A data dump of information and fraud regarding Bank of America, and many of the companies and subsidiaries that BAC purchased and collaborated with to deal with mortgage agreements, has been posted by the hacker group Anonymous this evening. This news comes from an internal letter from Balboa Insurance, regarding themselves and Countrywide in their efforts to hide foreclosure information from Federal auditors.
The following is a raw data disclosure, courtesy of Shenandoah on March 13th from the hacker group, Anonymous.
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.As you can see by the detailed information, the banks, mortgage brokers, and insurance providers all had knowledge of a scheme to cancel your insurance agreements, and force homeowners to buy contracts that were well above normal insurance requirements.
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. You are sent a letter telling you that you do not have insurance, and your escrow account is then adjusted for the inflated premium of a full coverage policy placed by Balboa’s insurance tracking group, run by Steven Ramsthel, Sr Vice President of Loan Tracking Operations & Customer Care at Balboa Insurance Group.
In doing so, the fraud was perpetuated when homeowners were unable to pay the new monthly payments, or were ignorant to the changes in their original agreements. Failing in payments set off actions such as higher interest rates, and in many cases, foreclosure proceedings.
This disclosure by the hacker group Anonymous appears to be just the first of many that are set to begin now in operation Empire State Rebellion. Bank of America's knowledge of fraud, and their subsequent purchase of companies that perpetuated fraud against homeowners, should set in motion a new investigation into the banks dealings over the past three years, and bring more turmoil to the foreclosure debate
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