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Many have the same opinion about HSBC Finance Corporation / Household International. Cases and complaints are similar:
Reilly urges consumers to avoid Ameriquest
AG: Firm persists in unfair practices despite accords
By Kimberly Blanton, Globe Staff | January 24, 2006
Disclosing the details of a $325 million settlement between Ameriquest Mortgage Co. and 49 states, Massachusetts Attorney General Thomas F. Reilly advised consumers to avoid doing business with the California mortgage company. Reilly, who is running for governor, said Ameriquest’s unfair lending practices have persisted despite several regulatory actions against the company during the past decade. The current settlement, if approved by the courts, would be the fourth agreement that Ameriquest has entered into since 1996 over its lending practices. ”This is a very bad company engaged in despicable practices,” by failing to disclose it was extracting high fees from customers’ home equity when it refinanced their home loans, Reilly said at a press conference yesterday. Reilly’s conference coincided with others around the country describing the agreement with 49 states and the District of Columbia in which the mortgage company said it would overhaul its lending practices.
”They have been doing it a long, long time,” he said. ”I would personally have nothing to do with this company.”
Almost immediately, questions were raised as to why the settlement does not cover ACC’s subsidiary which made the most high-cost loans in 2004, Argent Mortgage.
This article, AG’s Opinion Echos Same For HSBC Finance Corp, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories 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.
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