Tag Archives: Balboa Insurance

An Internet hacker group, going by the name Anonymous, claims to have proof that Bank of America committed mortgage fraud by ""knowingly hiding foreclosure info from federal auditors."" The group has obtained a slew of inter-departmental emails from a former employee of Balboa Insurance, a BofA subsidiary that the company sold last month. The whistleblower says he was instructed to remove document tracking numbers so supporting paperwork could not be matched to the corresponding loans. The bank called the ""extravagant assertions"" untrue.

Bank of America has agreed to sell the lender-placed and voluntary property and casualty insurance assets and liabilities of Balboa Insurance Company to QBE Insurance Group of Australia. BofA inherited Balboa Insurance when it purchased Countrywide Financial Corp. Bank of America and its affiliates are expected to receive an upfront cash payment of approximately $700 million for the deal with QBE, as well as additional future payments.