Comments on: Does exposure to subprime risk make HSBC execs sick? http://www.footnoted.org/perk-city/does-exposure-to-subprime-risk-make-hsbc-execs-sick/ Michelle Leder's guide to what's hiding in SEC filings Mon, 08 Sep 2008 04:18:46 +0000 http://wordpress.org/?v=2.6.1 By: Curtis Frazier http://www.footnoted.org/perk-city/does-exposure-to-subprime-risk-make-hsbc-execs-sick/#comment-4754 Curtis Frazier Wed, 19 Mar 2008 16:46:09 +0000 http://www.footnoted.org/perk-city/does-exposure-to-subprime-risk-make-hsbc-execs-sick/#comment-4754 This clearly shows a total lack of concern with regards to customers and homeowners. HSBC was a large factor in creating the sub prime mess. The Household/HSBC frame of mind was to get out and shaft as many customers as possiable. It has in many respects skirted US lending laws, purchased mortgages from smaller mortgage lenders and brokers that were either written knowing the customers would be unable to pay or that the loans failed to meet minimum federal requirements, failed to comply with TILA, RESPA and HOPA rules. Now that the FBI is begining to look at these companies, it is hoped that not only will someone go to jail, but many homeowners will be able to save their homes from these crooks. HSBC has a very poor record of customer service, lies, makes broken deals with customers, flauts US laws and the CEO even had the nerve to make the following statement. “…This company is a British owned company and the head of the company made the statement that how he runs his company is his business. He is not afraid of the FBI, Attorney Generals, American Courts, etc. and he will continue to operate as he pleases in our country and there is nothing they can do about it” THis statment coupled with the corporate greed of american executives reaping untold benifits at the expense of the american consumer and homeowners needs to be tared and feathered and then sent packing or to jail. I hope that any customers that have information regarding this company contact the FBI and assist in bring this company down. With regards to HSBC it is time that we americans have another tea party. This clearly shows a total lack of concern with regards to customers and homeowners. HSBC was a large factor in creating the sub prime mess. The Household/HSBC frame of mind was to get out and shaft as many customers as possiable. It has in many respects skirted US lending laws, purchased mortgages from smaller mortgage lenders and brokers that were either written knowing the customers would be unable to pay or that the loans failed to meet minimum federal requirements, failed to comply with TILA, RESPA and HOPA rules.

Now that the FBI is begining to look at these companies, it is hoped that not only will someone go to jail, but many homeowners will be able to save their homes from these crooks. HSBC has a very poor record of customer service, lies, makes broken deals with customers, flauts US laws and the CEO even had the nerve to make the following statement.

“…This company is a British owned company and the head of the company made the statement that how he runs his company is his business. He is not afraid of the FBI, Attorney Generals, American Courts, etc. and he will continue to operate as he pleases in our country and there is nothing they can do about it”

THis statment coupled with the corporate greed of american executives reaping untold benifits at the expense of the american consumer and homeowners needs to be tared and feathered and then sent packing or to jail. I hope that any customers that have information regarding this company contact the FBI and assist in bring this company down. With regards to HSBC it is time that we americans have another tea party.

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