JAN 27, 2012 5:03pm ET

Under Interrogation

Law enforcement officials have issued subpoenas to the following companies as part of an investigation into the sale of force-placed insurance. Consumers who have outstanding loans for homes and other property are often required to buy force-placed coverage after allowing their own policies to lapse. Government officials suspect vendors may have gouged consumers in the sale of force-placed policies. Their main focus is mortgages, but investigators are also looking into auto and other types of force-placed loan coverage, according to a source familiar with the investigation.

Subpoenas to Mortgage Servicers

Citimortgage, Inc.
Ocwen Financial Corporation
Greenpoint Mortgage Funding, Inc.
HSBC Mortgage Services Inc.
Saxon Mortgage Services, Inc.
Morgan Stanley Mortgage Capital Holdings LLC
Residential Capital LLC
Residential Funding Company, LLC
Nationstar Mortgage LLC
Aurora Loan Services LLC
PennyMac Corp.
Select Portfolio Servicing, Inc.
Green Tree Servicing LLC
Emigrant Mortgage Company, Inc.
PHH Mortgage Corporation
Dovenmuehle Mortgage, Inc.
American Home Mortgage Servicing, Inc.
SunTrust Bank

Subpoenas to Insurers

Allinco
Alpine Indemnity (PNC)
American Bankers Insurance Company of Florida
American Security Insurance Company
Assurant, Inc.
American Modern Home Insurance Company
American Modern Select Insurance Company
Banc One Insurance
Colonial American Casualty and Surety Company
Balboa Insurance Company
HSBC Insurance of Delaware
Meritplan Insurance Company
QBE Insurance Corporation
QBE Financial Institution Risk Services, Inc.
StarNet Insurance Company
WM Mortgage Reinsurance (JPMorgan Chase & Co. Captive Reinsurance)
Yosemite Insurance Co (Springleaf)
Zurich American Insurance Company

Subpoenas to Insurance Producers

AHMSI Insurance Agency Inc.
Banc of America Insurance Agency
BB&T Insurance Agency Services
Capital One Agency LLC
Chase Insurance Agency Inc.
Citi Assurance Agency
GMAC Agency Marketing
HSBC Insurance Agency Inc.
HSBC Insurance of Delaware
MetLife Auto & Home Insurance Agency Inc.
PNC Insurance Services LLC
Regions Insurance Agency
Southwest Business Corporation
Springleaf Financial Services of New York Inc.
SunTrust Insurance Services Inc.
Wells Fargo Insurance Agency
Wells Fargo Insurance Services of New York Inc.
Wells Fargo Insurance Services USA Inc.
Wells Fargo Special Risks Inc.
Wilshire National Insurance Agency

Risk Management

Comments (1)

Shouldn't be TOO difficult to connect dots here - especially since "law enforcement" has already interviewed/interrogated individuals about force placed insurance and kickbacks, at least with regard to Fairbanks Capital/Select Portfolio Servicing, Southwest Business Corporation and Balboa Insurance, beginning roughly 2002....

Posted by Mike D | Monday, January 30 2012 at 11:18AM ET

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