Hackers Just Released What They Say Is A Damning Trove Of Emails About Bank Of America And Its Mortgage Practice

Hacker group Anonymous (aka OperationLeaks on Twitter) just released
what they say is a trove of damning documents on Bank of America.

You can find them here: bankofamericasuck.com

Remember, at this point, we can't verify whether they are legitimate
or not, but Gawker's Adrien Chen, who has sources within Anonymous,
suggest there's something real to the leaks.

Anonymous says the emails deal with BofA's mortgage practices, but the
source is not an employee of Bank of America proper -- the source is a
former employee from Balboa Insurance, a firm which used to be owned
by BofA.

As you will see below, we believe that the evidence that is supposed
to be so damning is a series of emails showing that employees of
Balboa asked for certain loan identifying numbers to be deleted, and
they were.

Anonymous said late Sunday evening, however, "this is part 1 of the
Emails." So perhaps more incriminating correspondence is to come. And
to be honest, these messages could be incredibly damaging, but we're
not mortgage specialists and don't know if this is or isn't common in
the field. The beauty is, you can see and decide for yourself at
bankofamericasuck.com.

But for those who want a simple explanation, here's a summary of the content.

The Source

The ex-Balboa employee tells Anonymous that what he/she sends will be
enough to, crack [BofA's] armor, and put a bad light on a $700 mil
cash deal they need to pay back the government while ruining their
already strained relationship with GMAC, one of their largest clients.
Trust me... it'll piss them off plenty.

The source then sends over a paystub, an unemployment form, a letter
from HR upon dismissal and his/her last paystub and an ID badge.
He/she also describes his/herself:

My name is (Anonymous). For the last 7 years, I worked in the
Insurance/Mortgage industry for a company called Balboa Insurance.
Many of you do not know who Balboa Insurance Group is, but if you’ve
ever had a loan for an automobile, farm equipment, mobile home, or
residential or commercial property, we knew you. In fact, we probably
charged you money…a lot of money…for insurance you didn’t even need.

Balboa Insurance Group, and it’s largest competitor, the market leader
Assurant, is in the business of insurance tracking and Force Placed
Insurance... What this means is that when you sign your name on the
dotted line for your loan, the lienholder has certain insurance
requirements that must be met for the life of the lien. Your lender
(including, amongst others, GMAC... IndyMac... HSBC... Wells
Fargo/Wachovia... Bank of America) then outsources the tracking of
your loan with them to a company like Balboa Insurance.