Law360, New York (November 09, 2011, 2:43 PM ET) -- A New York homeowner launched a putative class action Monday accusing Bank of America NA of forcing her to buy more hazard insurance than was required by her mortgage agreement or federal law.
Marla Lugo alleges that when she ran into financial difficulty in 2008 and her home insurance coverage lapsed, BofA subsidiary BAC Home Loans Servicing LP began charging her for costly hazard insurance through Balboa Insurance Co., another subsidiary of BofA. This so-called force-placed insurance policy cost Lugo nearly three times as much as...
BofA Forced Excessive Policies On Homeowners: Suit
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