JustaTexan Posted November 22, 2008 Report Share Posted November 22, 2008 Okay so this isn't really off-topic but didn't know where else to put it. Has anybody else noticed that we aren't hearing much about the subprime banks failing? HSBC, Credit one, Merrick, etc.......... It's all the prime banks that are failing and that are also cutting limits left and right. Or maybe we just don't hear about it as much because they are smaller? Maybe it's a stupid question but it just occured to me so I thought I would share. Quote Link to comment Share on other sites More sharing options...
Goldbug Posted November 22, 2008 Report Share Posted November 22, 2008 Good question DEANNATX. I suspect, without looking too deeply into this, that the sub prime companies are owned by the prime companies. Probably they are the part that's actually making money, considering the interest rates they charge.Just my opinion, of course. Quote Link to comment Share on other sites More sharing options...
JustaTexan Posted November 22, 2008 Author Report Share Posted November 22, 2008 Hmmm I hadn't thought of it that way. Anybody also notice the sub-primes aren't handing out CLD's like the primes are? Wouldn't the people who qualified for the sub prime, (as opposed to the prime), be more likely to default? Quote Link to comment Share on other sites More sharing options...
reverserguru Posted November 22, 2008 Report Share Posted November 22, 2008 HSBC just offered me 9G today and I'm almost bankrupt. I would be tempted but I think there is a 6 month rule that I may not want working against me. Quote Link to comment Share on other sites More sharing options...
JustaTexan Posted November 22, 2008 Author Report Share Posted November 22, 2008 HSBC just offered me 9G today and I'm almost bankrupt. I would be tempted but I think there is a 6 month rule that I may not want working against me.This is what I'm talking about! I've been reading on this board this week how people who have had the same card for 10 years, or have A+++ credit, etc. can't get a loan, or CLI, or have had cards or accounts canceled. But HSBC is still apparently chugging along. I have pretty much all subprime cards and subprime scores to match and have not received a CLD yet. But people with prime cards and prime scores have. Quote Link to comment Share on other sites More sharing options...
reverserguru Posted November 22, 2008 Report Share Posted November 22, 2008 I used to covet chase and BOA, now I have them both, I hate both of them. HSBC has treated me much more fairly all things considered. Quote Link to comment Share on other sites More sharing options...
jq26 Posted November 22, 2008 Report Share Posted November 22, 2008 HSBC:http://finance.yahoo.com/q/bc?s=HBC&t=1y&l=off&z=l&q=l&chttp://www.hsbc.com/1/2/investor-relations/share-price Quote Link to comment Share on other sites More sharing options...
JustaTexan Posted November 23, 2008 Author Report Share Posted November 23, 2008 So HSBC is also not doing well? I was just using them as example though. Are we about to see alot of the subprime fail as well? Quote Link to comment Share on other sites More sharing options...
jq26 Posted November 23, 2008 Report Share Posted November 23, 2008 HSBC has lost half its value in the past 6 weeks. In addition, they are a UK bank, and the UK is behind the US in the downcycle. So Merrick bank...owned by Cardworks which is owned by CompuCredit (symbol CCRT): they are on the brink of FDIC takeover. From $50 to under $3 in 18 months. Down 94%. http://finance.yahoo.com/q/bc?s=CCRT&t=2y&l=off&z=l&q=l&c= Quote Link to comment Share on other sites More sharing options...
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