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NY ID’s 10 worst firms holding back Sandy funds

ALBANY — State officials say they’ve identified 10 banks and mortgage service companies as the worst in paying out insurance claims to New York’s Superstorm Sandy victims.

Gov. Andrew Cuomo says the firms are holding back more than 1,100 checks totaling nearly $41 million, and he’s urging them to “pick up the pace” so homeowners can get the funds they need to rebuild and recover.

The state Department of Financial Services says on average, the 10 banks are holding back nearly half of the Sandy insurance claims they have received. DFS officials say Selene Finance is retaining 71 percent of the insurance funds that it has received.

The agency has been helping speed the insurance claim process for victims of last fall’s superstorm that devastated parts of New York City and Long Island.