http://nationalmortgageprofessional.com/news-ticker/03/11/bank-america-anonymous-leak-alleges-corruption-and-mortgage-fraud
Tue, 2011-03-15 07:32 — Mortgage News Ticker
The WikiLeaks-allied hacker group Anonymous has posted a series of emails purported to be from a former Bank of America employee, which the organization says prove “corruption and fraud” at the nation’s largest bank.
In a release announced with the Twitter hashtag #BlackMonday, Anoymous posted the emails on the site BankofAmericasuck.com, where an emailer who identifies himself as an ex-Bank Of America employee airs a number of grievances against his former employer. …
… Balboa Insurance Group, and it’s largest competitor, the market leader Assurant, is in the business of insurance tracking and Force Placed Insurance (aka Lender Placed Insurance, FOH, LPI, etc). What this means is that when you sign your name on the dotted line for your loan, the lienholder has certain insurance requirements that must be met for the life of the lien. Your lender (including, amongst others, GMAC, Aurora Loan Services [a subsidiary of Lehman Bros Holdings], IndyMac Federal Bank [a subsidiary of OneWest Bank], Saxon, HSBC, PennyMac [a collection agency started by former Countrywide Home Loans executive Stan Kurland after CHL and Balboa were sold to BAC], Downey Savings and Loans, Financial Freedom, Select Portfolio Services, Wells Fargo/Wachovia, and the now former owners of Balboa Insurance themselves…Bank of America) then outsources the tracking of your loan with them to a company like Balboa Insurance.
Balboa makes some money by charging these companies to track your insurance (the payment of which is factored into your loan). If you do not meet the minimum insurance requirements set by your lienholder, Balboa Insurance places a force placed insurance policy on your loan. …
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