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.