Posted on 03/13/2011 11:43:31 PM PDT by RonPaulPittsburgh
Anonymous made its first drop of information they hold regarding fraudulent Bank Of America practices and subsidiaries including Balboa Insurance along with Countrywide who hid information on foreclosures from the federal government
Detailed report from 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.
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.
What is wrong with these bankers. Just following the rules they can make tons of money risk free and legal. Instead they all seem to want to make billions before they are fifty years old and retire to a mansion with a trophy wife in Boca Raton FL!!!! What make this even scary is the one who cook up these schemes come from prestiges colleges. What the hell are they teaching in these colleges!!!!!
Recommend freepers look up Meredith Whitney. One of her interviews a reporter ask how she saw the bank collapse when other analysts had the same data and did not see it. She pointed out that part of her analysis was the culture within management. She detected recklessness and disregard for traditional proven business practices. Add that to the data she detected she concluded financial disaster in the banking industry. She and a minority group of analysts were right in 2008.
Unfortunately she may have fallen to the get rich quick mentality. Her recent announcement that over 100 billion dollars of muni bonds would collapse caused a panic in the muni bond market. Problem is when she announced that on TV she also advised a hedge fund to bet against the muni bond market. Did her premature announcement conflicted with her hedge fund interests???? That may be why she refused to appear before Congress concern with the muni market report she announced. She made enemies involved with muni bonds and has competitors who would love to squash her before her firm gets large enough to compete against them. This conflict of interest may be raised to the SEC and Congress. Nothing surprises me about Wall Street and freepers should not put full faith in it. Leave it to the Wall Street schemers and Dem leftists to fight with each other. If both dies the country would be better off.
What I’d like to see exposed is Obama’s relationship to big banks and getting the recent regulation of their mortgage competitors hamstrung.
I don’t want to see it through hacking, but through legal means.
Sci-Fi fans will hearken back to the newest Battlestar Galactic where the phones are hardwired, and the computers aren’t linked to one an another. Computers are vulnerable, but typewriters (or offline computers + Printers) and messengers are truly secure. I predict a resurgence.
This could be bad for honest homeowners. That could be said for any BOA action however.
.........Sounds like how 0bambiCare is supposed to work behind the scene.
You will die of old age before that happens.
Does this include any ‘Bank of Amigo’ loans (to illegal aliens)?
I just purchased a foreclosure property in January where the first mortgage was held by BoA. They are crooks. They not only did not forgive one cent, they tacked on so much extra that I was ready to cancel the deal.
They were charging the former owner $8,600 per year for insurance through their own BoA insurance company. My insurance on the property with better coverage is $1,200 per year. In order to clear the property, I had to reimburse BoA all escrow expenditures for insurance and taxes that they paid on behalf of the previous homeowner. I paid the $8,600 full one year premium to the escrow and purchased the property. Now I am trying to get a refund of the unused premium. It’s like talking to the wall. This week I am turning them in to the insurance commission for fraud. No, they didn’t give it to the previous homeowner either!
This is only one of the crooked things I observed in my dealings with BoA. They are getting a pretty good return on their O’Bummer political contributions! (and Acorn contributions)
Further, they charged far more than the original loan amount, without even considering escrow payments. State law forbids them from collecting accrued interest and principle beyond the original loan amount (and lien amaount in the courthouse) when there are other mortgages. They just ignore the law and do what they want.
I hope this would be a tipping point to end husseins criminal carreer
I had a regional bank piss me off in the early 1990’s when they refused to abide by their mortgage agreements. The Pres. and Chairman of the Board screamed at me that they were not going to correct the problem and that if I wanted to do anything I would have to sue them.
I printed a list of the problem mortgages at the county courthouse and gave them to the bank examiners along with my comments. That must have been the tip of an iceberg of problems as the examiners shut all offices of the bank down and liquidated it. They didn’t even allow a takeover.
Think the Chairman is pissed at me? He not only lost his job, but his investment when the stock crashed. Karma?
TARP money?
“Think the Chairman is pissed at me? He not only lost his job, but his investment when the stock crashed. Karma?”
LOL! These are the kind of real-life stories I love to hear about. They likely figured you would just go away but they were wrong!
They also took out insurance on my personal property in the structure. After several discussions, my insurance company talked to them and mentioned that it's illegal for them to insure themselves on property in which they have no tangible interest. Got a very polite call from them dropping all claims and removing all penalties and charges.
I read the article and could not figure out the fraud involved.
Personally, if I was holding the note, I would want to be sure that coverage was in effect to protect my interest in the property.
“I read the article and could not figure out the fraud involved.
Personally, if I was holding the note, I would want to be sure that coverage was in effect to protect my interest in the property.”
Based on this article, it looks like people that did properly insure were told that their policies didn’t exist, or something like that...and then got slammed by Balboa for a new policy (which was worked into their escrow payments). At least that’s how I read it.
At least that’s how I read it...but I’m not I’m getting it right.
http://tickerforum.org/cgi-ticker/akcs-www?forum=Foreclosuregate
Lots of info here:
What’s remarkable is this new “force-placed” policy is typically much higher than the previous policy. The article cited an example of one that changed from 4k to 33k. Plenty of room for everybody in that 29k difference.
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