In the emails from Balboa, the Anonymous poster claimed over Twitter that fraud is alleged due to the bank hiding foreclosure information from federal auditors. There were also other allegations of wrongdoing by the bank made but no specifics were provided.

A former Balboa employee has stated that certain documents were approved to be removed from the internal system because of errors pertaining to flood insurance. The employee stated the bank had approved the file removal so that the mistakes would not be detected by federal auditors. In the emails, employees were apparently discussing the reasoning behind the documentation deletion.

Bank of America did not deny the emails existed but they did take issue with wrongdoing implications. They claim the former employee of Balboa stole the documents and was essentially trying to get press over allegations that were not true. The employee contests he did not steal the documents.

The bank also said they did not send out the letters with the errors. However, another employee of Balboa insists they were sent out with the erroneous information and a subsequent letter was sent to clear up the mistakes.

Bank of America is still waiting for the damaging documents said to be coming from WikiLeaks. Founder Julian Assange has promised these would be available early in the year and would cause much damage to the bank.

Bank of America (NYSE: BAC) Leaks Suggest Fraud and More was created by and is property of American Consumer News.

The lawsuit is seeking class action status and was brought on by the parents of a man in the US military who died in 2004. The parents are the beneficiaries of their son’s $250.000 life insurance policy. The US Department of Veteran Affairs stated they were investigating the practices of insurance companies that put the death benefits of veterans into corporate accounts. The insurance company keeps most of the investment profits and only pays out a small portion to the surviving beneficiaries.

Reports from the Department of Veterans Affairs show the Prudential Insurance collected $982.8 million as the administrator of veterans’ policies in 2009, $144.1 million in income from investments, and held more than $2.5 billion in reserves. Lawyers representing the plaintiffs in the case state that the money accrued from interest is not money that belongs to Prudential.

Prudential has reportedly been talking with the Department of Veterans Affairs about the allegations. The Chairman and CEO of the company, John Strangfeld, stated ‘It is important that the beneficiaries of our fallen service men and women are treated with dignity and respect during a very difficult time. Given the questions raised over the life insurance program we administer for the Department of Veterans Affairs, we welcome an opportunity to address the concerns and to set the record straight.”

New York’s Attorney General Andrew Cuomo has also launched an investigation into fraudulent practices of other companies involved in the life insurance industry involving the denial of life insurance benefits to grieving family of military members. In Cuomo’s investigation, not only did insurance companies profit from the interest accrued, it was found that initial monies were not deposited with banks insured by the FDIC.

Prudential Insurance Investigated for Fraud Against Veterans was created by and is property of American Consumer News.

However, as technology tends to do, patients who need to know the fair price of different medical procedures can now use sites like Health Care Blue Book. This site in particular is free to use and available to help consumers make more informed decisions about financial and medical matters. It allows visitors to type in a medical procedure and find out the costs of the procedure itself as well as how much it will cost for hospitalization during recovery time. Consumers can search by zip code to get more accurate pricing.

The site search results also provide descriptions of what the procedures entail and a break down of different costs if applicable. The website covers hospital procedures both surgical and non-surgical, lab work, physician visits and care, cosmetic medical procedures, dental work, and even hearing aids.

In the Resource section of the Healthcare Blue Book, consumers can learn about healthcare, insurance, and pricing to get a better handle on their situation. There are several articles and a Frequently Asked Questions section to help people understand how things work, including the website itself.

Navigating the site is very easy and searches are simple to understand. You can also print off your specific search results to make it easier to discuss pricing and procedures with your doctor. In the interest of saving money and avoid being taken for a financial ride, the more consumers know about their own healthcare, the more likely they are to save money and hassle.

Healthcare Blue Book also provides resources for providers and employers. This is beneficial for both groups because patients who know what to expect are more likely to have the cash in hand and be ready and able to pay. For providers, this reduces the need for bill collections and allows them to advertise to cash-only patients who are looking for treatment. For employers, there are many tool available to support health care plans they are considering for employees as well as employee resources for those who are not eligible for coverage.

Price Check on Gallbladder Surgery, Aisle 3 was created by and is property of American Consumer News.

Even before a law is passed, Republican voices are calling for repeal. There are several bones of contention, each likely to spur more argument than agreement. Opponents of health care reform are still fighting against the same issues they’ve been against all along. If the Republican contingent gets their way and prevents the reform bill from being passed (or repealed if it does pass) insurance companies will still be able to deny coverage to anyone with a pre-existing condition like diabetes or asthma. In addition, this group of conservatives are contesting the idea of removing lifetime caps for insurance coverage.

