Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
our-team
practice-areas
investment-products

Investigations

GSP Investigating M&T Bank, Fifth Third Bank and Selene Mortgage “Force Placed” Insurance Practices

Goldman Scarlato & Penny, P.C. is investigating a possible claim on behalf of borrowers who obtained a mortgage through one of the following financial institutions:  M&T Bank, Selene Mortgage, and Fifth Third Bank, and who had a hazard, flood or wind insurance policy placed on their home by the bank.  This practice is known as force placed insurance and M&T Bank, Fifth Third Bank and Selene Mortgage borrowers may have been charged artificially inflated premiums.

Goldman Scarlato & Penny is investigating how M&T Bank, Fifth Third Bank and Selene Mortgage handled their customers’ lapses in insurance coverage, in particular lapses in borrowers’ hazard, floor and wind insurance.  When there was a lapse in the borrower’s hazard, flood, or wind insurance, M&T Bank, Fifth Third Bank and Selene Mortgage may have purchased coverage on behalf of the borrower at extremely high rates.  The premiums were charged back to the borrower.

While M&T Bank, Fifth Third Bank and Selene Mortgage had the right to purchase insurance on behalf of its borrowers when they allowed for a lapse in coverage, it may not have been permitted under the terms of its agreements with its borrowers to purchase polices at inflated levels.

If you have a mortgage with M&T Bank, Fifth Third Bank or Selene Mortgage and believe that the bank purchased forced place insurance, including hazard, flood or wind insurance, for you, please contact a GSP attorney to learn more about your rights. Please contact Mark Goldman at goldman@lawgsp.com or call (484) 342-0700 with any questions you may have.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.

Leave a Reply