Bank of America (BAC) has had a hard time fighting off bad press recently. After locking thousands of customers out of their accounts when Bank of America Online went down, BofA is now combating rumors that e-mails just leaked by hacker organization Anonymous are evidence of mortgage loan fraud.
Mortgage Loan Information Leaked in E-Mails
The classified e-mails were originally leaked by a former employee of Balboa Insurance, a subsidy of Bank of America, which was acquired when BofA purchased Countrywide Financial in 2008. Among the e-mails was correspondence from Balboa employees requesting permission to have loan numbers and other data tracking information removed from mortgage loan documents, making it impossible to connect the mortgages with their insurance accounts.
This would supposedly allow the bank to improperly foreclose on clients without the necessary documentation, a practice for which many major mortgage providers are under investigation for doing.
These e-mails were then made public on the internet through the website bankofamericasuck.com and tweets by @OperationLeakS, which is the Twitter handle used by Anonymous. The organization, along with the ex-employee, claims these e-mails are proof that BofA has attempted to cover up instances of improper foreclosure proceedings.
No Proof BofA Committed Fraud
Bank of America told Reuters that the e-mails pertained to clerical matters and had nothing to do with foreclosures, and that the “extravagant assertions are untrue.” Even the e-mails themselves contain no actual proof of an attempt to conceal mortgage and foreclosure information.
Threats have circulated for months that condemning information about the bank would be leaked by Wikileaks leader Julian Assange, but this still doesn’t mean Bank of America did, in fact, file improper foreclosures.It does, however, bring to question whether customers can trust big banks like BofA.
[...] News Sources wrote an interesting post today onHere’s a quick excerpt [...]
[...] News Sources wrote an interesting post today onHere’s a quick excerpt [...]
My parents were trying refinance their loan when the BoA tacked on a high rate insurance policy. Personally, I think it was a punitive measure on behalf of the banks at this point. Up until that point, the previous policy was ‘okay’ with the bank.
[...] News Sources wrote an interesting post today onHere’s a quick excerpt [...]
Mortgage fraud? how about SBA loan fraud? let’s expose these banks for every layer of corruption. http://www.merchantprocessingresource.com/apps/blog/show/6526188-banks-don-t-care-about-sba-loans-or-your-tax-dollars
The corruption starts much earlier. Ryland Homes sales people encouraged marylanders to buy homes they could not afford, falsified income #s or had them do no-doc loans, and then all these guaranteed loser loans were sold to Countrywide. I hate BofA, but national builders are as much to blame for the start of the problem. Get those people, too
Bank of America bought Merrill Lynch which is the most crooked company on the face of the planet, no doubt it is crooked itself , something the scum that run the merrills of the world don’t realize is they wouldnt have bad press if they had any ethics at all…
Well, finally some of the truth this being brought to the light!
My loan went to BOA from Taylor Bean and Whitaker when they were taken over by the feds. 3 months later we recived notice our mortgage was increasing by $400 amonth. I looked into it and discovered BOA was charging us our entire year of property taxes twice a year. Once I contacted our city and BOA suddenly we got another claiming our home owners policy never went through and they would be charging us there own policy raising our mortage still by $300 a month. I contacted State Farm who didn’t know what was going on, then I contacted BOA who claimed they didn’t get a form. This went back and forth, I faxed documents, mailed papers, spent hours on the phone. Finally I was told by a real estate agent friend who had worked for the feds at one time to consider walking away from my home. I can completely believe these alligations, infact hasn’t BOA been introuble before but the media gets board and they go on there merry way.
Jenna, stop getting legal advice from real estate agents they are clueless regarding “walking away”, not to mention foreclosure is a state issue, not federal. If you want to find out if you can walk away from the loan see RESPA (Real Estate Settlement Procedures Act), IF you have grounds to walk away you can, BUT you have to pay them back any cash and/or benefits (benefit means Insurance paid, bills paid, etc) you received immediately upon rescission of the loan, If the loan paid off another loan then you will need another loan to carry you. Leaving the credit issue aside, you would have a long road to haul here, certainly not as simplistic as “walking away” sounds. Get a real attorney to get advice and get a Real Estate specialist, not your lawyer friend who doesn’t know the law here specifically.
