Largest US subprime lender is a foreign bank

Who is the biggest subprime lender in America? It is not an American bank. It is HSBC, which is headquartered in London. HSBC stands for Hong Kong Shanghai Bank Corp. HSBC was quick to appeal the initial bailout proposal that banks must be US-based. HSBC is also eligible for the UK bailout. Here is how they ranked since the summer of 2007:

Q2 2008 – Number one, called HSBC Consumer Lending
Q1 2008 – Number three, called HSBC Consumer Lending
Q4 2007 – Number four, called HSBC Consumer Lending
Q3 2007 – Sixth place, called HSBC Finance
Q2 2007 – third place, called HSBC Finance

Now you know the history. Predatory lender Household International was purchased by HSBC in 2003. The division was named HSBC Finance. Now they are renamed again as HSBC Consumer Lending. And HSBC is the largest subprime lender in the United States.

See the NMN reference here