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Released: May 22, 2012
N.Y. investigates insurer payments to banks
Source: Mary Williams Walsh, N.Y.Times (Paid Registration)
New York State regulators are investigating whether banks received improper payments from two insurance companies that write policies for financially troubled homeowners, as part of their examination of the unusual web of business relationships between the companies. The two insurers, Assurant and QBE Insurance, control about 90 percent of the market for coverage known as force-placed insurance, which mortgage lenders take out when borrowers stop making payments on their homeowners’ insurance.Read Full Article: N.Y. investigates insurer payments to banks
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