I’m a Realtor in FL and Bob is right for the most part, the majority of Realtors don’t know much about what is going on because they are used to the good ole’ days. As far as BoA, you have to remember they bought out CountryWide & they are much bigger scum than Merril Lynch ever even thought about. The real problem started when Bush changed the rules upon which banks could loan money (sorry don’t recall the exact amount but it was about $4-1 and he change it to $26-1) that is when every broker out there was qualifying anyone who walked through the door. I even had a kid come in from Washington State with no job, no promise of a job, a 400 credit score and 2 kids and they gave him $100,000!
Currently BoA is telling people that they will work with them on a loan mod and ask them to pay x amount. In the mean time they require them to fix a few things around their home to bring up the value. In the background of course BoA has no intention of doing a mod, they are foreclosing but getting some renovations done for free and getting paid more interest during that term. Why somebody hasn’t started a class action suite against them, I don’t know. They have scammed so many poor people out of their futures it can’t possibly be justified.
As far as legal advice Bob, your right again however, even though I cannot give legal advice I can say the following as far as Florida is concerned; you must first file for a modification, if they attempt to foreclose, then they must supply every single piece of paperwork every written on your home since you signed your original mortgage. That means that should the mortgage have gone through several hands, say Wells Fargo owned it and sold it to Wachovia who sold it to Bank of America or even if it was originally CountryWide and became BoA at take over, they still must supply every piece of paperwork and ever I must be dotted and t crossed and signature verified as there was a lot of people signing paperwork for their bosses and so forth. If they cannot supply every little bit of that, there is a good possibility that your mortgage with them would then be null & void and you would not owe them a penny.
We have a loan that was originally with Countrywide, then it was sold to Ocwen (another screwball comparny), it was there for 2 years before it was sold to BofA. When BofA decided to put my information into their system 1 month after my letter of transfer stated they were taking over (Oct of 2010 and not in system until Nov 2010) I received a letter stating I owed $9000 in past mortgages and they were going to start foreclosure. This happened within 3 days of my information being put into BofA’s system. BofA did not give me a new account number, they reactivated my old Countrywide number – the one previous to the transfer to Ocwen. BofA then tried to say that I had not paid on my mortgage for 2 years, even though I had the proof that I had been paying Ocwen for 2 years. My escrow account has disappeared, along with money that was in it and the only thing I or my attorney can get out of BofA is that “there are alot of messed up files that were transferred to BofA and it’s going to take us at least 9 to 12 months before it can be fixed. You will continue to receive foreclosure notices, even if you are paying because it is a computer generated form that goes out to customers”. My attorney also submitted a Qualified Written Request regarding information on our loans in December, which BofA had 60 business days to respond to. Right at the 60 day mark, a letter was sent saying they did not recognize it as a “formal Qualified Written Request”. Attorney contacted our “consumer advocate” assigned to case, who then decided in March that it was really a true Qualified Written Request so they would need another 60days and they would forward information to my attorney. I just want off this merry go round, I am do dizzy from their run around…
I had a mortgage with Country Wide and never had any problems. Since Bank of America has taken over I have been charged late fees, fees for everything everytime I turn around. They act like they would love to find a reason to foreclose on your property. We have huge equity in our property and it seems to be what they go after. I hate them and wish I didn’t have to deal with them. Country Wide wrote me a bad check that I got stuck with but at least they were decent to deal with. Bank of America is crooked.
hehe i have hacked a lots of bank logins with credit cards
.:best regards:.
I knew I wasn’t alone. Chase (JPMorgan) has compeltely messed with my Escrow account and has my property and address in correct, did pay parcial taxs from 2007, none of 2008, yet when I called I received different responses from various depts, finally April 2010, after several faxes and hours of calls paid the tax commissioner, over drew my escrow, and tripled my mortgage. Still dealling with this to date, sent QWR four times now. Last month I called and spoke to three depts and again, each teilling me a different past due amount, etc. Any decent attorny out here in Ga.with tenacity care to help me.