Bank Of America Anonymous Leak Alleges 'Corruption And Fraud' - Spokane, North Idaho News & Weather KHQ.com

Bank Of America Anonymous Leak Alleges 'Corruption And Fraud'

HUFFINGTONPOST.COM - The WikiLeaks-allied hacker group Anonymous has posted a series of emails purported to be from a former Bank of America employee, which the organization says prove "corruption and fraud" at the nation's largest bank.

In a release announced with the Twitter hashtag #BlackMonday, Anonymous posted the emails on the site BankofAmericasuck.com, where an emailer who identifies himself as an ex-Bank Of America employee airs a number of grievances against his former employer. The website's availability was up and down early Monday morning, potentially due to high traffic. The e-mails could not be independently verified.

In a statement to Reuters on Sunday, a Bank of America spokesman said the emails are simply clerical and administrative errors. ""We are confident that his extravagant assertions are untrue," the spokesman told Reuters.

Bank of America did not immediately return multiple calls on Monday.

The claims of the person purporting to be a former employee appear to begin with so-called "forced-place insurance," in which a mortgage borrower who doesn't maintain an insurance policy on their home has a policy "placed" for them by their insurer. The problem with forced-place insurance, as Felix Salmon noted in November, comes when a mortgage servicer owns an insurer. This can allow for highly inflated premiums and inadequate policies forced upon borrowers without their knowledge.

The emailer's accusations involve Balboa Insurance, a company that Bank of America acquired in its purchase of Countrywide Financial in 2008 and recently sold to the QBE Group, an Australian insurer. Balboa is a market leader in forced-place insurance.

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