Items Tagged with 'FORCED-PLACED INSURANCE'

ARTICLES

  • Appeals court revives class-action suit against Nationstar for redundant flood insurance

    Reverse mortgage borrower alleges "improper" insurance cost her thousands
    A federal appeals court in Florida overturned a previous ruling last week that will mean Nationstar will now have to face allegations from a reverse mortgage borrower that it violated Florida law by charging homeowners for unnecessary flood insurance. The ruling could unleash a wave of trouble for the servicer, who now must face the possibility that the class-action suit will bring other such stories to light.
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  • Class action lawsuit on forced-placed insurance for reverse mortgages gets green light

    Judge fails to dismiss suit against CIT Bank, Financial Freedom and 3 insurance companies
    A federal judge in New Jersey denied a motion to dismiss a class action lawsuit over force-placed insurance policies for reverse mortgage borrowers. The suit claims that CIT Bank, its former subsidiary Financial Freedom, and three insurance companies conspired to defraud borrowers by charging excessive fees for forced-placed insurance applied to their properties.
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