Items Tagged with 'force-placed insurance'
CFPB enforces 5 standards. Know them.
March 18, 2014
Force-placed insurance is a controversial subject. It pulls big players such as Bank of America into big fights. While it is a necessary function in many instances, the charge for the service often draws ire. Follow these rules to avoid getting sucked into a fight.Read More
February 17, 2014
Bank of America and HSBC Holdings Plc agreed to settle lawsuits concerning property insurance that borrowers were forced to accept after homeowners alleged that the banks got a financial windfall by cutting deals with insurance companies and over-charging borrowers for the coverage.Read More
Limitation of practices may squeeze lenders, taxpayers
November 5, 2013
The Federal Housing Finance Agency is directing Fannie Mae and Freddie Mac to restrict forced-placed insurance practices, which is a follow up from a notice the agency published in March regarding its views on such practices.Read More
September 20, 2013
Months after reaching settlements totaling more than $24 million with insurers accused of providing improper commissions to banks, New York is taking action and proposing a new set of tough rules to curb kickbacks in the force-placed insurance market.Read More
Homeowners suing BofA over forced-placed insurance want class-action status
August 12, 2013
Borrowers claiming harm from force-placed insurance want class-action status in their suit against Bank of America.Read More