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Released: March 15, 2011
Hacker group says BofA tried to hide loan information
Source: Ariana Eunjung Cha, Washington Post (Free Registration)
A hacker group that calls itself Anonymous released a trove of e-mails Monday from a Bank of America unit in which employees discuss altering information in loan files.
The e-mails, which were related to loans originated by GMAC and managed by Bank of America, concern “forced-place” insurance, which are insurance policies that are forced on mortgage borrowers who don’t have their own policy on their homes. This practice has been controversial because some mortgage servicers own insurers—creating a conflict of interest that may create incentives for the mortgage companies to inflate fees.
Read Full Article: Hacker group says BofA tried to hide loan information
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