Excerpt:
http://abcnews.go.com/blogs/business/2011/09/bank-of-america-site-temporarily-down/
Excerpt:
A day after news that Bank of America would hit some debit card customers with a $5 monthly fee, the bank’s home page went down on Friday morning through the early evening.
Many users reported not being able to access their accounts after logging on through the home page. By evening on the east coast, the home page was still experiencing sporadic problems. As of 7 p.m. ET, the bank’s home page was back up and running.
Earlier, a Bank of America spokeswoman said some customers were experiencing issues, but that the site was running in the afternoon.
She added, that while the bank doesn’t comment on specific technical issues, this “had nothing to do with yesterday or hacking or anything to do with customers information being compromised.”
But some visitors to the home page encountered a message that stated some of its pages were “temporarily unavailable.”
http://www.forbes.com/sites/halahtouryalai/2011/10/03/bank-of-america-website-hacked-no-but-its-stock-sure-was/
Excerpt:
Citizen action
March 2011: Activists target Portland, Oregon area Bank of America ATMs
Bank of America ATMs in Downtown Portland on March 1, 2011 were targeted by climate change activists in the area. Notices were placed on the ATMs which informed customers that the ATMs were “temporarily closed until in invests responsibly in renewable energy.” Bank of America was targeted for its financial support and investments in the practice of mountaintop removal.[4]Coal Train Visits Bank of America.
May 2011: Protests target banks in Portland, Oregon
On Friday, May 9th, 2011 two bank branches in downtown Portland, Oregon, one belonging to Bank of America and the other to Wells Fargo, were targeted by approximately 30 activists who showed up to protest the banks’ investments in coal projects. Both banks are major lenders to Arch Coal, the second biggest coal company in the United States. Arch Coal was targeted because, along with Ambre Energy, it is responsible for the proposed Millennium Bulk Logistics Longview Terminal near Longview, Washington. Arch Coal also owns the Otter Creek coal mine in Montana, which the company hopes to use as a source of coal to be exported.Anonymous Releases Bank Of America Emails
http://www.youtube.com/watch?v=Q7EhTgBAv9I
http://news.firedoglake.com/2011/03/14/anonymous-emails-accuse-bofa-with-forced-place-insurance-scam/
Excerpt:
I have not been able to get into the Anonymous leak of Bank of America emails so far, but as I understand it, the source of the emails doesn’t work for BofA but Balboa Insurance, which used to be owned by them. And his claim is that BofA operated a large forced-place insurance scandal.
http://news.firedoglake.com/2011/03/14/anonymous-emails-accuse-bofa-with-forced-place-insurance-scam/
Excerpt:
I have not been able to get into the Anonymous leak of Bank of America emails so far, but as I understand it, the source of the emails doesn’t work for BofA but Balboa Insurance, which used to be owned by them. And his claim is that BofA operated a large forced-place insurance scandal.
Briefly, forced-place insurance is this: when a homeowner doesn’t pay for homeowner’s insurance for their mortgage, the loan servicer must step in to buy an insurance policy for the homeowner. This policy is supposed to be of comparable worth, but in this scheme, the servicer will purchase insurance for the homeowner that costs ten times as much or more, get a kickback from the insurance company for buying such an expensive policy, and then charge the investors or even the homeowner for the insurance. And the servicer usually reinsures the insurance, which means this expensive policy will never face a claim.
Business Insider describes the content of the emails:
Business Insider describes the content of the emails:
http://abcnews.go.com/blogs/business/2011/09/bank-of-america-site-temporarily-down/
Excerpt:
Sep 30, 2011 12:09pm
Bank of America Site Crashes, Day After $5 Debit Fee Rule
Getty Images
A day after news that Bank of America would hit some debit card customers with a $5 monthly fee, the bank’s home page went down on Friday morning through the early evening.
Many users reported not being able to access their accounts after logging on through the home page. By evening on the east coast, the home page was still experiencing sporadic problems. As of 7 p.m. ET, the bank’s home page was back up and running.
