there are so many fiscal idiots out there, I think that high schools should teach financial literacy. It is as important life skill as driving and some other “skills” taught in high school. It appears that parents are incapable of educating their children on how to protect themselves, so it’s up the the schools to do so.

HSBC Watch monitors HSBC customer trends for possible violations of Regulation Z and other possible illegal actions. We use your individual HSBC complaints and merchant complaint reports to perform trend analysis. We are not associated with HSBC, Household International, or their merchants. Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act. HSBC Watch was formerly known as Household Watch and is now part of the Lender Watch network.