Lenders

Our children pay the high price of financial folly

Written by Timothy Blake on November 06, 2007 under Archives, Economic Impact, Editorial, Government Positions, Investors, Job Losses, Lenders, Mortgage Insurance, Opinion, Root Causes

President Clinton repealed the Glass-Steagall Act which had prevented the coupling of investment banking and lending. Following President Clinton, George W. Bush proved to be very pro-business, but at a high cost to the average consumer. Intelligent Americans realized consumer spending and risky lending practices would come with a very high price. The full impact was not felt by baby-boomers and those age 50 and over. Our children will pay the high price of folly for a long time.

$10 billion write downs for HSBC and Merrill Lynch?

Written by Timothy Blake on November 03, 2007 under Archives, Economic Impact, Investors, Lenders

Thus far write-downs in excess of $10 billion (USD) has been the playground of HSBC. Predictions, if they are correct, show HSBC will have some company in that lofty arena. Shares of Merrill Lynch & Co. fell almost 8% Friday in their biggest one-day decline since the aftermath of the Sept. 11, 2001 terrorist attacks, after Deutsche Bank downgraded its stock and predicted the Wall Street giant might have to write down as much as $10 billion in relation to the subprime mortgage crisis.

HSBC mortage and customer service questioned

Written by Timothy Blake on November 02, 2007 under Archives, Lenders, Your Answers

The bank with the largest subprime losses to date, HSBC, is the subject of customer input today. At the same time a spot check of HSBC credit card customer satisfaction shows a 77 percent disapproval rating. Watchdog organization Household – HSBC Watch, established in 1999, receives customer reports and publishes the reports after a brief editor review.

Subprime write-offs listed by bank

Written by Timothy Blake on October 29, 2007 under Analysis, Archives, Investors, Lenders

Here is a quick list of major banks in the United States and the amount of subprime bad debt write-offs associated with each, shown from most to least:

HSBC Finance third quarter said to look bad

Written by Timothy Blake on October 27, 2007 under Archives, Economic Impact, Lenders

UBS cut its pre-tax profit forecast for HSBC Finance, an HSBC unit previously known as Household International, by 1.2 billion US dollars, saying the unit’s third quarter 2007 results are “set to look bad”.

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