Two former Wells Fargo subprime-loan officers say bank employees targeted predominantly black ZIP codes and churches and deceptively steered prime borrowers into subprime loans. Selling the most profitable product is, by itself, not a crime. Mortgage brokers across the United States did the same thing.
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The Federal Deposit Insurance Corp. said late Thursday it will not pay any more money to people who had deposits with IndyMac Bank above the FDIC insurance limits in effect when the bank was seized last year.
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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.
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We receive input from many of you and we are wondering about Saxon Mortgage once again. It seems insurance companies bill Saxon well ahead of time, but 30 days later Saxon sends letters to the homeowner. The letters say that hazard insurance has not been paid. Yes, there may be a transition as Saxon becomes the servicer for other banks. Many realtors, however, tell us that Saxon has other issues.
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Who is that biggest subprime lender in America? It is not an American bank. It is HSBC, which is headquartered in London. HSBC stands for Hong Kong Shanghai Bank Corp. HSBC was quick to appeal the initial bailout proposal that banks must be US-based. HSBC is also eligible for the UK bailout. Here is how they ranked since the summer of 2007:
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