UPDATE: Much More Info Right >>>>> HERE
via: BankofAmericaSuck… Here’s a snip:
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 (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)
Tells me Boa is knowingly hiding Foreclosure information from Feds…
Screen shots of the Emails that was sent…….
Related posts:
- ‘COLLATERAL DAMAGE’ | Is Hacker Group Anonymous About To Expose Bank Of America FRAUD? via GAWKER‘s Adrian Chen: A member of the activist collective...
- Mortgage Fraud…Ally Financial (GMAC), Bank of America, Citibank, JPMorgan, OneWest, Wells Fargo: By Lynn Szymoniak, Esq. Mortgage Fraud Ally Financial/GMAC Bank of America Citibank JP Morgan...
- BLOOMBERG: BofA Mortgage Morass Deepens After Employee Says Trustee Didn’t Get Notes By Prashant Gopal and Jody Shenn – Nov 30, 2010...
- BANK OF AMERICA channels BRITNEY SPEARS “OOPS I DID IT AGAIN”: Foreclosing AGAIN on a MORTGAGE FREE HOME! ARE YOU NEXT? Tuolumne Woman Owns Home Outright POSTED: 3:58...
- Bank of America Lawyers Demand Names in Mortgage-Bond Fight With Investors By Jody Shenn and David Mildenberg – Nov 5, 2010...
i love the picture of the clown smiling. sorry all had to comment. the smile is so deviant, so apprapo. i will continue reading now. thank you all for keeping us up to date. for alot of us we wait for the new news daily.
Insurance industry has always been corrupt.I was put into forced place ins. coverage on the first house I lost to foreclosure even though I had a policy in effect.These people are perverse and as slimy as the day is long.Ever notice how year after year you pay your car ins. and never claim against it or get a ticket and never get anything back for it?When instead say every 5 years they could reward you by saying Mr. or Mrs. so and so based on the last 5 years of no claims and tickets we are going to give you a years free ins. because you’ve been a loyal and dedicated no problem customer.Yeah right it just goes to a coporate pcket and we just keep paying for it.We should all of us quit paying all of them.Payinjg the bills no longer gets the job done!!!