The state financial regulator in New York is currently conducting an inquiry regarding the possible overcharging of customers for force-place insurance, into large organizations such as Citigroup Inc. and Bank of America Corp. The focus of the probe is the service known as force-place insurance, which requires the a loan provider to purchase an insurance policy in the circumstance that a homeowner is unable to maintain insurance premiums on the property. According to industry experts, this practice is becoming increasingly common. The probe is being conducted by the office of…
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Bank of America sells off Balboa Insurance
In order for the Bank of America to recover from the global credit crisis… It decided to divest to the QBE Insurance of Australia its Balboa Insurance, totaling to at least $700 million. This is the company’s most recent asset that was sold off, after selling the stakes BlackRock and China Construction Bank last year. These previous sales were done in an effort to repay the government bailout aids – adding them to the list of banks that made good on their debt. QBE is the largest insurance company in Australia, and after…
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