New York To Hold Hearings on Insurance for Lapsed Borrowers
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New York’s financial regulator has called for hearings to probe whether insurers’ rates are too high for mortgage borrowers who lapsed on their previous residential policies.
The Department of Financial Services has told 15 financial firms, including banks, mortgage servicers and insurers, to provide testimony, according to a statement today from Superintendent Benjamin Lawsky. The first hearing is scheduled for May 17 in Manhattan.