Earlier, a Bank of America spokeswoman said some customers were experiencing issues, but that the site was running in the afternoon.
She added, that while the bank doesn’t comment on specific technical issues, this “had nothing to do with yesterday or hacking or anything to do with customers information being compromised.”
But some visitors to the home page encountered a message that stated some of its pages were “temporarily unavailable.”
http://www.forbes.com/sites/halahtouryalai/2011/10/03/bank-of-america-website-hacked-no-but-its-stock-sure-was/
Excerpt:
Bank Of America Website Hacked? No, But Its Stock Sure Was
Where is it written that Photos: The Biggest Borrowers From Uncle Ben Bernanke
The nation’s biggest bank says its issues are not related to any attack on the website but won’t say exactly what’s been causing the trouble. “Right now, everything is fine,” says a Bank of America spokesperson.
Sure online banking is sometimes prone to service outages but BofA first time dealing with such problems. Back in March, BofA’s online banking system was been down for over 24 hours in some states. And two months before that the site was down for about a day with the bank saying that the problems were not because of malware and that customer information was not compromised.
All three of those outages took place on pay-day for alot of folks. The March outage was on the first of the month, the January outage on the 14th (a Friday) and last week’s outage was also around the first of the month on Friday. BofA would not say how many folks were affected in any of those incidents but the most recent outage is by far the longest disruption to its online banking system.
Making the timing of the outages even stranger is that BofA’s most recent weekend outage started a day after the bank said it would start charging consumers a $5 monthly fee for debit card use. The fee, of course, hasn’t been received kindly with many consumers threatening to take their deposits elsewhere. And after the outage in January rumors swirled that about the possibility of the website being hacked by WikiLeaks’ advocates “Anonymous.”
Today, President Obama got in on the debit card fee argument telling ABC’s George Stephanopoulos that that it was “not good business practice.”
http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html
Excerpt:
Sure online banking is sometimes prone to service outages but BofA first time dealing with such problems. Back in March, BofA’s online banking system was been down for over 24 hours in some states. And two months before that the site was down for about a day with the bank saying that the problems were not because of malware and that customer information was not compromised.
All three of those outages took place on pay-day for alot of folks. The March outage was on the first of the month, the January outage on the 14th (a Friday) and last week’s outage was also around the first of the month on Friday. BofA would not say how many folks were affected in any of those incidents but the most recent outage is by far the longest disruption to its online banking system.
Making the timing of the outages even stranger is that BofA’s most recent weekend outage started a day after the bank said it would start charging consumers a $5 monthly fee for debit card use. The fee, of course, hasn’t been received kindly with many consumers threatening to take their deposits elsewhere. And after the outage in January rumors swirled that about the possibility of the website being hacked by WikiLeaks’ advocates “Anonymous.”
Today, President Obama got in on the debit card fee argument telling ABC’s George Stephanopoulos that that it was “not good business practice.”
http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html
Excerpt:
Friday, August 26, 2011
How Chase Ruined Lives of People Who Paid Off Their Mortgages
Matt Taibbi, in giving a well deserved thrashing to the banking industry’s Tokyo Rose, aka New York Fed director Kathryn Wylde, said:
[S]tealing is pretty much the worst thing that a bank can do — and these banks just finished the longest and most orgiastic campaign of stealing in the history of money.
Once you read the allegations in the cases included in this post, I strongly suspect you will agree that the “ruining lives” in the headline is not an exaggeration. And as important, these two cases, with very similar fact sets, also suggest that these abuses are not mere “mistakes”. These are clearly well established practices that Chase can’t be bothered to clean up, since cleaning them up costs money and letting them continue is more profitable.
http://blogs.reuters.com/felix-salmon/2010/11/09/the-force-placed-insurance-scandal/
Excerpt:
http://blogs.reuters.com/felix-salmon/2010/11/09/the-force-placed-insurance-scandal/
Excerpt:
The force-placed insurance scandal
American Banker’s Jeff Horwitz has a spectacular piece of reporting today about goings on in an obscure corner of the mortgage-servicing world known as force-placed insurance. Essentially, if a homeowner fails to keep up their insurance premiums, then their loan servicer will step in and buy an insurance policy on their behalf, to ensure the home remains insured. It’s all perfectly sensible in theory. But in practice, it’s ripe for abuse, especially when the servicer owns the insurer.
