Market shift: HSBC offloads huge REO portfolio to Altisource

How to get a mortgage right now, even with bad credit

HUD, FHA programs abound for those hit by the recession

America’s housing not ready for ever-expanding over-50 population

Harvard/AARP Study: Housing lacks accessibility for boomers
W S
Lending / The Ticker

Bank of America, HSBC Holdings settle forced-insurance lawsuits

legal steps
/ Print / Reprints /
| Share More
/ Text Size+

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
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus