Bank of America Document Leaks Allege Insurance Scams

By Abigail Field
Daily Finance

At one minute past midnight on Monday morning, a hacker collective released a set of emails on the website BankofAmericaSuck.

While all the allegations in the leaked documents involve Bank of America (BAC) — through a soon to be ex-subsidiary called Balboa Insurance — they also implicate many other big banks that are clients of Balboa, including: “GMAC, Aurora Loan Services [a subsidiary of Lehman Bros Holdings], IndyMac Federal Bank [a subsidiary of OneWest Bank], Saxon, HSBC, PennyMac [a collection agency started by former Countrywide Home Loans executive Stan Kurland after CHL and Balboa were sold to BAC], Downey Savings and Loans, Financial Freedom, Select Portfolio Services, Wells Fargo/Wachovia and [BofA].”