Shaming Banks


Many homeowners waiting for their Superstorm Sandy insurance money complain about banks holding on to it. Now, New York Governor Andrew Cuomo is shaming banks, putting 10 on the walk of shame.

Cuomo said his Department of Financial Services investigated and found 10 banks that are holding back 44 percent of Sandy insurance money. Insurance checks are issued to the bank, which  holds the mortgage, and the homeowner. It’s the bank’s responsibility to pass the money on to homeowners quickly.

Families Waiting

1,109 families are waiting for a total of $41 million dollars.

The Governor said, Selene Finance is holding back 71 percent of the money it received.

Here are the 10 banks holding back money:

Selene Finance- $1,872,333

Select Portfolio-$4,859,158

Astoria Federal-$3,668,003

Capital One-$3,700,158

Nationstar Mortgage-$6,032,216

Flagstar-$2,922,580

Specialized Loan-$1,373,576

One West Bank-$14,332, 160

Sun Trust Mortgage-$$712,884

Mid-Island Mortgage-$1,251,184

 

 

 

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Barbara Nevins Taylor

As the winner of 22 Emmy Awards and a slew of journalism honors and awards, I created ConsumerMojo.com to give you the straight story about complicated stuff. Tell us what you want to know and we'll get you the answers.