As the subprime market declines and loan losses mount, third parrty mortgage brokers are having a tough time of it. Like many realtors, mortgage brokers are unemployed but don’t know it yet. Fired by companies that once funded them, mortgage brokers are casualties of risk management. Lenders like HSBC and Wells Fargo can control risk if the potential borrower walks in to a brick and mortar location.
Further proof that the John Bond – William Aldinger Household International deal of almost five years ago was a stinker is about to slap HSBC hard. Left to there own predatory devices Household International would have gone bankrupt in 2003. As proof of how bad Household International was, it took most other subprime lenders until 2007 to go bankrupt. But HSBC rescued Household International. Look for sharehold lawsuits against HSBC in 2007 – 2008, as legal experts prove HSBC did not perform due diligence prior to the purchase.
One complaint to Household – HSBC Watch simply said “My interest rate was suddenly increased over the last 6 months. Also my bill indicates a late payment when all of my payments have been on time.”
As a reminder to our web visitors that have not subscribed or bookmarked it yet you can view HSBC customer complaints easily. Just try the link and you will see one of the hottest Household – HSBC network feeds. It’s browser friendly so a click of the mouse is all you need. HSBC customer complaints also shows you what to avoid and how real people are treated. You are invited to comment on any of the horror stories shown.
In Sri Lanka HSBC credit card customers are far ahead of those in the United States. When one reads our “Live Complaints” section you see that Americans who have store credit cards cannot pay their bill at the store. A store credit card is, for instance, a Best Buy or Menards or Costco credit card. Apparently HSBC Finance – the old predatory Household International – makes too much money from “late payments” that are not really late.