Force-Placed Insurance | "a silent killer harming both consumer and investors while enriching the banks and their affiliates."

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Force-Placed Insurance | “a silent killer harming both consumer and investors while enriching the banks and their affiliates.”

Force-Placed Insurance | “a silent killer harming both consumer and investors while enriching the banks and their affiliates.”

ONE of the richest and most secretive sources of profit in the mortgage business is coming under scrutiny.

It’s about time.

 Gretchen Morgenson-

Investigators are training their sights on a type of hazard insurance policy known as force-placed insurance, a type of policy that has driven up costs for homeowners and pushed some into foreclosure. People who buy certain mortgage securities may be getting hurt, too.

Benjamin M. Lawsky, the superintendent of the New York State Department of Financial Services, is investigating institutions that underwrite and sell force-placed insurance. Last fall, his office began sending subpoenas to insurance agents and brokers. Requests for information also went out to insurance companies that write such policies.

[NEW YORK TIMES]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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