The opponents of the reform are against the idea of free preventative medicine being made available to everyone and allowing tax credits for working individuals and families as well as small businesses. One provision of health care  Republicans are not just opposing, but are questioning whether or not it is even constitutional, is the idea that every American would be mandated to have health care coverage or face a fine.

Many of those in favor of reform believe that 46 million Americans without health coverage is reason enough to vote for reform. However, there is no question that many of the reforms being called for would be extremely expensive. But the Congressional Budget Office is projecting that under the current bill proposed by the Senate, everyone who is covered by insurance through their employer would continue to pay about the same amount they are paying now. Those people who pay for their own insurance, however, would probably wind up paying more for premiums, although they would be receiving better coverage than they currently receive.

The idea of a public health care coverage option seems to be out of the picture, at least for now. However, Democrats are still in favor of a marketplace or exchange option which would give people the ability to compare costs and hopefully find more affordable choices in private health care.

Health Care Reform Debate Continues was created by and is property of American Consumer News.

During the holiday rush, it can be all too easy to forgo our health and safety over the priority of getting the perfect gift or making it to grandma’s house on time. We drive to fast, eat too much, and care too little about our own bodies. Luggage may be an underrated avenue you should pay more attention to while traveling for the holiday season.

For instance, last year over 50,000 people were seen in emergency rooms or doctor’s offices due to serious strains and tears of muscles resulting from luggage that wasn’t packed or carried properly. It can be extra dangerous during the holidays, when families are loading up on presents and special things they need to take along. However, not paying attention to the load you are carrying can do some serious harm to your back, arms, and legs – leaving you in some serious pain, some big medical bills, and the huge inconvenience of being on bed rest during the holidays.

Experts recommend that you pay close attention to how you are packing. Stick with several smaller bags than one large suitcase. You will find more balance by carrying a couple of bags in both hands rather than one large bag thrown over your shoulder. Make sure you carry uour bags close to your body.

Those who are flying with luggage as a carry-on in hopes of avoiding the rising airline luggage fees, need to be sure they place their baggage in the overhead compartment carefully and not just throw it up on the shelf and slam the door. Use both hands to live the bag and store it in a stable position amongst the other bags.

Remember to ask for help if you can not manage the bags on your own. The airport likely has curb-side porters ready to take your bags right from your car.

Your health during the holidays should be a priority. Recognizing that even little things like luggage can hurt in the long-run can keep you safer and healthier. Consumers are reminded too that an ounce of prevention can keep away pricey trips to the emergency room and doctor’s offices, especially when you are out of town visiting and you get injured.

Your Luggage Can Hurt You This Holiday was created by and is property of American Consumer News.

Risk factors extend beyond financial woes.

When people cannot afford to pay for medical procedures their pocketbook may become the least of their concerns.

• Uninsured individuals are more likely to die prematurely than their insured peers.

• Uninsured are more prone to succumb to major diseases that may have been detected through routine preventative care- care that is often put off due to financial restraints.

• The odds of uninsured infants dying are 1.5 times more likely than infants that have private insurance.

• Lack of routine health care can lead to emotional issues such as depression and anxiety which can lead to physical ailments, beginning a cycle of symptoms that often go untreated.

Options for the recently uninsured.

If you have recently found yourself without health insurance coverage consider the following options to learn if you qualify for assistance.

• Medicaid- Each state has different guidelines for this government funded program which provides medical coverage for qualifying individuals. To qualify you must meet certain income requirements.  The Medicaid program is geared toward assisting people with low income and limited assets.

• Child Health Insurance- Low cost or free health insurance for children is available in most states for qualifying families. For more information you should contact your local or state government officials to find out if you fall within the income guidelines to qualify.

• Short-term coverage- If you recently lost coverage due to a job loss, check with an experienced health insurance broker to see if you qualify for short-term coverage until you find another job. Due to the limited amount of time the insurer is exposed to claims, some insurers will provide individual policies to cover the gap in employment for less money than standard individual coverage.

• COBRA- This is a relatively well known yet sometimes expensive alternative to extend your health insurance policy from your previous employer. You may be entitled to continue your coverage for up to 18 months, however you will be responsible for the cost of the entire premium.

• Community health centers- Many local community centers provide routine and diagnostic care for little or no cost. Women may qualify for low cost mammograms, pap smears and birth control options at local clinics.

