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3/14/11

Alleged Bank Of America Mortgage Fraud Revealed By Hackers

Anonymous hackers released a series of internal Bank of America emails that show the bank deleting insurance records of delinquent properties. The ex-BoA employee says the bank did this to make it easier to foreclose on properties, as properties without proof of insurance are subject to lien enforcement.

The emails very clearly instruct employees to remove imaged records of certain properties from bank's insurance tracking system. The emails don't explain the reason for the removal, but mortgage laws require servicers to keep careful records of insurance on all bank-owned or serviced properties.

One email expresses concern about this "unusual request." The final correspondence complains that these actions could be fraudulent, and asks why they want to remove "all record of this error." He says it raises a red flag to auditors.

The leaker explains he worked at Balboa Insurance Group, under Bank of America, which tracks insurance for mortgage lenders (in this case GMAC). Again, he doesn't explain why these insurance records were deleted, but we are left to assume it is so that they could put homeowners on expensive forced place insurance, or so they could foreclose them quicker.

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