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Flash back to August 2005, when this was said: “Tom Detelich, president of North American consumer lending at HSBC Corp., says another source of fuel for subprime lending is the rise of computerized risk-pricing, so that factors beyond debt and income, such as type of employment and number of years at a job, are used to assess the likelihood that a borrower will repay a loan. “We are seeing better pricing for the same level of risk,” he says. “Customers that may have been on the sidelines can now buy a home. That is absolutely a good thing.”"
Type of employment and number of years at a job? What kind of profiling is that?
This article, Tom Detelich 2005, revisited, 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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