California Commissioner Dave Jones has ordered an investigation into recent allegations that Wells Fargo and National General Insurance improperly charged consumers for “force-placed” auto insurance for consumers who had auto loans with Wells Fargo. Wells Fargo in a July 27 …
Massachusetts Attorney General Maura Healey said national mortgage lender and servicer HSBC has agreed to pay $4 million to resolve allegations involving force-placed insurance practices. The settlement resolves allegations that HSBC received commissions and other “kickbacks” relating to force-placed insurance …
The Federal Housing Finance Agency has yet to deliver on changes to a controversial type of homeowners’ insurance even as its director told the Senate Banking Committee last week that it’s making progress. So-called force-placed insurance, which banks buy to …
Five federal regulatory agencies are seeking comment on a proposed rule pertaining to loans secured by property located in special flood hazard areas. The rule, part of a broader proposal first offeerd last October, would implement provisions of the Homeowner …
New York’s banking regulator asked Ocwen Financial Corp. for information about an insurance agreement that it says may be designed to funnel fees to an affiliate for minimal work. Benjamin Lawsky, the superintendent of the Department of Financial Services, is …
HSBC Holdings Plc and Wells Fargo & Co. agreed to settle lawsuits by mortgage holders who alleged they were forced to pay for property insurance at inflated rates. HSBC will pay as much as $32 million to resolve the claims, …
A U.S. judge approved a settlement Friday of a class-action lawsuit against JPMorgan Chase for its force-placed insurance practices, an agreement that could pay more than $300 million to about 750,000 mortgage borrowers. The national settlement prohibits the bank for …
Citigroup Inc. has agreed to pay $110 million to thousands of homeowners who were forcibly charged expensive property insurance premiums, a court filing showed, as several U.S. banks and insurers were criticized by regulators over such practices. The class-action lawsuit …
New York State officials today proposed a comprehensive set of rules to reform the “force-placed” — also known as “lender-placed” or “creditor-placed” — insurance industry in the state. The New York Department of Financial Services (DFS) said the regulations will …
JPMorgan Chase & Co and a major insurer have agreed to a $300 million settlement to resolve accusations that they forced homeowners into over-priced property insurance and entered into kickback arrangements that inflated the policies’ prices. The lawsuit being settled …
