New York's Department of Financial
Services hammered banks over their relationships with force-placed insurers in
a Friday hearing, challenging JPMorgan Chase (JPM) officials on lucrative
reinsurance arrangements that the Department suggested are tantamount to
kickbacks.
"Hundreds of thousands of
people are going to get foreclosed on, and Chase is profiting immensely from
the reinsurance," DFS Superintendent Benjamin Lawsky said to JPMorgan
Chase executives on Friday. "It just doesn't smell right."
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