- 田文浩裝置藝術展9/22 敦煌藝術展 9/27
- 全美總會線上講座 - 如何申請進入理想的大學 10/8
- Boston Asian American Film Festival preview party 10/5, festival 10/19-22
- 波克萊台商賞楓 10/28 新英格蘭玉山科協年會11/4
- 紐英倫作協講座 10/19
- 招聘 - BCNC, 武漢大學10/14, 波士頓市府10/19
- 崇德佛院 普賢講堂 慈濟
- 紐英崙中華專業人員協會40週年 10/28 GBCCA年會 2/10
- 醫藥 - HMS deciphering the genome 10/12 首屆世界針灸康養大會12/2-7
- 留美華人企業家聯合會年會10/7 Under 30 Summit 10/1-4
- BCIC - Fintech Roundtable Brainstorming Session 10/9 醫療科技路演 10/13
- ILF 國際領袖基金會
- ILF 國際領袖基金會 - ACE Next generation conference 8/18-20
- MIT ENERGY CLUB Mass Innovation Nights
- MIPIM 2017 - Real Estate Tech Trends from MIPIM
- 麻州州長動態 - Visits Marlborough High School’s Early College Program
- 羅德島州克蘭斯頓市長馮偉傑 Car Tax Bill
- City of Boston, Quincy, Malden, Greenway 昆市市長亞裔顧問委員會
- 牛頓市議員馬惠美- council meeting notes 10/1
- 波士頓市議會議長吳弭 (Michelle Wu ) - fundraiser for Puerto Rico 10/14
- Ben Chin (陳樂) for Mayor in Maine - Signs were stolen
- BIOVision/ Boston MedTech / Mass Life Sciences
- 華人參政 - 牛頓市候選人論壇10/15
- Plays - Lost Tempo 10/5 OLEANNA 10/14-11/5 Elemeno Pea 11/2-19 無名劇社 11/26
- 博物館 - Guggenheim, Harvard Art, Forbes House, China Institute
- 劍橋市素描餐廳 10/6 試新菜
- 李保華忠告年輕人 做個遠大的夢
- 【你的學歷，能幫助公司什麼…？】如果沒有這 7 個特質，你讀到台大也沒用！
- 朱学渊 - 陈建奇、郭晓敏：特朗普重塑全球的三大战略
- 作者專欄： 王世輝 - 看見台灣：向齊柏林致敬
- 台灣工程師的矽谷故事- 兩份文件，與嫁衣台灣
星期四, 2月 18, 2016
HSBC TO PAY $4 MILLION, REFUND HOMEOWNERS FOR ACCEPTING COMPENSATION TIED TO FORCE-PLACED INSURANCE
HSBC TO PAY $4 MILLION, REFUND HOMEOWNERS FOR ACCEPTING COMPENSATION TIED TO FORCE-PLACED INSURANCE Mortgage Servicer Will Provide More than $2.5 Million in Refunds to Thousands of Massachusetts Borrowers
BOSTON – National mortgage lender and servicer HSBC has agreed to pay $4 million to resolve allegations that it received commissions and other kickbacks relating to force-placed insurance policies that it procured for struggling Massachusetts homeowners, Attorney General Maura Healey announced today.
Under the assurance of discontinuance, filed today in Suffolk Superior Court, HSBC will provide $2.675 million in restitution to affected Massachusetts homeowners, and pay an additional $1.4 million to the Commonwealth. The settlement provides for refunds to thousands of Massachusetts borrowers who were improperly charged force-placed insurance premiums that included commissions or other payments to HSBC.
“Mortgage servicers should not enrich themselves through insurance products at the expense of struggling homeowners,” AG Healey said. “This agreement ensures that HSBC returns the money to Massachusetts consumers it received in violation of state laws.”
Force-placed insurance is property insurance that mortgage servicers obtain on behalf of homeowners when they believe homeowners have failed to maintain adequate homeowners insurance. Force-placement often occurs in circumstances in which a borrower has fallen behind on his or her mortgage payments and other bills.
Mortgage servicers like HSBC often rely on force-placed insurance companies to monitor whether borrowers have maintained adequate homeowners insurance coverage. When a borrower is believed to have failed to maintain appropriate coverage, the insurer issues a force-placed insurance policy and the mortgage servicer charges the premium for the policy to the homeowner. Premiums for these force-placed insurance policies are high, often as much as two- or three-times as expensive as voluntary insurance, and the coverage provided is limited.
Until June 1, 2012, HSBC received compensation that was tied to the force-placed insurance premiums charged to HSBC’s borrowers, which the AG’s Office alleges created an improper conflict of interest and violated state consumer protection laws.
An affiliate of HSBC was allegedly paid commissions by the insurance company Assurant, Inc. (Assurant) for the sale of the force-placed insurance policies despite the fact that HSBC’s affiliate did not perform any of the traditional functions of an insurance agent. HSBC also participated in Assurant’s quota-share reinsurance program, which enabled its affiliate to share in the profits of Assurant’s highly lucrative force-placed insurance business.
Under the terms of today’s settlement, HSBC agrees not to accept commissions, profit-sharing, or reinsurance proceeds or any free or below market value services from insurance carriers that it uses to write force-placed insurance policies on Massachusetts borrowers’ properties in connection with such policies.