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Bank of America, HSBC Holdings settle forced-insurance lawsuits

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According to Bloomberg, Bank of America (BAC) and HSBC Holdings Plc (HSBC) agreed to settle lawsuits concerning property insurance that borrowers were forced to accept.

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.

Source: Bloomberg
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