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Anonymous makes first intel drop on Bank Of America
uniteandstate ^ | march 14 | ariellalight

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.


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: anonymous; blogpimp; hackers
I would love to hear some analysis on this. Sure its fraud and sure its not really unexpected. What say the experts on freerepublic. My last boa linked story got some great responses that educated me. Help me understand this. This is probably not going to take over the newscycle with Japan right now. But this should be a big deal.
1 posted on 03/13/2011 11:43:32 PM PDT by RonPaulPittsburgh
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To: RonPaulPittsburgh
Bump
To read later
2 posted on 03/13/2011 11:57:16 PM PDT by Fiddlstix (Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
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To: RonPaulPittsburgh

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.


3 posted on 03/14/2011 12:03:16 AM PDT by Fee
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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.


4 posted on 03/14/2011 12:03:58 AM PDT by D-fendr (Deus non alligatur sacramentis sed nos alligamur.)
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To: RonPaulPittsburgh

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.


5 posted on 03/14/2011 12:08:54 AM PDT by Melas
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To: RonPaulPittsburgh

This could be bad for honest homeowners. That could be said for any BOA action however.


6 posted on 03/14/2011 12:17:57 AM PDT by allmost
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To: RonPaulPittsburgh

.........Sounds like how 0bambiCare is supposed to work behind the scene.


7 posted on 03/14/2011 12:36:10 AM PDT by spokeshave (WTF....the only thing 0bambi's investments will get us is a bullet train to bankruptcy.)
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To: D-fendr

You will die of old age before that happens.


8 posted on 03/14/2011 12:48:35 AM PDT by DH (The Second Amendment is the only protection for the First Amendment)
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To: RonPaulPittsburgh

Does this include any ‘Bank of Amigo’ loans (to illegal aliens)?


9 posted on 03/14/2011 12:48:40 AM PDT by rfp1234 (Le Parti du The'. Ne marchez pas sur moi!)
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To: RonPaulPittsburgh

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.


10 posted on 03/14/2011 2:12:59 AM PDT by tired&retired
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To: tired&retired
Laws are just for the little people.

If you have enough money and get close enough to the government... you make the rules.

Remember how the ONLY drilling permit in gulf was given to BP? It's like that everywhere.

Corporatism.
11 posted on 03/14/2011 2:32:21 AM PDT by Minus_The_Bear
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To: RonPaulPittsburgh

I hope this would be a tipping point to end husseins criminal carreer


12 posted on 03/14/2011 2:35:16 AM PDT by freeangel ( (free speech is only good until someone else doesn't like what you say))
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To: Minus_The_Bear

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?


13 posted on 03/14/2011 2:49:22 AM PDT by tired&retired
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To: RonPaulPittsburgh

TARP money?


14 posted on 03/14/2011 4:42:23 AM PDT by Chunga85 ("Foreclosure Fraud", TARP, "Mortgage Crisis", Bailout)
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To: tired&retired

“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!


15 posted on 03/14/2011 4:59:50 AM PDT by rj45mis
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To: RonPaulPittsburgh
I just won a small battle with Bank of America over this. They claimed I was in a flood zone (I wasn't) and double insured my property, attempting to jack up the payments by nearly $200 a month.

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.

16 posted on 03/14/2011 5:14:57 AM PDT by Richard Kimball (Proud member of the Keepers Of Odd Knowledge (KOOK))
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To: RonPaulPittsburgh

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.


17 posted on 03/14/2011 6:10:24 AM PDT by 11johara28
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To: 11johara28

“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.

http://finance.yahoo.com/news/Hackers-Say-Bank-of-America-nytimes-2431503127.html;_ylt=AkAHF3h4OzH5pudpJmDk7L.7YWsA;_ylu=X3oDMTE1NnUwbXFkBHBvcwM3BHNlYwN0b3BTdG9yaWVzBHNsawNoYWNrZXJzc2F5Ym8-?x=0&sec=topStories&pos=4&asset=&ccode=

At least that’s how I read it...but I’m not I’m getting it right.


18 posted on 03/14/2011 7:07:42 AM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts)
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To: tired&retired
Go here, sign up, and post your story:

http://tickerforum.org/cgi-ticker/akcs-www?forum=Foreclosuregate

Lots of info here:

http://4closurefraud.org/

19 posted on 03/14/2011 8:01:04 AM PDT by an amused spectator (Islamic law upholds that children born to a Muslim father are automatically Muslim)
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To: BobL

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.


20 posted on 03/14/2011 8:59:14 AM PDT by Chunga85 ("Foreclosure Fraud", TARP, "Mortgage Crisis", Bailout)
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