Settle …settle…settle!
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.
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“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.