Anonymous Proves Bank of America Loan Fraud
This is just the first part, there is supposedly more dirt from this one ex-employee and hints that others may whistleblow on Bank of America.
The short story of what was going on is that Bank of America owns Balboa Insurance. Balboa provides forced insurance policies. These are the policies banks put on a loan if the borrower fails to keep insurance on the home or vehicle. These policies are also three to four times the going market rate for a policy. What B of A employees were doing was deleting insurance records so they could claim these accounts had no insurance when they really did. Then they would slap an expensive Balboa policy on the loan. The emails show the employees scheming to cover up what they were doing so auditors didn’t find it. Some customers received notices others did not. Some simply could not afford the large additional cost tacked onto their loans, others were unaware of the additional charges being added to their loan at all. Both scenarios caused people to not keep up payments in full and fall into foreclosure per the leakers comments of the bigger picture of what was going on.
There are a couple of concerning other facts to this. B of A is notoriously hard to get someone to change or fix anything. So even if people knew and tried to provide proof they were likely unable to fix many of these due to the breakdown in customer service. Balboa didn’t just service this insurance evidence record and forced insurance for B of A. They provided this service for many of the other big banks. So B of A through their subsidiary Balboa was not just fleecing their customers they were fleecing other bank’s customers.
Anonymous is urging everyone to move their accounts from Bank of America. Not only is this a good action to protest against the corruption and fraud going on at B of A, it is a prudent financial move. Keeping your money at B of A in light of the blatant defrauding of customers and fraudulent foreclosures is just plain risky.
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