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11-03-18 Large-Scale Insurance Fraud Scheme - More Evidence of Racketeering at BofA!

11-03-18 Large-Scale Insurance Fraud Scheme - More Evidence of Racketeering at BofA!

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Published by: Human Rights Alert, NGO on Mar 18, 2011
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03/31/2011

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Human Rights Alert 
PO Box 526, La Verne, CA 91750Fax: 323.488.9697; Email: jz12345@earthlink.net
 
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Friday, March 18, 2011
11-03-18 Large-scale insurance fraud scheme - more evidence of racketeering at BofA!
More and more evidence 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]
 
The latest evidence is of a large-scale insurance and financial institution fraud.
 
"Can you say: 'RICO Act?' - Anonymous' Whistleblower Charges BofA With Large Scale InsuranceScheme
 Posted bykpeteinGeneral Discussion  Mon Mar 14th 2011, 10:06 AM Mon Mar 14, 2011 at 03:39 AM EDTNaked Capitalism: Anonymous' Whistleblower Charges BofA With Large Scale Insurance Scheme
by bobswern
 After reading about why this latest whistleblowing effort presented via hacker group Anonymous may verywell 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 supposedeffort 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.)http://www.nytimes.com/2011/03/14/opinion/... Here's Yves: "Wikileaks Whistleblower Charges BofA With Large Scale Force Placed Insurance SchemeWith Cooperation of Servicers."http://www.dailykos.com/user/deepsouthdoug 
Read the full story:
 
Page 2/2 March 18, 2011
Ties to Insurers Could Land Mortgage Servicers in More Trouble 
 
Force-placed policies impose costs on both homeowner, investor  
American Banker | Wednesday, November 10, 2010When banks buy insurance on the homes of borrowers whose policies have lapsed, they get a great deal. Just not forthe 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 10times as costly as regular policies, raising struggling homeowners' debt loads, pushing them toward foreclosure — andworsening 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 largerproblems in how servicers are handling distressed loans than the sloppy document recording that has been the recentfocus of industry woes.
Read the full story:
http://www.americanbanker.com/issues/175_216/ties-to-insurers-servicers-in-trouble-1028474-1.html?zkPrintable=1&nopagination=1
 
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 beendisseminated so far consists mostly of emails between the hacker group Anonymous and a former employee atBalboa Insurance Co. which was acquired by BofA with its acquisition of Countrywide.
Operation #BlackMonday
 
One thing to clear up about these documents is that they are NOT the same documents held by Wikileaks. Thedocuments just released by OperationLeakS Anonymous are mostly very recent emails and have nothing to dowith 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 wereallegedly engaged in trying to hide original loan documents by erasing Document Tracking Numbers fromscanned documents. Seehere.
 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 likeBank of America to more suits by mortgage-backed securities investors.
________ 
 
LINKS:
[1] 10-05-05 Countrywide Bank of America NYSE BAC and its President Brian Moynihan Compilation of Records Evidence of Racketeering
 
http://www.scribd.com/doc/30975368/ 
 
[2] 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
 
http://www.scribd.com/doc/30979882/ 
 

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