by John Grooms
A series of e-mails from a former employee of a Bank of America subsidiary has been posted at BankofAmericasuck.com by Anonymous, a WikiLeaks-affiliated hacker group. Anonymous says the e-mails are proof of corruption and fraud in the offices of an insurance company owned by Charlottes corporate sugar daddy. The e-mails are from someone who says he is an ex-employee of Balboa Insurance. Balboa was acquired by BofA when it bought Countrywide Financial in 2008, although it has since been sold to an Australian company. Balboa specializes in forced-place insurance, in which consumers with mortgage loans, but who do not have home insurance, have an insurance policy placed for them. When the insurer and the mortgage broker are the same company, it leaves consumers vulnerable to extremely high premiums and weak policies (not to mention that they didnt want the policy in the first place, but thats another issue). The Anonymous e-mailer accuses Balboa of willful intent to obscure its management of customer insurance policies, and deleting loan file numbers in order to hide their role in forcing policies on consumers.
A Bank of America spokesman released a statement yesterday saying the e-mails are no big deal, and We are confident that his [the e-mailers] extravagant assertions are untrue."
At first glance, these supposedly explosive e-mails dont seem like much, considering the wealth of other problems and accusations directed at Bank of America (for a view of a particularly nasty-looking case in Nevada, check out todays column by Paul Krugman in the New York Times). Since we have covered other issues related to BofA, we decided to pass along this new accusation for your perusal. If you want to read the e-mails from Anonymous, you can do so here, if the website is up and running; there were problems earlier today due to heavy traffic.