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State AG’s talk to HSBC Finance again

Written on October 10th, 2008 in 2007 HSBC

This time state attorney’s general are asking HSBC Finance for something other than evidence of predatory lending. They are asking for help. What will be the result if requests are ignored? History shows that HSBC Finance was Household International, which was purchased by HSBC in 2003. Prior to that Household was sued by AG’s in almost every state. The allegations were predatory lending, and Household settled for $484 million.

The states are asking lenders to create systems to fast track changes for distressed mortgage holders. Those lenders include Wells Fargo Home Mortgage, Morgan Stanley Home Loans, HSBC Finance Corp., JPMorgan Chase & Co., Citigroup and American Home Mortgage Servicing Inc. The states cite protocols set up by Countrywide Financial after its merger with Bank of America as an industry example.

Does this sound sweet and rosy, like it might work? You tell me. Here is evidence to the contrary. DW in Iowa said: “We will be losing our house in a couple of weeks to HSBC. To sum it up. I had to give up my job. HSBC, who says that they are willing to work with people, refused our hardship case. Turned around raised our mortgage payments and then refused another hardship letter. They do not work with people or care about the people who put food on their table so that they can party it up while we get to live God knows where.”

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HSBC retirement issue goes global as anger builds

Written on April 17th, 2009 in HSBC Global

A report from our Live Help team shows visitors from all over the world read about the 31-year HFC employee dismissed by HSBC without retirement. ( see it here ) In fact, the report was read by HSBC in London and Hong Kong. If you recall the woman was seventeen days away from retirement after thirty-one years of service. HSBC dismissed the employee just seventeen days from her fiftieth birthday, thus she did not qualify for retirement.

Why didn’t HSBC change her job title or keep her on as an account executive, or even as a secretary? Obviously public outcry and bad publicity is going to offset any “benefit” to HSBC. To HSBC in London and Hong Kong I say this:

You saw the report. HSBC in London and Hong Kong visit this website every day. You read everything. Our logs indicate HSBC USA and Household International servers (HSBC Finance Corp) also visited and read the report. What are you going to do about it? Douglas Flint – are you going to step in? Michael Geohegan and Steven Green – is there a satisfactory resolution in this matter?

What will the board of directors think? Should everyone under the age of fifty worry about their retirement from HSBC? What about Gulliver, Stuart, Chief Executive – Global Banking and Markets and HSBC Global Asset Management, Executive Director. Stuart is only 49 years old.

After thirty-one years of faithful service no employee of any company should lose their retirement thirteen days before retirement. It is time for HSBC to correct this travesty.

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Saxon Mortgage Services Gets A New Watchdog

Written on January 07th, 2009 in 2007 HSBC

Perhaps there is a mortgage servicer that likes to call homeowners more than HSBC does. Saxon Mortgage Services Inc, a company rated as a perfect failure – F-rating – by the Fort Worth BBB, and similarly rated by many homeowners, is getting a new watchdog and consumer advocacy group to watch their misguided antics. [...]

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Priority mail evidence gathering for HSBC mailed payments

Written on December 19th, 2008 in 2007 HSBC

I propose a new initiative for HSBC customers, for the months of January, February, and March 2009. I call the initiative “Guidelines for paying HSBC in 2009” and it involves how to send your payments to HSBC in 2009 using priority mail and delivery confirmation. Please read this carefully and entirely!
First and foremost [...]

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William F. (Bill) Aldinger takes a pounding at HSBC Watch

Written on October 10th, 2008 in 2007 HSBC

WK in Illinois said: “I have followed the entries on your website for several years and I can understand why HSBC customers and employees feel the way they do. I was employed at HSBC for 10 years in the HFC and Retail Services divisions of Household International which later became HSBC Finance. [...]

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Question about more layoffs at Beneficial and HFC

Written on October 10th, 2008 in 2007 HSBC

Editor’s Note: See latest reports on layoffs and reorganization here
JS in Maryland asks “Why havn’t there been any reports on here recently about more layoffs and Beneficial and HFC branch closings next week? We’ve heard another 100-200 by October 10th. Do any of your insiders have any other info? There are a lot [...]

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