HSBC, BofA Reach Forced-Insurance Accords, Lawyers Say

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HSBC, BofA Reach Forced-Insurance Accords, Lawyers Say

HSBC, BofA Reach Forced-Insurance Accords, Lawyers Say

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Bloomberg-

Bank of America Corp. and HSBC Holdings Plc (HSBA) agreed to settle lawsuits brought over property insurance that borrowers were forced to accept, lawyers for the homeowners said at a federal court hearing in Miami.

The lawyers told U.S. District Judge Federico Moreno today about the settlements without disclosing more details. The deals follow an earlier $300 million agreement with JPMorgan Chase & Co. and a $110 million settlement with Citigroup Inc. (C) on the same issue.

So-called force-placed insurance is taken out on homes by banks or mortgage servicers when, for example, a homeowner’s policy lapses or the bank decides the borrower doesn’t have enough coverage. The homeowners alleged that the banks got a financial windfall by cutting deals with insurance companies and over-charging borrowers for the coverage.

[BLOOMBERG]

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2 Responses to “HSBC, BofA Reach Forced-Insurance Accords, Lawyers Say”

  1. keepon says:

    “HSBC, Bofa Reached Forced Insurance Accords” AGAIN?! Did they not read their previous “accords” in previously signed consent orders, deferred prosecution agreements. They promissed never to do the ‘nasty’ eh-ver again, or it’s orange jumpsuit time?! …but who’s keeping count? Not Eric, and Lanny’s doing defense work now.

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