|Copyright:||(c) 2011 The New York Times Company|
|Source:||New York Times Digital|
A hacker organization known as Anonymous released a series of e-mails on Monday provided by a former Bank of America employee who claims they show how a division of the bank sought to hide information on foreclosures.
The bank unit,
The e-mails dating from
“The following GMAC DTN’s need to have the images removed from Tracksource/Rembrandt,” an operations team manager at Balboa wrote. DTN refers to document tracking number, and Tracksource/Rembrandt is an insurance tracking system.
The response he receives: “I have spoken to my developer and she stated that we cannot remove the DTNs from Rembrandt, but she can remove the loan numbers, so the documents will not show as matched to those loans.”
According to the e-mails, approval was given to remove the loan numbers from the documents.
A member of Anonymous told DealBook on Monday that the purpose of his Web site was to bring attention to the wrongdoing of banks. “The way the system is, it’s made to cheat the average person,” he said.
He had set up a Web site to post
Balboa describes itself as providing “mortgage and auto lender-placed insurance tracking services.” Lender-paced insurance is another term for force-placed coverage.
Mortgage lenders require that homes be insured. In the event that mortgage holders let insurance lapse, lenders may take out their own insurance on the property, which protects the lender’s interest but is paid for by the mortgage holder.