AnonLeaks: Bank Of America Accused of Large-Scale Scam
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-03-14 08:24
by Karl Denninger
in Corruption
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AnonLeaks: Bank Of America Accused of Large-Scale Scam
 

Operation "Leaks" has begun at http://bankofamericasuck.com

I cannot vouch for the authenticity of this information, obviously.  But there it is, for what it's worth.  It appears to show an intentional series of acts - just a few months ago - to remove loan numbers from matching documents in internal systems.

Such an act could have a number of possible causes, but none of them are positive.  Employees are questioning the action, stating that this is an act of deception.

The charge is basically that Bank of America's wholly-owned subsidiary Balboa Insurance with the cooperation of servicers abused "force-placed" insurance provisions to effectively "cram" customer accounts.  Note that Balboa is apparently subject to a sale agreement (it is being spun off) but there is no information available as to whether that sale has closed.

The bottom line of the charge leveled here is an attempt to pad (radically) servicer income at the expense of the homeowners.  This could have easily caused some foreclosures.  If it did, then the investors got screwed out of the money, as the servicer is paid first on a foreclosure from the proceeds.

In addition it is alleged that federal regulators were intentionally deceived and may have been complicit.

I'm not going to claim that this site is some great work of prose.  It's not.  But this is not some "past event" a few years before, like many of the other allegations.  The email dates shown here are from just a few months back, and appear to show a pattern of conduct of intentional record destruction.

Take it for what you think it's worth, but there's no "good" or "dismissive" explanation for these emails, if they're real.  If there's anything to this at all it makes an utter and complete mockery of the alleged "settlement" that is being negotiated as the conduct in question appears to be ongoing and current.

As I said originally the so-called "50 State Settlement" negotiations are a joke.  I re-emphasize that point here.  If, and I repeat IF, there is any credibility to these allegations whatsoever nothing short of criminal indictment and prosecution of everyone involved including the top executives of these firms and the bank itself will stop these abuses.

Discussion below (registration required to post)
 

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User Info AnonLeaks: Bank Of America Accused of Large-Scale Scam in forum [Market-Ticker]
Docj
Posts: 998
Incept: 2009-09-10
Silver
Duck & Cover
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Wow, Bank of Scamerica was pulling a fast-one on its loyal customers?? Color me shocked. I mean, my faith in humanity may never be the same.

In all seriousness, someone should put this zombie bank out if its (and our) misery. It's long overdue, and desperately needed.

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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams

Lordhumongous
Posts: 4279
Incept: 2008-09-29
Green
USA
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It looks really, really bad. If true, many people need to go to jail.

Unfortunately nothing will come of this.

-Media is totally corrupt.
-Americans are ****ing retarded.
-Americans that aren't retarded don't want to rock the boat because their income is dependent upon the looting operation, which is a hell of a lot bigger than just the banks.

The Humongous wrote..

47% of households pay no federal income tax.
20% of households receive transfer payments.
35% of "paychecks" are welfare.
More than 10% "work" for government.
Federal revenue is only 50% of expenditures.
God only knows what fraction of "private sector" workers work in "industries" totally dependent upon government contracts.

Why would the average American want to change the status quo? If anything they want more of the same. Electoral and poll results support this.



Bagbalm
Posts: 4259
Incept: 2009-03-19
Green
Just North of Detroit
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The way it was attempted with us was that the company that checks our insurance for the servicer demands an annual proof of insurance from our condo association.
Last year to boost the number of people for which they would need to issue policies because they 'didn't respond' they published a false fax number. I can't buy this being true or that it was an honest mistake because when you sent off the fax it was received. It did not bounce or fail to answer. If somebody else got such a massive wave of faxes they would have found out why they were getting them and corrected it or shut down or changed their own number. Pure scam.

Edited to add: I agree with LordH - There are so many serious criminal acts involving so many prominent people that tugging at any one thread too hard will unravel the entire garment. They are not going to do that. They will ignore all public exposure until there is no respect for law or government. It's a race to collapse in both finance and governance. The number of cases of people sniping cops is a symptom of contempt and anger with authority. I expect this summer to be a hot one that way.

Onelegged
Posts: 267
Incept: 2009-11-13

NW Colorado
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It may very well turn out to be true, but, once again, I don't believe anything will come of it if it is true. The financial system is utterly corrupt.

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The light at the end of this tunnel is a train.
Otiswild
Posts: 5621
Incept: 2009-03-09
Green
Inside you, the force is!
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Already Slashdotted..
Starvingartist
Posts: 3430
Incept: 2011-01-03
Green
Puff The Magic Dragon
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None of the pics show up for me on that site.

