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.
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
One West Bank-$14,332, 160
Sun Trust Mortgage-$$712,884