ALBANY, N.Y. (AP) - Gov. Andrew Cuomo says nearly $208 million in insurance payments haven't been released from banks to victims of Superstorm Sandy.
The Cuomo administration and banks are working together to pay the money more quickly. The insurance company payments must get over several bureaucratic hurdles when homeowners have mortgages on their properties.
State Financial Services Superintendent Ben Lawsky says the banks are cooperating in trying to get the funding to victims faster so they can pay for repairs.
Much of the delay is because federal mortgage agencies, including Fannie Mae and Freddie Mac, require proof of repair work before paying insurance reimbursements.
Lawsky said Monday his office has received hundreds of complaints from Sandy victims.