The Cuomo Administration is asking banks to speed up the release of at least $200 million intended for victims of Hurricane Sandy. Thousands of insurance checks are being held up, in part by red tape, including a requirement that they first be endorsed by the bank.
Many homeowners can’t begin rebuilding until the funds are released.
$130 million is being held up by Wells Fargo, Bank of America, Citibank, and JPMorgan Chase, the nation’s four largest banks.
The New York State Department of Financial Services, which conducted the investigation, said they received hundreds of complaints from homeowners.
Among the requests made by the department are that banks publish clear information on their websites, and immediately release funds labeled as ’emergency’ or ‘advance.’
(Source: NY1)
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2 Responses
You tipish socialist liberal democrat shoyta politician what you are. You think just because di bist ahn italyayner with the name cuomo that people have to listen to you?!?!? If the banks don’t have the money to back up the checks, why should they release the checks? That might be something YOU do in your business of running the State Government but in real life businesses don’t do that!
mark levin – this has nothing to do with the banks not having money to back up these checks. These are funds received from the insurance companies, that are being held in escrow by the mortgage lenders. They will not release the funds until they see that repairs have been made.
The only problem is, how do you do repairs in the first place without the money? That is what they are trying to solve.