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Bank of America document leaks - Magda Hassan - 14-03-2011 Your browser must support javascript. Loading... 11 / 11 1 2 3 4 5 6 7 8 9 10 11 Ctrl+FSearch the document F3Find next Shift+F3Find previous Edit online Ctrl+SDownload original Save in Google Docs Ctrl+PPrint (PDF) Zoom in Zoom out Fit page to screen Fit two pages to screen Shift+Ctrl+FCompact controls Plain HTML Bank of America document leaks - Magda Hassan - 14-03-2011 http://bankofamericasuck.com/03/13/ex-bank-of-ameica-employee-can-prove-mortgage-fraud-part-1 https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B3D3Qv5hS0HVYzliNjY0YjgtMzU4NS00MjdjLWI2OTQtZWJmYjY4YTJlZDEy&hl=en Bank of America document leaks - Magda Hassan - 14-03-2011 http://azmikversable.wordpress.com/2011/03/11/bank-of-america-a-peak-behind-the-curtain-of-corruption-part-1/ Bank of America: A Peak Behind The Curtain of Corruption, Part 1 Posted on March 11, 2011 by azmikversable 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 (soon to be rebranded as QBE First by Australian Reinsurance Company QBE according to internal communication sent to all Balboa associates) 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 (aka Lender Placed Insurance, FOH, LPI, etc). 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, Aurora Loan Services [a subsidiary of Lehman Bros Holdings], IndyMac Federal Bank [a subsidiary of OneWest Bank], Saxon, HSBC, PennyMac [a collection agency started by former Countrywide Home Loans executive Stan Kurland after CHL and Balboa were sold to BAC], Downey Savings and Loans, Financial Freedom, Select Portfolio Services, Wells Fargo/Wachovia, and the now former owners of Balboa Insurance themselves…Bank of America) then outsources the tracking of your loan with them to a company like Balboa Insurance. Balboa makes some money by charging these companies to track your insurance (the payment of which is factored into your loan). If you do not meet the minimum insurance requirements set by your lienholder, Balboa Insurance places a force placed insurance policy on your loan. You are sent a letter telling you that you do not have insurance, and your escrow account is then adjusted for the inflated premium of a full coverage policy placed by Balboa's insurance tracking group, run by Steven Ramsthel, Sr Vice President of Loan Tracking Operations & Customer Care at Balboa Insurance Group, as seen on his LinkedIn profile below: How is Balboa able to charge such inflated premiums and get away with it? It's all very simple. First, when you call in to customer service, for say, GMAC, you're not actually speaking to a GMAC employee. You're actually speaking to a Bank of America associate working for Balboa Insurance who is required by their business to business contract with GMAC to state that they are, in fact, an employee of GMAC. The reasoning is that if you do not realize you're speaking to a Bank of America/Balboa Insurance employee, you have no reason to question the validity of the information you are receiving from them. If you call your insurance agent and ask them for the lienholder information for your GMAC/Wells Fargo/etc lien (home or auto) you will be provided with their name, but the mailing address will be a PO Box at one of Balboa's 3 main tracking locations (Moon Township/Coreaopolis, PA, Dallas/Ft Worth, TX, or Phoenix/Chandler, AZ) Now let's say for arguments sake, you live in the state of Florida, in which wind insurance is mandatory, due to the high incidence of hurricanes. In addition, let's say you live in a zone that the FEMA-managed National Flood Insurance Program has determined to be a mandatory flood zone (meaning you must carry flood insurance as well). No matter where you live in the United States, your property has been designated in a specific 3 character flood zone. If your flood zone (which can be verified by entering your property address at http://www.fema.gov) begins with an A or V, you are required to carry flood insurance. You now have 3 separate insurance policies you are required to have at all times throughout the life of your lien with your bank. If Balboa Insurance determines, by their insurance tracking systems, that you have allowed a lapse of any kind in any of these 3 insurance policies, they issue you a policy through one of their insurance agencies (including Newport Insurance, Meritplan Insurance, and Balboa Insurance, amongst others) to cover all 3, regardless if you still have valid insurance on the other 2. You are now being double charged for coverage you do not need, despite Balboa, GMAC, and Bank of America all knowing you do not need the full coverage. What's worse is if you're charged for full coverage against all hazards regardless of whether or not it is mandatory for your loan. How is this possible? Balboa Insurance does not calculate their premiums for force placed insurance the same way they do for a voluntary policy. Instead your premium is based on either the principle balance of your loan (the amount you owe) or the replacement cost (the value of your home), whichever is higher. By definition, you are being forced to pay for insurance you don't need. If this is starting to sound like Enron to you, then you are starting to get the point. How do I know this? Until January 5, 2011, I worked for Bank of America in the Insurance Tracking division, under Steve Ramsthel at the Chandler, AZ campus. My job as an Operations Team Manager (later demoted to an unofficial Insurance Consultant due to my ability to find illogical conditions in the system and bring them to management's attention), was to track the insurance