HSBC: Merry Christmas! But We Can Still Repossess Your Home HSBC’s Christmas cheer this year includes a Scrooge-like reminder of its power to repossess homes.
A sign posted in a branch location in central London thanked the more than 100,000 customers who “trusted us with your mortgages this year.” In slightly smaller font beneath the message, a warning reads: “Your home may be repossessed if you do not keep up repayments of your mortgage.”
James Ball, an editor at The Guardian newspaper, tweeted a photo of the sign, which also imparts a jolly “Season’s greetings” from the bank.
Lenders came under increased scrutiny in the U.K. in April after the Financial Conduct Authority -- the agency that regulates the City, Britain’s version of Wall Street -- passed new rules to ensure that borrowers get mortgages they can afford to pay back. By the bank's own estimate, the exhaustive interviews for a loan from HSBC now take more than 90 minutes.
The ominous line in HSBC’s holiday sign is likely a mandatory disclosure for advertising mortgages. Similar regulations exist in the U.S. A Federal Trade Commission rule requires all lenders and mortgage-assistance services disclose in these exact words: “If you stop paying your mortgage, you could lose your home and damage your credit rating.”
Neil Brazil, an HSBC spokesman, could not immediately comment on the sign.
A sign posted in a branch location in central London thanked the more than 100,000 customers who “trusted us with your mortgages this year.” In slightly smaller font beneath the message, a warning reads: “Your home may be repossessed if you do not keep up repayments of your mortgage.”
James Ball, an editor at The Guardian newspaper, tweeted a photo of the sign, which also imparts a jolly “Season’s greetings” from the bank.
Merry Christmas! Pay us or we'll take your home! http://ift.tt/12tkW7T
— James Ball (@jamesrbuk) December 10, 2014 Lenders came under increased scrutiny in the U.K. in April after the Financial Conduct Authority -- the agency that regulates the City, Britain’s version of Wall Street -- passed new rules to ensure that borrowers get mortgages they can afford to pay back. By the bank's own estimate, the exhaustive interviews for a loan from HSBC now take more than 90 minutes.
The ominous line in HSBC’s holiday sign is likely a mandatory disclosure for advertising mortgages. Similar regulations exist in the U.S. A Federal Trade Commission rule requires all lenders and mortgage-assistance services disclose in these exact words: “If you stop paying your mortgage, you could lose your home and damage your credit rating.”
Neil Brazil, an HSBC spokesman, could not immediately comment on the sign.
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