HSBC in Mexican Drug Cartel Money Laundering Scheme

02/16/2016
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Well just when you think you’ve heard it all when it comes to the mortgage industry, HSBC apparently was helping Mexican drug lords do a little money laundering.

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9 thoughts on “HSBC in Mexican Drug Cartel Money Laundering Scheme”

  1. Keep the show short, Isn't that the same thing your dominatrix said to you?

  2. Here is the 4155 Chapter 5 Section B2 in regards to mattress money. Has anyone else been able to use cash as an acceptable source of down payment funds?

    4155.1 5.B.2.c Cash Saved at Home Borrowers who have saved cash at home, and are able to adequately demonstrate the ability to do so, are permitted to have this money included as an acceptable source of funds to close the mortgage. To include cash saved at home when assessing the borrower’s cash assets, the • money must be verified, whether deposited in a financial institution, or held by the escrow/title company, and • borrower must provide satisfactory evidence of the ability to accumulate such savings. Reference: For information on verifying cash saved at home, see HUD 4155.1 5.B.2.d.
    Chapter 5, Section B HUD 4155.1 5-B-6 2. Cash and Savings/Checking Accounts as Acceptable Sources of Funds, Continued 4155.1 5.B.2.d Verifying Cash Saved at Home To verify cash saved at home, the borrower must explain in writing • how the funds were accumulated, and • the amount of time it took to accumulate the funds. The lender must determine the reasonableness of the accumulation, based on the • time period during which the funds were saved, and • borrower’s income stream spending habits documented expenses, and history of using financial institutions. Note: Borrowers with checking and/or savings accounts are less likely to save money at home than individuals with no history of such accounts

  3. HSBC is the old Household Finance Corp of the 60-70's taking advantage of the public back then and now helping the drug lords…I never had much respect for HSBC

  4. Jerry Deex says:

    A black cat and news about KinkBNB? The show is heading in a different direction than I had imagined… HSBC was originally the Hong Kong Shanghai Banking Corporation, founded 150 years ago in Hong Kong. In 1991, they moved their HQs to London. For years, it has been reported that they laundered money, and now it’s official. Of course, US banking regulators didn’t take any action until all of the crimes became a distant memory. So much for pro-active regulation.

  5. Banks have always been whores for money. It's just how they operate.

  6. Pete Ogilvie says:

    Old news: HSBC paid $1.2 Billion to US authorities in 2012 for money laundering. And 38 million pounds to Swiss banks in 2015. Odds are HSBC is still at it.

  7. How come these crooks aren't in jail?

  8. Ali Alavi says:

    If this was done by little guys, everybody from the floor sweeper to the boss was in jail already. The big guys just pay the fine and keep on doing the same thing. Nobody from wall street ended in jail for market crash and they all got a better job and better pay somewhere else, but thousands of small mortgage shops went belly up and of thousands of loan officers lost their jobs and no one cared.

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