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Banks Hoarding $41 Million In Sandy Relief Funds Slated For Homeowners


by on Mar 20th, 2013

Source: Eric Houser via Flickr

Still waiting for your Superstorm Sandy insurance check? It might be at the bank. Apparently, major banks have about $41 million worth of Sandy insurance money, but aren’t releasing any of it until they are sure that the money will be spent on repairs, according to a report in the New York Daily News.

The bank taking the most time in issuing insurance money is Selene Finance of Texas. They haven’t issued 71 percent of their Sandy insurance checks. Other offending banks making the list are Capital One, Nationstar, Astoria Federal and Select Portfolio.

Homeowners looking for an ally in this fight to against the delinquent banks have a big one in Governor Andrew Cuomo.

“Some banks have continued to lag especially far behind the rest, and it’s well past time for them to pick up the pace,” Governor Cuomo said, according to the Daily News.

The biggest banks (Citi, Chase, Bank of America) have done a decent job of paying out the much needed insurance money, paying out 89 percent of what is owed.

Here is a list of the 10 slowest banks and how much money they are still holding back.

1. Selene Finance, $1.87 million (71%)

2. Select Portfolio, $4.86 million (56%)

3. Astoria Federal, $3.67 million (48%)

4. Capital One, $3.7 million (45%)

5. Nationstar Mortgage, $6 million (44%)

6. Flagstar, $2.9 million (42%)

7. Specialized Loan, $1.37 million (41%)

8. OneWest Bank, $14.3 million (39%)

9. Sun Trust Mortgage, $712,884 (39%)

10. Mid-Island Mortgage, $1.25 million (38%)

Do you use any of these banks and are still waiting for your insurance check to be approved ? Let us know about it.

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  • Arthur Borko

    Disgusting. What if the money wasn’t spent on repairs? What if whomever is owed the money decided to move and leave and use that money to start over. Who the fuck is the bank to tell these people how to spend their insurance/relief?

    This shit drives me up a wall. Somewhere in an office some executive is giving the order to hold up peoples money. Intentionally. Why? So the bank has more overhead for a few more weeks? Because he hopes they’ll go away and die leaving the money for the bank to shuffle into the ether?

    Fuck you banks. Seriously, this is the worst face of capitalism.

    • RagingImperailist

      This is Capitalism you god damned commie?

      Capitalism is a system where a free market decides goods and prices. Where patrons are free to go to whomever provides the best service at the fairest price- What this is a a government backed monopoly

      Where Uncle Ben Bernake and Obama act like ‘Connected” uncles of a neighborhood punk kid. “Do you know who my uncle is?” They provide the ultimate backing and let the punks run amok.

      And as always when government interferes in any industry or market, prices are skewed, service suffers and calsl for still more government involvement are made with the result being that prices skyrocket, service suffers and still more government involvement is needed.

      Had Capitalism been at play, all of these banks that participated in the Great Andy Cuomo, Barnie Frank farce of lending to people who would never repay loans, would have failed. Under Capitalism, there would have been no bailouts of trillions of dollars.

      Is your MSNBC vomit about evil Capitalism all you understand about Economics? Surely, that would explain much of your posts.

      • Arthur Borko

        I’m not a commie and I’m not condemning Capitalism you moron. I’m condemning the greed of those people at the top who use Capitalism as a weapon and distort what it’s supposed to be.

      • levp

        Obama, Cuomo, Frank and MSNBC?
        Not so fast:

        The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008.

        http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program

    • ragingimperialist

      Spending that money on gambling would be ok with you?

  • ShadowLock

    Fuckin Robbers!

    Perhaps they should return the favor after they were Bailed out?

    • Subway Stinker

      Well said Mister Lock.. Now, how come none of these robber barons have gone to prison? Since when has civll fines replaced time behind bars? Like the guy said, you can rob more with a fountain pen than with a gun.

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  • EndofDaze

    But one thing you can be sure of, a new bank will be opening up nearby, real soon! Let’s face it folks, the deck is just stacked up against us, and we just have to adjust to it!…Saddest thing though, is that our kids have to deal with it, never having grown up with a sense of community, truth, justice, and what many of us thought, would always be the American way!!!