Consider one case found by Horwitz. A homeowner had a $4,000 insurance policy, which was paid by the loan servicer, Everbank, from an escrow account. But Everbank allegedly let that insurance policy lapse, allowing it to replace the policy with a different policy, this one costing more than $33,000. The insurer, a subsidiary of Assurant, then paid Everbank a $7,100 kickback for giving it such a lucrative policy — and, writes Horwitz, “left the door open to further compensation” down the road.
$7,100 is an insanely enormous amount of money for a loan servicer to make on a single property: the average loan servicer makes just $51 per loan per year. And of course it’s not the servicer paying that $33,000 insurance premium — that money is ultimately paid by the investors who bought the loan. Those investors are, understandably, not happy.
http://en.wikipedia.org/wiki/Bank_of_America_Home_Loans
Excerpt:
The Insurance segment activities include offering property, casualty, life and credit insurance as an underwriter and as an insurance agency, and providing reinsurance coverage to primary mortgage insurers, through two business units: Balboa Life and Casualty Operations, and Balboa Reinsurance Company.
Balboa Life and Casualty Group underwrite property, casualty, life and credit insurance in all 50 states through the Balboa Life and Casualty Group. Its products include Lender-Placed Property and Auto, which includes lender-placed auto insurance and lender-placed, real-property hazard insurance; Voluntary Homeowners and Auto, which underwrites retail homeowners insurance and home warranty plans for consumers, and Life and Credit, which underwrites term life, credit life and credit disability insurance products.
Balboa Reinsurance Company provides a mezzanine layer of reinsurance coverage for losses between minimum and maximum specified amounts to the insurance companies that provide private mortgage insurance (PMI) on loans in its servicing portfolio. It provides this coverage with respect to substantially all of the loans in the Company's portfolio that are covered by PMI, which generally includes all conventional loans with an original loan amount in excess of 80% of the property's appraised value. In return for providing this coverage, it earns a portion of the PMI premiums.
http://dockets.justia.com/search?q=Balboa+Insurance+Services%2C+Inc.
Excerpt:
Abushanab v. Balboa Insurance Services, Inc.
In Re: Katrina Canal
Simpson v. Balboa Insurance Company et al
Consider one case found by Horwitz. A homeowner had a $4,000 insurance policy, which was paid by the loan servicer, Everbank, from an escrow account. But Everbank allegedly let that insurance policy lapse, allowing it to replace the policy with a different policy, this one costing more than $33,000. The insurer, a subsidiary of Assurant, then paid Everbank a $7,100 kickback for giving it such a lucrative policy — and, writes Horwitz, “left the door open to further compensation” down the road.
$7,100 is an insanely enormous amount of money for a loan servicer to make on a single property: the average loan servicer makes just $51 per loan per year. And of course it’s not the servicer paying that $33,000 insurance premium — that money is ultimately paid by the investors who bought the loan. Those investors are, understandably, not happy.
http://en.wikipedia.org/wiki/Bank_of_America_Home_Loans
Excerpt:
The Insurance segment activities include offering property, casualty, life and credit insurance as an underwriter and as an insurance agency, and providing reinsurance coverage to primary mortgage insurers, through two business units: Balboa Life and Casualty Operations, and Balboa Reinsurance Company.
Balboa Life and Casualty Group underwrite property, casualty, life and credit insurance in all 50 states through the Balboa Life and Casualty Group. Its products include Lender-Placed Property and Auto, which includes lender-placed auto insurance and lender-placed, real-property hazard insurance; Voluntary Homeowners and Auto, which underwrites retail homeowners insurance and home warranty plans for consumers, and Life and Credit, which underwrites term life, credit life and credit disability insurance products.
