Law360, New York (March 09, 2012, 4:27 PM ET) -- HSBC Mortgage Corp. on Wednesday became the latest big-name lender hit with a putative class action claiming the company imposed expensive force-placed insurance on homeowners.
Georgia resident Christopher Maxwell accuses HSBC of procuring “exorbitantly priced” policies from New York-based Assurant Inc. and California-based subsidiary Tracksure Insurance Agency Inc., also named as defendants in the suit, and passing the costs along to him and similarly situated borrowers. Those costs, Maxwell claims, were four times the price of his original insurance policy and included a profit for HSBC....
HSBC Targeted In Force-Placed Insurance Class Action
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