Watchdog calls for coordinated mortgage complaint database

State Division of Banking offices examine the soundness and lending practices of licensed mortgage companies and are designed to prevent unscrupulous lenders and brokers from taking advantage of consumers. Watchdog organization Household – HSBC Watch called for a national database that would enable all states to coordinate data and perform trend analysis. “If an examiner …

Housing recession impacts cities, will hurt lenders

The housing recession will drive down property values by $1.2 trillion next year and slash tax revenue by more than $6.6 billion, according to a report issued today by the U.S. Conference of Mayors. The 361 largest U.S. cities will experience a combined loss of $166 billion in economic growth, led by $10.4 billion in …

Citigroup rumored to plan massive layoffs

US business television channel CNBC reports that people inside Citigroup, America’s largest financial services firm, say the firm hasn¬ít set a target number of cuts from its roughly 320,000 employees. But people with knowledge of the matter have described the pending job reductions as “massive” and “large.” In April, Citigroup cut nearly 5% of its …

HSBC Mum on SIVs Until Moodys Spoke

Does this sound odd to you? HSBC never mentioned anything about HSBC structured investment vehicles, or SIVs. However, in a report found here on Household – HSBC Watch on Thursday, November 8th, 2007 at 10:00 am, Moodys said that it would look at two of HSBC’s SIV’s (and three belonging to Citigroup.) By Monday, November …

Fieldstone Mortgage of Columbia Maryland files bankruptcy

Columbia Maryland based Fieldstone Mortgage Co. has filed for Chapter 11 bankruptcy protection. The company owes millions to Morgan Stanley, which has a $38.5 million claim, HSBC’s Household International Inc., with a $23.3 million claim, and Countrywide with a $10.4 million claim. The company says it cannot make new mortgages and has laid off most …