Balboa Reinsurance Company provides a mezzanine layer of reinsurance coverage for losses between minimum and maximum specified amounts to the insurance companies that provide private mortgage insurance (PMI) on loans in its servicing portfolio. It provides this coverage with respect to substantially all of the loans in the Company's portfolio that are covered by PMI, which generally includes all conventional loans with an original loan amount in excess of 80% of the property's appraised value. In return for providing this coverage, it earns a portion of the PMI premiums.
[edit] Global operations
The primary activities of the Global Operations segment was Global Home Loans (GHL): a UK third party administrator (TPA) formed out of a joint venture between Countrywide and Woolwich plc in 1998. Activities included Loan Processing and Subservicing, providing mortgage loan application processing and mortgage loan subservicing in the United Kingdom.http://dockets.justia.com/search?q=Balboa+Insurance+Services%2C+Inc.
Excerpt:
Cases filed matching "Balboa Insurance Services, Inc"
Cases 1 - 18 of 18
Kent Farmer v. Bank of America, N.A. et al
as 5:2011cv00935
Plaintiff: Kent Farmer
Defendants: BAC Home Loans Servicing LP, Balboa Insurance Company, Banc of America Insurance Services Inc and Bank of America, N.A.
Cause Of Action: Fed. Question: Breach of Contract
Avina-Garcia v. Indy Mac Mortgage Holdings, Inc. et al
as 3:2011cv00336
Plaintiff: Norma Avina-Garcia
Defendants: Balboa Insurance Services, Inc. and Indy Mac Mortgage Holdings, Inc.
Presiding Judge: Kathleen Cardone
Cause Of Action: Diversity-Petition for Removal
Kent Farmer v. Bank of America, N.A. et al
as 8:2011cv00739
Plaintiff: Kent Farmer
Defendants: BAC Home Loans Servicing LP, Balboa Insurance Company, Banc of America Insurance Services Inc and Bank of America, N.A.
Presiding Judge: Cormac J. Carney
Referring Judge: Robert N. Block
Abushanab v. Balboa Insurance Services, Inc. 
as 2:2011cv00083
Plaintiff: Nabil Abushanab
Defendant: Balboa Insurance Services, Inc.
Presiding Judge: Kent J. Dawson
Referring Judge: Peggy A. Leen
Cause Of Action: Petition for Removal- Insurance Contract
MIKOB Properties, Inc., et al. v. Max Specialty Insurance Company et al
as 4:2010cv04205
Plaintiffs: Balboa Apartments, LTD. , Comunidad Balboa, LLC and MIKOB Properties, Inc.
Defendants: Arthur J. Gallagher Risk Management Services, Inc. and Max Specialty Insurance Company
Presiding Judge: Vanessa D Gilmore
Cause Of Action: Breach of Insurance Contract
O'Donoghue et al v. Bank of America Corporation et al
as 1:2010cv11175
Plaintiffs: Adriana G. O'Donoghue and James P. O'Donoghue
Defendants: BAC Home Loans Servicing, Inc. , Balboa Insurance Company , Balboa Insurance Services, Inc. , Bank of America Corporation , Countrywide Home Loans, Inc. and others
Cause Of Action: Diversity-Other Contract
Colvin v. Balboa Insurance Company et al
as 3:2010cv00247
Plaintiff: Amelia Colvin
Defendants: Balboa Insurance Company and WNC First Insurance Services Inc.