trackers. I built all of the databases and spreadsheets used to track the amount of loans we tracked, premiums we charged, etc across all lenders. I wrote the procedure manuals. I edited the processes utilized by their associates. I designed the training material. In short, I was the wizard's assistant, and as such, I sat behind the velvet curtain assisting in operating the mechanics behind the illusion of Oz. On December 22, 2010, I was contacted by a Bank of America executive in Irvine, CA named John Androwzski and offered a job as a corporate auditor. In following BAC's corporate policy, I informed my direct managers DaleAnn States and Rhonda Meyers of my intention to apply for this position. I was then placed on a written warning for a non-existent attendance policy and demoted to a data entry processor under Peggy Johnson. Surely Bank of America's Human Resources department would not allow such an unethical and illegal (as determined by the Arizona Department of Economic Security and the Federal Equal Employment Opportunity Commission in my cases with them) demotion. Let's take a look at some of the email excerpts when I brought my issues to the attention of Janel Stewart, the Assistant Vice President of Bank of America's Advice and Counsel (BAC's centralized personnel and human resources department): It would appear I was incorrect. In fact, not only were my pleas for equal and ethical treatment ignored, but on Wednesday, January 5, 2011 (3 days prior to the assassination attempt on Rep Gabrielle Giffords an hour down the highway in Tucson, AZ), Bank of America's corporate security filed case # 11-001586 against me with the Chandler PD claiming that I submitted a bomb threat, utilizing as evidence a comic strip I posted to my Facebook page (http://www.facebook.com/profile.php?id=644596162) on September 17, 2009 (per Facebook's timestamp). On that day, over 500 Bank of America associates working at the BAC campus at 2505-2555 W Chandler Blvd, Chandler, AZ 85224, were shown the following picture of me from my Facebook page, and released into the Chandler mall area across the street mere hours before a shooting rampage (http://www.azcentral.com/photo/Community/Chandler/17541): They were told not to speak to me as I am a military-trained bombing suspect, in an attempt to use my family's multi-generational military tradition spanning all branches of service back to the Korean War (and including every major war since) against me. Managers held meetings across the company asking them to submit any written conversations they have had with me, quoting the Patriot Act as justification. Because of this, I am now unemployable in the mortgage industry I have worked for my entire adult life. Although I was not arrested after questioning (a side effect of being completely innocent), I now have a police record. Many of my personal relationships were strained and cut because of this. People don't like to have terrorist suspects amongst their friends. Getting on a flight is difficult enough already. Three days later, the tragedy in Tucson occurred, and I watched in horror as Jared Loughner was described by the media almost exactly how Bank of America's corporate security described me to the police and to their employees without just cause. Instead of listening to logic and making my page private, I decided to convert it into a shrine to preserve evidence, even starting a post for all of my friends and former colleagues at Bank of America to express their feelings about the incident. What the corporation didn't count on was how friendly and personable I have always been to those I work with: So what was the point of defaming me and attempting to have me falsely imprisoned? What were they trying to hide? What information could I possibly have that this company does not want made public? The above information alone should be enough, but that is far from the end of the story, because having back end access to all of BAC's systems, share drives, etc gave me quite the perspective on their business dealings. The below email trail is one such example of the fraud I have witnessed at Bank of America and Balboa Insurance (although it is far from the only incident). What makes the below email trail so powerful is the timeframe in which it occurred, a time when Federal auditors were investigating Bank of America's (and 14 other banks, including those listed above) foreclosure procedures, as reported in the Wall Street Journal (http://online.wsj.com/article/SB20001424052748703883504576186981894402142.html) and Financial Times (http://www.ft.com/cms/s/0/222d7066-4aad-11e0-82ab-00144feab49a.html#axzz1GGr7V3Fm). In upcoming articles, I will go into more detail on the below email trail (explaining terminology, etc), which is currently being researched by lawyers at the Wall Street Journal for publication, but for now, please enjoy a sneak peak at the first official crack in the Bank of America armor, proving beyond the shadow of doubt, the fraudulent business practices they follow in order to charge more money to you, the consumer. I am not Anonymous. My name is Brian Penny. I am a former employee of Bank of America, but above all, I am a proud American citizen, and I will not be bullied by anyone, no matter how rich or powerful they think they are. Knowledge is power, and over the next few weeks, I fully intend to pass my years of knowledge and experience on to you, the consumer so that you do not have to suffer like I have. To be continued… Forwarded Message - From: "Vaughn, Jason 2″ To: "Johnson, Peggy 2″ Sent: Tue, November 2, 2010 9:18:18 AM Subject: FW: GMAC DTN's for Image Removal Urgent Request Hi Peggy, I'm