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Yes, the banks received the insurance payout for damages to homes but the banks have not passed the money on to homeowners. They say, that they were socked with a massive amount in payouts that require processing in the wake of the storm. Wells Fargo, Bank of America, Citi Bank and JP Morgan Chase.
I say, baloney.
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When I was a kid, a bank executive was one of the most respected poeple in the community. Not any more, in most cases, and not for quite a while.
Posted by: KUKIMBIA | February 13, 2013 at 05:31 PM
The difference between local banks and Mega-banks. You used to know your banker, he was a neighbor or classmate.
Posted by: Rand | February 13, 2013 at 05:58 PM
"Delays can follow when banks request proof of repairs or servicing required by federal mortgage agencies."
The banks are dammed, if they do and dammed, if the don't.
If they pay out the funds, prior to following guidelines from Fannie Mae or Freddie Mac the politicians would be screaming about lack of oversight by the banks with federal money and the banks would risk losing their guarantees on the loans. When I worked in the banking industry, a local bank, insurance settlement checks took time process to prevent fraud. Lots of people get taken by fly by night contractors,after these catastophic events. The bank has fiduciary responsibility to its shareholders and its customers.
Posted by: Ron | February 13, 2013 at 06:20 PM