New York Regulator Probing Banks, Insurers on Forced Home Insurance Policies — Sources

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New York Regulator Probing Banks, Insurers on Forced Home Insurance Policies — Sources

New York Regulator Probing Banks, Insurers on Forced Home Insurance Policies — Sources

Keep digging down the rat hole and you’ll eventually get to the bottom of the Pyramid aka Ponzi!

American Banker-

New York’s Department of Financial Services has been probing banks and insurance companies for allegedly obtaining excessive profits on homeowners’ policies that they force borrowers to pay for when their insurance lapses, said people familiar with the matter.

Superintendent Benjamin M. Lawsky in the fall of 2011 dispatched formal letters to insurers and subpoenas to insurance agents and insurance brokerages run by several large banks to gather information on their practices, the people said.

[AMERICAN BANKER]

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2 Responses to “New York Regulator Probing Banks, Insurers on Forced Home Insurance Policies — Sources”

  1. jayjay says:

    I was forced to pay for a $1,000.00 insurance policy for the Title Company, if I wanted the loan. Funny thing…when I called to ask for a copy of the Policy the Manager told me no such policy had ever existed. It was listed on the Settlement Statement – right there: Borrower paid $1,000 for their insurance policy. This was in California. That is only of the many predatory things I had in my loans.

  2. Msgtm1 says:

    My senior parents were paying Allstate Ins approx $630 every 6 months (automatic payments through B of A)for homeowners insurance. A stepdaughter closed the accounts (a whole nother story) which caused an overdraft. B of A then charged my 78yr old mother $11,877.00 for 1yr of coverage! Talk about elder abuse…and they get away with it!

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