If you find yourself without health insurance it is important to research options available to find affordable coverage or take advantage of programs designed to help individuals in need. Do not wait until an emergency happens to explore the options available; by then it might be too late.

Health Care Options For The Recently Uninsured was created by and is property of American Consumer News.

If you are the recipient of an inheritance, it is crucial that you do not drown your sorrows with a shopping spree or impulsive investment during your time of grief. Depending on the size of your inheritance, the right decisions could set your family financially and it is a decision that should not be taken lightly. The person who left the money to you may have already attached some direction as to how the money needs to be used. If that is the case, you may not have much room to do what you like. But if you have been left to your own devices, here are some ideas for using your inheritance wisely.

Write Down Goals

Setting both short and long term financial goals if you do not already have them, may be the best first step you can take. Outline on a piece of paper what your goals are (buying a new house, college fund for the kids) and then decide how the inheritance money can help you achieve those goals.

Start an Emergency Fund

If you do not already have an emergency fund, tucking your inheritance away into an interest bearing account can help tremendously in the even unforeseen circumstances arise in your life. This emergency fund should be separate from your regular bank accounts and only used for real emergencies (loss of job, need a new roof)

Plan Your Retirement

If you are not wise in the ways of investing and you plan to inherit a sizeable amount, you may want to consider speaking with a qualified financial advisor on how to invest your money for retirement, for college in the future, or any other financial investment opportunity you are interested in.

Buy Insurance

If you and your family do not have adequate insurance, including health and life insurance, using the inheritance money to pay for a new policy may make a lot of sense.

Pay Off Your Debts

If you have been struggling with making monthly payments towards paying down your debts, you may want to use your inheritance to get the monkey off of your back right away. Before making that decision, make sure you have a good understand of how much you owe and to whom, especially if you do not have enough money to pay off all of your debt. Seek professional assistance if you have to in order to determine which bills should be a priority.

Make a Savings Deposit

If your finances are in order and you are in no great need of using the inheritance money in other ways, deposit the amount into your savings account to prevent impulsive purchases.

Make a Donation

Depending on the tax laws of your state, you make consider donating money to your favorite charity. Speak with a qualified advisor, who can you help you determine the best way to reduce your tax bill.

Invest – Don’t Splurge Inheritance Money was created by and is property of American Consumer News.

After reviewing your policy, take some time to shop around for a better deal. If you find a better price, make sure you look at other factors including the new company’s ability to provide discounts and the services and coverage your require. Take into consideration that by switching insurance company, you may lose out on customer loyalty discounts and other special offers reserved for long term customers.

Make sure the terms of your policy are still financial acceptable. If you are making more money a year later, you may want to consider increasing your deductible and paying smaller premiums. Just make sure you will have enough cash to put out in the event you need to file a claim and have your vehicle repaired.

If you make a move to a new company, stick with a company who has a good reputation and not just the company with the lowest quote. In the event you ever need to file a claim, you want to be sure your insurance company has your back.  While you may never need to file a claim, those who do will soon learn how important it is to be able to rely on the company’s assistance. Because there are so many new companies springing up online offering what seems like great rates, it is always worth it to do a little homework and make sure the company is legit and that they are licensed to provide insurance in your state.

Last but no least, make sure if you are changing insurance companies that your coverage does not lapse. Ensure with the new company that your new policy will begin as soon as your current policy expires, usually at midnight on the expiration date. If you switch to a new company in the middle of a policy term, be sure to cancel your old policy in writing and follow up with the company to see if you qualify for a refund of the unused portion of your paid premium.

Take the Necessary Steps to Save on Auto Insurance was created by and is property of American Consumer News.

Most windshield replacement companies can repair and stabilize small nicks and cracks up to three inches in length. Typically, cracks larger than three inches will require a total replacement of the windshield, which can be quite expensive depending on the make and model of the car. That is unless you are as fortunate as a friend of mine who went into work one morning and came out at lunch to find a brand new windshield in her SUV. Apparently the repair shop was doing a replacement on-site and replaced the windshield in the wrong vehicle. However, most of us do not have that kind of luck and. depending on your insurance deductible; there is a good chance you will have to foot the bill out of your own pocket.

In cases where a total replacement is necessary, make sure you keep your vehicle out of the sun and other extremes in temperature as much as possible to prevent additional damage to the windshield until it the glass can be replaced. As I mentioned, repair shops sometimes offer the convenience of servicing your vehicle at your work or home. Shop around for the best deals and make sure you check in with your insurance company before scheduling a repair.

