Tuesday, March 15, 2011

Anonymous Leaks Allegedly Expose Bank of America Fraud - PCWorld

Anonymous Leaks Allegedly Expose Bank of America Fraud - PCWorld: "The emails are dated from November 2010 and are communication between Balboa employees. The leaker seems to have proved employment authenticity by attaching copies of paystubs, an ID badge, and an unemployment form. This ex-employee describes him/herself as:

My name is (Anonymous). For the last 7 years, I worked in the Insurance/Mortgage industry for a company called Balboa Insurance. Many of you do not know who Balboa Insurance Group (soon to be rebranded as QBE First by Australian Reinsurance Company QBE according to internal communication sent to all Balboa associates) is, but if you've ever had a loan for an automobile, farm equipment, mobile home, or residential or commercial property, we knew you. In fact, we probably charged you money...a lot of money...for insurance you didn't even need.

The leaker claims that during the federal takeovers of IndyMac Federal, Balboa Insurance/Countrywide knowingly hid foreclosure information, falsified loan documents, and reported incorrect volumes to federal auditors to 'avoid fines for falling behind on Loan Modification, purposely and knowingly adjusting premiums for REO (Real Estate Owned) insurance for their corporate clients while denying forbearances for individual borrowers.'"

No comments: