"Force-placed insurance" appears 478 times in the Consumer Financial Protection Bureau's mortgage servicing rules released Thursday. But the agency's proscriptions do not touch on many of the most controversial aspects about how banks buy the product.

That's the broad opinion of consumer advocates, insurance market observers, and Assurant, the largest insurer in the market for the specialty product. Also known as lender-placed coverage, force-placed insurance is a type of policy that banks purchase to protect homes when troubled mortgage borrowers allow their own policies to lapse.

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