Monday, 14 March 2011
Written by Mike Dillon

Note from Richard: Over the past couple of years, in the midst of this financial meltdown fiasco, I’ve made a few friends and among those friends I’m made a few very close friends. I consider Mike Dillon one of those. Here’s his Post:

So, like everyone else, I’ve been curious about this “Anonymous” collective BoA leak for a few days now. Only I’ve been curious for slightly different reasons. Most people wouldn’t have clued in on it when the “pre-leak” mentioned Balboa Insurance because it’s inside baseball. In fact, unless you have been dealing with Mortgage Servicing Fraud, this entire topic might very well be completely foreign to you. To be honest, until I heard Balboa mentioned, I really wasn’t paying much attention either.

But the issues that this leak highlight, it turns out, have been around and, more importantly, have been known about for at least the last decade. Mortgage Servicing Fraud victims have known about force placed insurance issues for forever. Force placed insurance is part of the reason that Mortgage Servicing Fraud is so successful. Force placed insurance, among other things, creates defaults in borrowers’ accounts that would otherwise not exist. In my own case, between myself and the NH Banking Department, we must have supplied proof of homeowners insurance to my servicer, Fairbanks Capital Corp. n/k/a Select Portfolio Servicing, seven times. SEVEN. And yet, it did little good. Even when they attempted to “reverse” the charges it did little good. That is because once the accounting goes sidewards on a mortgage servicer’s books it is, for all intents and purposes, likely to stay that way. The damage is done to the borrower’s account.

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