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Banks’ Cozy Relationship With Insurers Leads To Overpriced Insurance

Banks’ Cozy Relationship With Insurers Leads To Overpriced Insurance

Banks’ Cozy Relationship With Insurers Leads To Overpriced Insurance
News from Huffington Post:

By Cora Currier
ProPublica

A class-action lawsuit in Florida that moved forward this week highlights a little-appreciated aspect of the housing market the cozy relationship between banks and insurance companies that often results in overpriced home insurance for already struggling borrowers.

As American Banker reported, a federal judge in Miami on Tuesday opened the door to a class action against Wells Fargo. More than 20,000 Florida homeowners can now sue Wells Fargo and an insurance company, QBE, for allegedly overcharging for insurance. More than $ 50 million in insurance premiums are at issue, according to American Banker.

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