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"The only solution that is mathematically sound is politically impossible.
All the should's in the world ain't gonna change that."
Supercleanfund
Posts: 1469
Incept: 2007-11-12
Silver
The Island City, CA
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That site is having trouble but they are up on google docs.

http://webh.it/blackmon

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- * - * - * - * - * -
Never underestimate the power of wishful thinking.
Drench
Posts: 28631
Incept: 2009-11-10
Green
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Quote:
Neither the emails nor correspondence released by Anonymous indicate the reason behind the electronic record keeping discussion.
Quote:
A BofA spokesman said on Sunday the documents were clerical and administrative documents stolen by a former Balboa Insurance employee, and were not related to foreclosures.

"We are confident that his extravagant assertions are untrue," the spokesman said.
http://www.cnbc.com/id/42066711

Jtmo3
Posts: 679
Incept: 2009-07-31

Missouri
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Quote:
nothing short of criminal indictment and prosecution of everyone involved including the top executives of these firms and the bank itself will stop these abuses.


Wishful thinking. Never happen.
Downside
Posts: 1797
Incept: 2007-12-16
Green
Left Coast
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Well, if this goes anything like the rest of the financial crisis, about two years from now the investigation will be settled with BOFA paying a few hundred million in fines without having to admit to any wrongdoing.

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“Sometimes a concept is baffling not because it is profound but because it's wrong.” - Edward O. Wilson
"Hardly anyone will understand a genuinely novel idea and no one will believe it works."
"After home prices go down to one-tenth of the highest price homeowners paid, then buy." - Sir John Templeton
Blackswan
Posts: 5564
Incept: 2007-11-06
Gold
Just outside of Philly
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The attorney generals should also go to prison and get ready to spread their cheeks. RICO enablers.

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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
Themortgagedude
Posts: 8853
Incept: 2007-12-17
Green
saint louis
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down .15 or 1%

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I'm already visualizing you with duct tape over your mouth.
Bigbluffer
Posts: 1330
Incept: 2010-11-01
Green
NC
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What I have not seen addressed, but fear is true, is if the settlement agreement is signed by the lenders and attorneys AG, will that release the banks from liability for any criminal acts? When I last called my state AG, that was the objection that I voiced, and stated that until people started going to jail, the fraud would continue.
Corn1945
Posts: 4167
Incept: 2009-04-30
Green
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Someone from the Slashdot comments is linking to you Karl.

The site is getting around.
Billy_ray_v
Posts: 1039
Incept: 2010-10-08

east of the rockies
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NPPD's Rand Beer's (among others) won't be able to sit down for a month. smiley

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When a country allows itself to be coerced,it has to suffer
the consequences.

Obseedian
Posts: 11872
Incept: 2007-07-26
Silver
BBRY Central
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Media all over this...blaming the whistle-blower.

http://finance.yahoo.com/news/Bank-Of-Am....

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Would you give your money to these banks? http://bankimplode.com/list/troubledbank....

“Those who vote decide nothing. Those who count the vote decide everything.” - Joseph Stalin
Bagbalm
Posts: 4259
Incept: 2009-03-19
Green
Just North of Detroit
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Yeah it doesn't mean anything when you grind the serial number off guns either. There must be a perfectly legitimate reason why. Why would you assume banks have a bad reason? Just because of robo-signing and accounting that would make the mob blush?
Ktrosper
Posts: 1500
Incept: 2010-04-06
Silver
ft collins co
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Bagbalm wrote..
It's a race to collapse in both finance and governance.


/nod
Well put :(

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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
Mtrease
Posts: 24
Incept: 2009-12-05

san francisco, ca
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this is the Wikileaks release, passed out via Anonymous. they are 'related' networks, shall we say.
Scwizard
Posts: 141
Incept: 2009-11-15

New York
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Mtrease, the release itself explicitly says otherwise.

As for the reaction, is anyone surprised? KD has clearly demonstrated that BoA has broken the law on numerous occasions, and the media has never cared.

Lets say a BoA executive murdered a lady so that they could foreclose upon her house, then with the assistance of the company covered up the crime. It still wouldn't be enough to take BoA down.
Themortgagedude
Posts: 8853
Incept: 2007-12-17
Green
saint louis
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Methinks that all we need is to get the Revvveerreeeeeeeend Jaaaaaaaaackssson involved when they foreclose on a black family and BAC will have Acorn in their lobby.

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I'm already visualizing you with duct tape over your mouth.
Mtrease
Posts: 24
Incept: 2009-12-05

san francisco, ca
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scwizard: only if you misunderstand the nature of these networks. they are not 'organizations' in the mainstream sense - wikileaks no exception.

Reason: spelling
Mtrease
Posts: 24
Incept: 2009-12-05

san francisco, ca
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Lots of us understand the anonymous model differently than many in the mainstream... so, i'm not a lone voice on recognizing the 'close relationship' (hint) between them.

"Anonymous Airs Bank of America Emails for Wikileaks"
http://cryptogon.com/?p=21114

Believe it or not, it doesn't matter. Certainly the Assange prosecution team will take notice.
Blattdorf
Posts: 20
Incept: 2011-03-06

Warsaw
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Could someone explain to me in plain terms what is the nature of the scam, please? I must be thick or something...
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