Large-scale insurance fraud scheme - more evidence of racketeering at BofA!
The latest evidence is of a large-scale insurance and financial institution fraud. More and more evidence of racketeering at BofA is coming from all directions, but US regulators will never take action! BofA is vested in effective indemnity for criminality...
Overwhelming evidence of racketeering by BofA and Moynihan in the Los Angeles courts was exposed a long time ago. [1-4]
"Can you say: 'RICO Act?' - Anonymous' Whistleblower Charges BofA With Large Scale Insurance Scheme
Posted by kpete in General Discussion
Mon Mar 14th 2011, 10:06 AM
Mon Mar 14, 2011 at 03:39 AM EDT
Naked Capitalism: Anonymous' Whistleblower Charges BofA With Large Scale Insurance Scheme
After reading about why this latest whistleblowing effort presented via hacker group Anonymous may very well be a bit more of a smoking gun than I even thought (after first reading about it over the past couple of hours), checkout Krugman's latest on the incredible fail of our states' attorneys general, in their supposed effort to "get tough" with the mortgage industry. He refers to it in his headline in Monday's NY Times as: "Another Inside Job." (Gotta' love that.)
Here's Yves: "Wikileaks Whistleblower Charges BofA With Large Scale Force Placed Insurance Scheme With Cooperation of Servicers."
Read the full story:
Ties to Insurers Could Land Mortgage Servicers in More Trouble
Force-placed policies impose costs on both homeowner, investor
American Banker | Wednesday, November 10, 2010
When banks buy insurance on the homes of borrowers whose policies have lapsed, they get a great deal. Just not for the homeowners and investors who have to pay for it.
Nominally purchased to protect the owners of mortgage-backed securities, such "force-placed" insurance can be 10 times as costly as regular policies, raising struggling homeowners' debt loads, pushing them toward foreclosure and worsening the loss to investors on each defaulted loan.
Evidence of abuses and self-dealing in the force-placed insurance industry suggests that there may be far larger problems in how servicers are handling distressed loans than the sloppy document recording that has been the recent focus of industry woes.
Read the full story:
Bank of America Leak Exposes Alleged Force-Placed Insurance Fraud
OperationLeakS has now released the first batch of Bank of America (BAC) fraud documents. What has been disseminated so far consists mostly of emails between the hacker group Anonymous and a former employee at Balboa Insurance Co. which was acquired by BofA with its acquisition of Countrywide.
One thing to clear up about these documents is that they are NOT the same documents held by Wikileaks. The documents just released by OperationLeakS Anonymous are mostly very recent emails and have nothing to do with the executive hard drive held by Wikileaks. In fact, the Anonymous leaker says he would love to see what Wikileaks has and says he could probably get "all the dirt" within a week of gaining access to it.
So, what do the latest leaked emails reveal? The most obvious thing is that Balboa/BofA employees were allegedly engaged in trying to hide original loan documents by erasing Document Tracking Numbers from scanned documents. See here.
But the Balboa employee also appears to have information that would blow the lid off a number of alleged Force-Placed Insurance scams that are highly questionable, probably illegal and most likely would expose companies like Bank of America to more suits by mortgage-backed securities investors.
Read the full story:
 10-05-05 Countrywide Bank of America NYSE BAC and its President Brian Moynihan Compilation of Records Evidence of Racketeering
 10-05-05 Chairs of US Congress Committees of the Judiciary and Banking Are Requested to Join Senator Feinstein's Inquiries on Comptroller of the Currency
 10-07-06 Complaint Filed with US Attorney Office Los Angeles Against Moynihan Bank of America [NYSE:BAC] Bryan Cave LLP Alleging Racketeering
 10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America (NYSE:BAC), Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud s
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