Two Forced-Place Insurance Suits Settled

, Daily Business Review

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Three new settlements have been reached in forced-placed insurance lawsuits against major mortgage lenders and servicers in Miami federal court.

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    Forced placement of insurance with a kick-back to the bank is outright stealing and unconscionable. It is one thing to charge an administration fee for having to obtain the insurance, it is a whole other matter that the insurance is sometimes ten times the market amount plus a fee back to the bank. This is one example why the public hates banks.

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