The banks are jacking Americans every single chance they get. There really is no holding them back. No self-imposed restraint and not a single elected or government official that is standing up to protect consumers. At some point in time, the cumulative effect of all the abuses will build up and Americans will finally rise up against the tyranny….until then the American people will continue to take gut punches at every single corner….And this story comes from American Banker Magazine…..read on:
The first time Luis Juarez heard of force-placed insurance was when he received a $25,000 bill for it in the mail.
A Florida doctor and homeowner, Juarez had been dropped by his previous insurer over a roofing issue. Though that lapse violated his obligation under the mortgage to maintain coverage on the property, he was current on his loan payments and heard nothing from the servicer Wells Fargo & Co. for more than a year.
Then on May 10, 2010, Juarez got a note from QBE Specialty Insurance, a partner of Wells. It said that QBE was retroactively charging him $25,000 for a policy that had expired two months earlier, according to court filings.
Neither the price tag “” nearly quadruple his original policy’s rate, according to court papers “” nor the expired status of the QBE policy were a mistake.