just a little concerned about the impact this has on the department and company. Why are we removing all record of this error? We have told Denise Cahen, and there is always going to be the paper trail when one of these sent documents come back, this to me, seems to be a huge red flag for the auditors: example: a scanned document that was mailed to us asking why the letter was received when the letter, albeit erroneous this being the letters that went out in error the auditor sees the erroneous letter but no SOR trail or scanned doc on the corrected letter is in the SOR and scanned in). What am I missing? This just doesn't seem right to me. From: Johnson, Peggy 2 Sent: Monday, November 01, 2010 3:13 PM To: Anderson, Joanne; Vaughn, Jason 2 Cc: Walters, Kirsten; Smith, Jackie 2; Mays, Therese J Subject: RE: GMAC DTN's for Image Removal Urgent Request Approved. From: Anderson, Joanne Sent: Monday, November 01, 2010 3:03 PM To: Johnson, Peggy 2; Vaughn, Jason 2 Cc: Walters, Kirsten; Smith, Jackie 2; Mays, Therese J Subject: RE: GMAC DTN's for Image Removal Urgent Request Hi Peggy, The letters will not show in Rembrandt if you search by loan number. If you search by DTN, you will find the document, but it will not be matched to any loan. Thanks, Service Delivery information: http://sharepoint.bankofamerica.com/sites/HLandIT/default.aspx Joanne Anderson Balboa Insurance Group Cnslt Bus Tech Anly IT LPP/CPI/TRACKSOURCE 600 Lindbergh Drive Mail Stop: PA4-934-01-03 Moon Township, PA 15108 Joanne.Anderson@Balboainsurance.com 412-424-1287 Office This communication from Balboa Insurance Group may contain privileged and/or confidential information. It is intended solely for the use of the addressee. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information. If you receive this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. This communication may contain nonpublic personal information about consumers subject to the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or re-disclose such information for any purpose other than to provide the services for which you are receiving the information. From: Johnson, Peggy 2 Sent: Monday, November 01, 2010 5:53 PM To: Anderson, Joanne; Vaughn, Jason 2 Cc: Walters, Kirsten; Smith, Jackie 2; Mays, Therese J Subject: RE: GMAC DTN's for Image Removal Urgent Request Hi Joanne, Where will these letters show up then? From: Anderson, Joanne Sent: Monday, November 01, 2010 2:28 PM To: Vaughn, Jason 2 Cc: Johnson, Peggy 2; Walters, Kirsten; Smith, Jackie 2; Mays, Therese J Subject: RE: GMAC DTN's for Image Removal Urgent Request Hi Jason, Peggy and Kirsten, I have spoken with my developer and she stated that we cannot remove the DTN's from Rembrandt, but she can remove the loan numbers, so the documents will not show as matched to those loans. I will need upper management approval from Jason, Peggy and Kirsten, since this is an usual request, before we move forward. Thank you, Service Delivery information: http://sharepoint.bankofamerica.com/sites/HLandIT/default.aspx Joanne Anderson Balboa Insurance Group Cnslt Bus Tech Anly IT LPP/CPI/TRACKSOURCE 600 Lindbergh Drive Mail Stop: PA4-934-01-03 Moon Township, PA 15108 Joanne.Anderson@Balboainsurance.com 412-424-1287 Office This communication from Balboa Insurance Group may contain privileged and/or confidential information. It is intended solely for the use of the addressee. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information. If you receive this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. This communication may contain nonpublic personal information about consumers subject to the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or re-disclose such information for any purpose other than to provide the services for which you are receiving the information. From: Vaughn, Jason 2 Sent: Monday, November 01, 2010 2:09 PM To: Bennett, Pearl H Cc: Johnson, Peggy 2; Walters, Kirsten; Smith, Jackie 2 Subject: GMAC DTN's for Image Removal Urgent Request Importance: High Hello, The following GMAC DTN's need have the images removed from Tracksource/Rembrandt. 354499768 354499769 354499770 354499771 354499772 354499773 354499774 354499775 354499776 354499777 354499734 354499735 354499736 354499739 354499740 354499741 354499742 354499745 354499746 354499747 354499750 354499751 354499754 354499725 354499726 354499727 354499728 354499729 354499730 354499731 354499732 354499733 354499718 354499719 354499720 354499721 354499722 354499723 354499724 354499707 354499708 354499710 354499711 354499713 354499714 354499715 354499697 354499698 354499699 354499700 354499702 354499704 354499705 354499706 354499667 354499668 354499669 354499670 354499671 354499672 354499673 354499674 354499675 354499676 354499677 354499678 354499679 354499680 354499681 354499682 354499683 354499686 354499687 354499688 354499691 354499692 354499693 354499694 354499695 354499696 Jason D Vaughn Operations Team Manager Balboa Insurance AZ LPP Balboa Tracking Ops 480-755-2701 Office 92-548-2701 Internal 2505 W Chandler BLVD, BLDG D Chandler, AZ 85224 Mailstop: AZ 805-01-36 This communication from Balboa Insurance Group-may contain privileged and/or confidential information. It is intended solely for the use of the addressee. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information. If you receive this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. This communication may contain nonpublic personal information about consumers subject to the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or re-disclose such information for any purpose other than to provide the services for which you are receiving the information.