JPMorgan Chase buys overpriced insurance from a third-party insurer, which then reinsures the property with JPMorgan Chase. This is doubly evil: it not only means that investors are paying far too much money for the insurance, but it also means that, as both the servicer and the ultimate insurer of the property, JPMorgan Chase has every incentive not to pursue claims on the houses it services.
The leak, which includes correspondence between staff at BoA subsidiary Balboa Insurance, details plans to delete sensitive documents.
It does not explain why the files were to be removed or how this supports Anonymous' accusation of criminality.
Bank of America has denied wrongdoing and called the claims "extravagant".
Bank Of America is so fucked up with their mortgages in so many ways. They routinely foreclose on properties which aren't even mortgages, let alone mortgages with BofA. Time and again they are unable to produce the necessary paperwork to truly follow-through on a valid foreclosure (and they seem to have managed to rig the courts in some parts of the country to let them get away with it). They aren't even able to properly follow-through with the ending process to a paid-off mortgage, often attempting to continue to collect payments (or even start foreclosure) on properties which should be registered and deeded to the paid-in-full customer.
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