Feds Back BofA In Forced Flood Insurance Appeal

Law360, New York (January 3, 2013, 4:29 PM EST) -- The federal government on Wednesday said the First Circuit misinterpreted its requirements for flood insurance for mortgages when it reopened a putative class action alleging Bank of America NA's force-placed insurance practices violated mortgage contracts.

In an amicus brief filed with the appellate panel, the government said the U.S. Department of Housing and Urban Development allows lenders issuing Federal Housing Administration-backed mortgages to force borrowers to take out private, supplemental flood insurance on top of the $250,000 insurance policies provided under the National Flood Insurance Program....
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