N.Y.'s Top Finance Regulator Goes After 'Force-Placed' Homeowners Policies

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N.Y.’s Top Finance Regulator Goes After ‘Force-Placed’ Homeowners Policies

N.Y.’s Top Finance Regulator Goes After ‘Force-Placed’ Homeowners Policies

Lets see how well Mr. Lawsky does with this.


WSJ-

New York’s top financial regulator turned up the heat on banks and insurers that sell homeowners policies to struggling borrowers, accusing them of an “intricate web of relationships” that pushes distressed families “over the foreclosure cliff” and also hurts mortgage-bond investors.

New York Department of Financial Services Superintendent Benjamin M. Lawsky’s harsh words opened three days of hearings into whether banks have overcharged consumers for the policies while earning fat profits “for what appears to be very little work,” as he put it Thursday.

The hearings focus on “force-placed” policies. Homeowners with mortgages are generally required to carry homeowner policies …

[WALL STREET JOURNAL]

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