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Patrick Rodgers, who sued Wells Fargo and won.

Anonymous Leaks Indicate Widespread Insurance Fraud — And Show How Banks Made More Money Dragging Out Foreclosures

Crooks & Liars- By Susie Madrak

March 17, 2011 05:00 PM

Remember when I wrote last month about a Philadelphia music promoter who sued Wells Fargo — and won the right to auction off their property?

I couldn’t figure out why Wells Fargo was forcing this replacement-value insurance policy on the guy:

Rodgers made all his mortgage payments on time, but Wells decided out of the blue that he had to carry insurance for the full replacement value of his home — $1 million — and started to charge him an extra $500 a month in premiums. When Rodgers sent a formal letter to the lender questioning this, they did not answer in good time, so a court awarded him $1,000 in damages, which Wells wouldn’t pay. So the court is allowing him to sell the contents of the lender’s office to make good on the bill.

[…] “It’s a completely unreasonable demand,” says Irv Ackelsberg, a mortgage expert at the Philadelphia law firm Langer, Grogan & Diver. “Their interest is in protecting their mortgage, not ensuring that the house is rebuilt.”

Rodgers’ next step put him at some risk, he concedes now. He refused to renew the higher-cost policy. Instead, Wells Fargo bought him so-called forced-placement insurance – a policy that typically costs much more than ordinary coverage and only protects the mortgage-holder’s interests.

It took a couple of days after the Anonymous leak for the contents to sink in, but I finally connected the dots. Rodgers was more than a victim of bank abuse — this was systematic outright fraud throughout the mortgage and banking industry. It wasn’t just Wells Fargo.

MORE HERE

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Anonymous Releases Part 1 of Bank of America Emails, Ex-Employee Says He Can Prove Mortgage Fraud

Crooks & Liars- By Susie Madrak
March 14, 2011 01:00 PM

It’s here. The first Anonymous leak from an ex-Bank of America employee has been released, so have at it.

Here’s a sample:

How is Balboa able to charge such inflated premiums and get away with it?
It’s all very simple.

First, when you call in to customer service, for say, GMAC, you’re not actually speaking to a GMAC employee. You’re actually speaking to a Bank of America associate working for Balboa Insurance who is required by their business to business contract with GMAC to state that they are, in fact, an employee of GMAC. The reasoning is that if you do not realize you’re speaking to a Bank of America/Balboa Insurance employee, you have no reason to question the validity of the information you are receiving from them. If you call your insurance agent and ask them for the lienholder information for your GMAC/Wells Fargo/etc lien (home or auto) you will be provided with their name, but the mailing address will be a PO Box at one of Balboa’s 3 main tracking locations (Moon Township/Coreaopolis, PA, Dallas/Ft Worth, TX, or Phoenix/Chandler, AZ)

Anonymous also released this video (warning: turn down the volume), and has called for multiple days of national civil disobedience to shut down the Fed, March 28th and on:

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