LYCOS RETRIEVER 
Household Finance
built 660 days ago
In a landmark settlement that will set new standards for the lending industry, mortgage lender Household Finance has agreed with government regulators from Michigan and 19 other states to change its lending practices. Household ... agreed to pay up to $484 million to consumers nationally – approximately $14 million total to 10,000 Michigan consumers – for alleged unfair and deceptive lending practices in the “subprime” lending market over the past four years. The pending national restitution amount is believed to be the largest ever in a state or federal consumer case.
Source:
The Household Finance multi-state investigation focused on an apparent pattern of complaints from borrowers claiming to have been misled into agreeing to home loans with far different and much more expensive terms than had been promised initially. The alleged deception concerns consumer loans from January 1, 1999 to September 30, 2002. The state attorneys general and banking regulators focused on Household’s practices of failing to properly inform consumers of loan costs and insurance premiums built into their loans. The attorneys general were ... concerned about the pattern of consumer complaints revealing that borrowers were led to believe they were receiving interests rates of about 7 or 8% when, in fact, they were actually charged nearly twice that rate. Borrowers also complained that they were charged prepayment penalties that were not clearly disclosed. The attorneys general alleged that Household Finance violated state consumer protection, consumer credit, and other lending laws.
Source:
The Household Finance Corp., the descendant of a business founded in the late 1870s by Frank Mackey, moved from Minneapolis-St. Paul to Chicago in 1894. In 1905, Mackey's company added to its pioneering efforts in the field of consumer credit by introducing installment payment systems. By 1908, it had several dozen offices nationwide, with total loan accounts of $1.5 million. The Household Finance Corp. came into being in 1925 when Mackey merged 33 of his company's branch offices across the country into a single entity. At the end of the 1920s, Household Finance ranked as the largest personal finance company in the United States, with about $30 million in loans to tens of thousands of people.
Source:
Household Finance... a division of HSBC, can provide Personal Loans instead of an Auto Loan. Loans are available in amounts ranging from $1,500 to $10,000. These are true cash signature loans with no collateral required. The loan payoff terms can range anywhere from 1-5 years. Household Finance specializes in solutions for hard-working people so even if your credit is less than perfect, they may still be able to help.
Source:
Reputed retail companies in partnership with leading household finance companies offer flexible financing options with store-branded credit cards. The additional benefits available include low monthly installments, special offers, as well as online bill payment facilities.
Source:
Milwaukee, Wisconsin --June 7, 2001-- David M. Marks, Managing Director, Phoenix Investors, LLC (“Phoenix Investors”) announced that Household Finance renewed its tenancy of Centro Plaza, Lincoln, Nebraska. Centro Plaza is a neighborhood shopping center located in central Lincoln, Nebraska.
Source:
MORE ABOUT
Household Finance