Presiding Judge: Kenneth M. Hoyt
Cause Of Action: Notice of Removal
Louisiana State, et al v. AAA Insurance, et al
as 09-50
Defendant - Respondents: AEGIS SECURITY INSURANCE CO, AIG CENTENNIAL INSURANCE CO, AIU INSURANCE CO, ALLSTATE INDEMNITY CO, ALLSTATE INSURANCE CO and others
Guidry et al v. Countrywide Home Loans, Inc. et al
as 2:2009cv06143
Plaintiffs: Adam Guidry and Lisa Guidry
Defendants: Balboa Insurance Services, Inc., Countrywide Home Loans, Inc. and Newport Management Corporation
Presiding Judge: Judge Ivan L. R. Lemelle
Referring Judge: Magistrate Judge Daniel E. Knowles III
Cause Of Action: Diversity-Insurance Contract
In Re: Katrina Canal
as 09-30485
Defendant - Appellants: AEGIS SECURITY INSURANCE CO, AIG CENTENNIAL INSURANCE CO, AIU INSURANCE CO, ALLSTATE INDEMNITY CO, ALLSTATE INSURANCE CO and others
Simpson v. Balboa Insurance Company et al
as 2:2008cv00281
Plaintiff: Roy Winfred Simpson
Defendants: Balboa Insurance Company, Eagle Adjusting Services, Inc. and Select Portfolio Servicing, Inc.
Presiding Judge: District Judge Keith Starrett
Referring Judge: Magistrate Judge Michael T. Parker
Cause Of Action: Diversity
Vidrine v. Balboa Insurance Company et al
as 1:2008cv01433
Plaintiff: Robert J. Vidrine, Sr.
Defendants: American General Financial Services, Inc., Balboa Insurance Company and John Does
Counter Claimants: American General Financial Services, Inc. and Balboa Insurance Company
Counter Defendant: Robert J. Vidrine, Sr.
Presiding Judge: District Judge Louis Guirola Jr.
Referring Judge: Magistrate Judge Robert H. Walker
Cause Of Action: Diversity
Keita v. State Farm Insurance et al
as 1:2008cv03542
Plaintiff: Mohamed Keita
Defendants: Balboa Insurance Group, Countrywide Insurance, Hig Claim Services, Liberty Mutual Insurance, State Farm Insurance and others
Presiding Judge: Judge Eric N. Vitaliano
Referring Judge: Magistrate Judge Lois Bloom
Cause Of Action: Federal Question
Louisiana State, et al v. AAA Insurance, et al
as 08-30147
Defendant - Appellees: AAA INSURANCE, AEGIS SECURITY INSURANCE CO, AFFILIATED FM INSURANCE CO, AIG CASUALTY CO, AIG CENTENNIAL INSURANCE CO and others
Louisiana State, et al v. AAA Insurance, et al
as 08-30145
Defendant - Appellees: AAA INSURANCE, AEGIS SECURITY INSURANCE CO, AFFILIATED FM INSURANCE CO, AIG CASUALTY CO, AIG CENTENNIAL INSURANCE CO and others
Drury et al v. Countrywide Home Loans, Inc. et al
as 6:2008cv00152
Plaintiffs: Doris Drury and Terry Kochniarczyk
Defendants: Balboa Insurance Company, Countrywide Home Loans, Inc., Countrywide Insurance Services, Inc. and Countrywide Home Loa
Presiding Judge: Judge John Antoon II
Referring Judges: Magistrate Judge David A. Baker, Magistrate Judge Karla R. Spaulding and Magistrate Judge
Cause Of Action: Diversity-Breach of Contract
Aguilar, et al v. Alea London Limited et al
as 2:2007cv04852
Defendants: Aetna Insurance Company, Alea London Limited, Allstate Fire & Casualty Insurance Company, Allstate Indemnity Company, Allstate Insurance Company and others
Presiding Judges: Judge Stanwood R. Duval Jr. and Judge
Cause Of Action: U.S. Government Defendant
Alexander et al v. Automobile Club Inter-Insurance Exchange et al
as 2:2007cv04538
Defendants: --- Fireman's Fund Insurance Company of Ohio, 2CS Agencies, 3rd Millennium, A&B, AAA Insurance and others
Presiding Judges: Judge Stanwood R. Duval Jr. and Judge
Cause Of Action: Diversity-Insurance Contract
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