More than three years ago, at the height of the real estate boom, I sold a Florida condo to a French couple.
We all understand that banks could be worried by an uninsured mortgaged home. It would be very easy for them to have on file the phone or fax numbers of the appointed insurance agencies or condo association who will send them proof of insurance. Instead, banks choose to set up whole operations whose job is to charge as many clients' accounts as possible, at unbelievably high premiums, and pocket the profit.
Is there any hidden reason? Inevitably you suspect.
Or is there a vested interest in abusing an already suffering public?