New York Probes Banks, Insurers on Home Policies

LIZ RAPPAPORT AND LESLIE SCISM The Wall Street Journal 01/10/2012 15:17

New York Probes Banks, Insurers on Home Policies - Business - law - New York

New York's Department of Financial Services has been probing banks and insurance companies for allegedly obtaining excessive fees on homeowners' policies that they force borrowers to pay for when their insurance lapses, said people familiar with the matter.

Superintendent Benjamin M. Lawsky in the fall of 2011 dispatched formal letters to insurers and subpoenas to insurance agents and insurance brokerages run by several large banks to gather information on their practices, the people said.

The concern is that banks are unfairly forcing borrowers to take on an overly expensive new policy, said the people.

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