The ghost of Household International is dead

As mortgage blues continue, one more lender is gone from the American landscape. That lender is HSBC Finance, formerly known as predatory lender Household International. Household was sold to HSBC in 2003, following Household’s $484 million predatory lending settlement. After HSBC purchased the company the name was changed to HSBC Finance Corp., but little if …

HSBC Chairman Stephen Green calls Household International a disaster

Stephen green made a presentation to analysts on Friday, 23 November. For the first time Green admitted that Household International had been an essentially disastrous acquisition for HSBC, that not all other diversifications had been successful, and that total shareholder return had underperformed peers. Household International is now called HSBC Finance, and HSBC previously said …

Lawmakers and subprime – a joke again this time?

U.S. lawmakers tried it in 2002. They tried it again in 2005, but some like Bob Ney of Ohio went to prison instead. Now they are trying it again. The most comprehensive legislative response to the subprime crisis emerged on Thursday as the House of Representatives passed a bipartisan bill imposing liability on companies that …

Expect HFC, Beneficial Finance Closings as HSBC Cuts Back

Analysts at Household – HSBC Watch think HSBC learned from the recent subprime crisis, regardless of what they tell Knight Vinke and other activists. After studying HSBC and Household International for many years Household – HSBC Watch thinks HSBC will make a move soon. Changes must look like they are HSBC’s idea, not forced by …