Banks probed for allegedly steering homeowners into more expensive insurance

Well, it seems that the big banks are now being investigated for some insurance shenanigans. The New York Times reports that Bank of America, JPMorgan Chase, Citigroup and Wells Fargo are among the banks involved in an inquiry by the New York State's Department of Financial Services.

The Times reports that banks allegedly steered distressed homeowners into property insurance policies up to 10 times as costly as the homeowners' original plans. Additionally, kickbacks may have been involved between unrelated companies. Full story