Chase Bank speeds
release of Hurricane Sandy insurance funds as Queens assemblyman demands other big banks follow suit
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| Assemblyman Phillip
Goldfeder (
Chase
Bank has sped up the release of insurance funds to Hurricane Sandy victims, and
a
“It’s time the banks start taking action and
step up to help their loyal customers,” said Assemblyman Phillip Goldfeder (
Flood insurance checks are written out to
homeowners and the banks that hold their mortgages, and banks have been sitting
for weeks on the money while they make sure it’s spent properly on repairs.
Last week, Chase agreed to quickly release 75%
of the insurance money or $40,000, whichever is greater, to homeowners in
Sandy-affected areas whose mortgages were current before the storm hit.
Goldfeder wrote Monday to the CEOs of Wells
Fargo, Bank of America, CitiMortgage and Ocwen Loan Servicing, asking them to
do the same.
On Sunday, the Daily News reported on hundreds
of Sandy-affected homeowners who are doing battle with banks and insurance
companies as they try to recover from the storm.
In mid-February, the state Department of
Financial Services found big banks were sitting on more than $200 million in
more than 6,000 insurance checks for weeks at a time. DFS Superintendent
Benjamin Lawsky pressed them to speed up the payments, and later this week he
expects to reveal if that situation has improved.
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