Best Buy Stores and the HSBC Best Buy card

Many americans are glad credit card statements are easier to read. New credit card laws greatly diminished abuses by banks. One such offender was (is) HSBC and HSBC merchants. HSBC is the third-largest issuer of private label credit cards in the United States, including cards for more than 70 active merchant relationships, including Best Buy, …

Predatory lending went subprime, immoral, and reckless

President Barack Obama said the mortgage finance practices that led to the economic meltdown were “immoral, inappropriate and reckless,” but not necessarily illegal, making it difficult to punish key players, specifically in the subprime debacle. Obama said that in September of 2011 Obama’s statement reminds me of a lawsuit years ago against predatory lender Household …

RBS and HSBC package bad loans, sued in US

Documents released by the US Federal Housing Finance Agency (FHFA) claim that Royal Bank of Scotland (RBS) and HSBC retained the services of Clayton Holdings, a risk analysis specialist, to scrutinize loans before they were placed in bundles of mortgage-backed securities. According to the filings, reports from Clayton show that 18 percent of the mortgage …