HSBC to halt all loans to the US!

[Mega]

http://www.reuters.com/article/newsO...5202AP20090301

Apart from some credit cards.
Mike

[GRG55]

Re: HSBC to halt all loans to the US!

http://www.reuters.com/article/newsO...5202AP20090301

Apart from some credit cards.
Mike

Sorry Mega, but HSBC is not halting all loans to the USA. It's reducing its lending in the USA.

[Mega]

Re: HSBC to halt all loans to the US!

Look, am a Time Lord..........THEY WILL BE HALTING ALL LOANS
Mike

[GRG55]

Re: HSBC to halt all loans to the US!

Look, am a Time Lord..........THEY WILL BE HALTING ALL LOANS
Mike

Just trying to honour the Queen's English, Mike...

Lord knows, Her Majesty needs all the help she can get, what with Charles and Gordon and all...;)

[Starving Steve]

Re: HSBC to halt all loans to the US!

If HSBC is halting all loans or most loans to the U.S, hallelujiah. Finally, there is a smart bank decision in the banking industry. Why are the other banks afraid to draw the line on lending, or maybe they will do so now?

Maybe this is like closing the barn door after the animals have run-off, but at least one bank is amending policy so no-more money is lost.

[blazespinnaker]

Re: HSBC to halt all loans to the US!

Hmmm, I have about 200k in an hsbc investing account here in Canada.

Should I pull it out? Is HSBC in trouble?

It's not a regular bank acct, so it's insured by some NGO 3rd party.

Hmmm..

[Starving Steve]

Re: HSBC to halt all loans to the US!

I plan to be moving money OUT of my brokerage firm in Victoria to the safety of a Canada Deposit Insurance Corporation guaranteed bank account that earns zero.

Starving Steve's rule #11: "Bernie Madoff made-off."
Starving Steve's rule #12: "Anything that could possibly happen, can happen."

Let the brokerage companies and derivative hot-shots get the message that the public is fed-up and scared-to-death, worldwide.

[jtabeb]

Re: HSBC to halt all loans to the US!

Let the brokerage companies and derivative hot-shots get the message that the public is fed-up and scared-to-death, worldwide.


I believe the linguistically correct term is "fuck the some'bitches"

V/R

JT

[GRG55]

Re: HSBC to halt all loans to the US!

If HSBC is halting all loans or most loans to the U.S, hallelujiah. Finally, there is a smart bank decision in the banking industry. Why are the other banks afraid to draw the line on lending, or maybe they will do so now?

Maybe this is like closing the barn door after the animals have run-off, but at least one bank is amending policy so no-more money is lost.

HSBC is reducing its loan exposure in the USA not because it is a "smart" bank, but because it's an idiot bank, much like Bank of America and so many others...

Here's a post from January on the subject:

Entirely predictable, even to the most casual of observers. What is dragging them down is the US unit HSBC Finance, which used to be called Household Finance/Household International before HSBC bought it in 2003. HSBC was the only bank stock I held in my portfolio for a long time, and I sold it all in January 2007 specifically because of HSBC's exposure to USA sub-prime through HSBC Finance.

"...HSBC Finance (formerly Household International) is the consumer lending arm of gigantic British bank HSBC Holdings. The company caters to middle-class clients in the US, with a focus on serving customers with less-than-stellar credit. Its offerings include home mortgages, automobile loans, and personal loans; the company's subprime mortgage lending business has about 1,000 offices in more than 45 states. HSBC Finance also issues Visa, MasterCard, American Express, and Discover credit cards, as well as private-label cards for third parties such as General Motors and the AFL-CIO. It also sells specialty insurance..."

What is interesting is that long after sub-prime mortgages blew up in the USA [in 2007] HSBC's US unit was still mailing out mass solitications offering sub-prime credit cards in early 2008. Simply unbelievable... :p

Smart bank? Hardly...

[Louie.G]

Re: HSBC to halt all loans to the US!

Hmmm, I have about 200k in an hsbc investing account here in Canada.

Should I pull it out? Is HSBC in trouble?

It's not a regular bank acct, so it's insured by some NGO 3rd party.

Hmmm..

They should be a sound bank worldwide as they cater to many of the asian wealthy. I have banked with them in NZ for 10 years and they sent D & B to audit my company before I could even open an account with them in NZ.

However, I have not been able to transfer funds internationally or domestically for about a week now. We log into their central database to access our accounts in the UK, NZ etc, but the system won't work for us anymore. They say it is because we use Mac OS, so tonight I went to a mates house and logged in on his Windows PC, using the software they suggested. Alas, I still can't transfer funds, and can't even access my last months transactions.

I am not saying they are in trouble, just that I am having some fun, but I am starting to wonder if all is as they say it is. I should know more tomorrow though. :confused:

[pksubs]

Re: HSBC to halt all loans to the US!

Look, am a Time Lord..........THEY WILL BE HALTING ALL LOANS
Mike

appears to be truth to this..

http://www.ft.com/cms/s/62f5a7e6-070...Fhome%2Feurope

Shares in HSBC tumbled on Monday after the bank launched a deeply discounted £12.5bn rights issue and outlined plans to close its struggling US consumer lending business.

[Slimprofits]

Re: HSBC to halt all loans to the US!

Truth to this? Three months ago I set to out to refinance the car loan.

HSBC is my originator, but at that point they were already not doing refis.

http://www.hsbcusa-autoloans.com/aut.../default.html#

Important notice to our customers

HSBC has made the decision to exit the Auto Finance business in the U.S.. As a result, HSBC Auto Finance will discontinue offering auto loans to its customers effective August 6, 2008.

However, HSBC Auto Finance will continue to service and collect on its existing portfolio of customers as their loans mature.

[globaleconomicollaps]

Re: HSBC to halt all loans to the US!

Look, am a Time Lord..........THEY WILL BE HALTING ALL LOANS
Mike

Time Lord?

[ASH]

Re: HSBC to halt all loans to the US!

Time Lord?

See Dr. Who.