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First shot of the inevitable Bank of America clusterfuck

Started by Da6s, March 19, 2011, 06:44:53 AM

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Da6s

March 19, 2011, 06:44:53 AM
http://seekingalpha.com/article/258082-bank-of-america-leak-exposes-alleged-force-placed-insurance-fraud

QuoteSo, 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.

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.

Moreover, there are many instances in which the force-placed insurance companies (like Balboa) have actually back-dated the insurance by up to nine months and then charged the homeowner for insurance they didn't actually have and for which no claims will ever be filed because the covered period is in the past. These sorts of practices may explain the unexplained charges that show up on mortgages for people who have missed a payment or two, but then are unable to understand why their outstanding balance is more than their original mortgage. (There may be other explanations, but the force-placed insurance scam seems a likely candidate.)


:horrormirth:
We appear to be doomed by our DNA to repeat the same destructive behaviors our forebears have repeated for millenia. If anything our problem solving skills have actually diminished with the advent of technology & our ubiquitous modern conveniences. & yet despite our predisposition towards fear-driven hostility; towards what we anachronistically term primitive behavior another instinct is just as firmly encoded in our make-up. We are capable as our ancestors were of incredible breathtaking acts of kindness. Every hour of every day a man risks his life at a moments notice to save another. Forget for a moment the belligerent benevolent billionaires who grant the unfortunate a crumb of costfree cake. I speak of pure acts of selflessness. A Mother who rushes into the street to save a child from a speeding vehicle. A person who runs into a burning building to reach a family trapped on the upper story. Such actions,such moments,such unconscious selfless decisions,define what it is to be human

East Coast Hustle

#1
March 19, 2011, 08:10:38 AM
:lulz:
Rabid Colostomy Hole Jammer of the Coming Apocalypse™

The Devil is in the details; God is in the nuance.


Some yahoo yelled at me, saying 'GIVE ME LIBERTY OR GIVE ME DEATH', and I thought, "I'm feeling generous today.  Why not BOTH?"

Requia ☣

#2
March 19, 2011, 05:14:18 PM
I cannot wait for Monday, it'll be like christmas.   :lulz:
Inflatable dolls are not recognized flotation devices.
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