Anonymous: Leaked BofA Emails Show Mortgage Scheme

Bank denies plot drive up costs
By Mark Russell,  Newser Staff
Posted Mar 14, 2011 4:31 AM CDT
Hackers have leaked documents that they say implicate Bank of America in a scheme to improperly force homeowners to buy insurance at inflated rates.   (AP Photo/Paul Sakuma, file)

(Newser) – A trove of leaked documents apparently reveals that Bank of America may have been involved in a scheme to bilk homeowners—a claim the bank rigorously denies. Hacker group Anonymous, which leaked the documents, says that more damning information is on the way, reports Business Insider. The emails, which allegedly come from an ex-employee of BoA subsidiary Balboa Insurance, apparently show the bank, insurance providers, and mortgage brokers all knew of a scheme to cancel people's insurance agreements, forcing homeowners to buy much more expensive mortgage insurance far above normal requirements. Often, this would also lead to home foreclosures.

Anonymous put BoA in its crosshairs last December after the bank cut off contributor payments to WikiLeaks. The hacker group has created bankofamericasucks.com,and promises to post more damning leaks. Bank of America, however, called the leaked materials non-foreclosure related clerical and administrative documents, telling Reuters: "We are confident that his extravagant assertions are untrue." (Read more Bank of America stories.)

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