Don’t Slack On A Crack was created by and is property of American Consumer News.

Many people consider their pets to be a member of the family. In that regard, pets are often spoiled and enjoy the same comforts as their human counterparts. Pet owners have been known to take it to the extreme in some cases. We’ve already read a story or two about the billionaire who left everything to Fluffy the cat or the millionaire dog that now lives alone in a palatial estate. I used to think people who purchased pet insurance were in the same category. However, realistically those who are willing to do whatever it takes to make sure their pet is healthy, may find pet insurance a good policy to have if they otherwise could not afford a large bill in emergency situations. It is relatively inexpensive, costing on average between $15 and $28 a month, depending on the type, age, and breed of the animal. Coverage is generally divided between basic and premium.

When shopping for a plan, you should pay attention to what it will cover, such as which illnesses, injuries, and treatment options are included in the plan. Pre-existing conditions are usually not covered. Most plans will carry a deductible of $50 or more and require a co-payment. Typically, most plans will obligate you to pay the amount in full at the time of service and then file a claim for which you will be reimbursed at a later time. Owners, who wish to insure more than one pet, may be able to get a discount on the insurance plan.  There also may be discounted programs available through animal-related organizations.

Purchasing insurance for your pet is really no different than buying it for yourself or your family. You need to shop around and compare plan benefits to get the best policy for you. Make sure the monthly premium payments are within your budget and before signing any agreements, be sure the company is legitimate and you are confident you are clear on what benefits are included.

Insurance Is For The Birds…and Other Pets was created by and is property of American Consumer News.

Protecting yourself as a renter is important. Any number of things can happen at any time. Like a homeowner, you need to look closely at insurance. Many insurance companies offer an HO-4 policy that will cover your personal property from such things as fire, lightning, vandalism, theft, damage caused by plumbing, heating, or air-conditioning problems, and explosions. Two things rental insurance will not cover is loss from earthquakes and floods. A separate policy is required for that type of coverage if you are living in a region where that would be a concern.

Insurance companies offer policies based on Actual Cash Value, which pays for what your belongings were worth at the time of the damage or theft, and Replacement Cost Value, which will reimburse you for what it costs to replace the items.  If you bought a new mattress five years ago for $1,000, ACV coverage would pay you for what the mattress would be worth today; an amount considerably less than it was five years ago. With RCV, the insurance company would reimburse you the amount it would cost to buy a new mattress today. Most insurance companies use the ACV policies, which carry lower premiums than the RCV coverage but the ACV policy also will pay out less money that the RCV. Both types of policies also will subtract the deductible first.

Like most insurance, your premium for renter’s insurance will depend on where you live and other factors. Keeping a higher deductible can keep your monthly payments lower. There are discounts available for things like smoke alarms and fire extinguishers. It is important that you keep an accurate and updated inventory of your all of your property. A good way to keep track is to videotape everything you own. Keep the video and all receipts for items in a firesafe or a bank safe deposit box off premises. In the event something does happen, you will not need to worry about retrieving your documents from your home.

ARE YOU COVERING MORE THAN YOUR RENT? was created by and is property of American Consumer News.

Health Care

An Enigmatic Conundrum (How Insurance Companies Are Trying To Get You to Take On More Risk) @ InsureBlog

Changing the way we see disability @ Workers Comp Insider

Dangers of Getting Your Health Insurance on Your Own @ Consumer’s Health Insurance Blog

Fitting Health Care Into The Budget @ Insurance Shoppers

Medicare Part D and Switching Costs @ Healthcare Economist

Investing

10 Common Investing Mistakes Or Just Personal Choices? @ The Digerati Life

Ben Stein vs. Goldman Sachs: Market-Makers, Brokers, and Trusted Advisors @ Trust Matters

Common Mutual Fund Investing Mistakes @ Bullreturns.com

Our 7 Mutual Fund Investing Mistakes! @ Fire Finance

Risk Management – Pure Risk and Speculative Risk Explained @ Personal Financier

The Fund Authority Score – A Better Mutual Fund and ETF Rating System @ The Skilled Investor Blog

Real Estate

Renter’s Insurance, Pay a Little, or Lose Everything? @ Debt Free

Rent Back House Tips To Avoid Home Loss @ FYIAbout.com

Business and Insurance

What Everybody Ought to Know About Car Insurance @ Personal Finance Strategy

Political Calculations: The Business of Bootlegging @ Political Calculations

Strategic corporate reputation @ Sox First

The Fed to the Rescue Yet Again, But at What Cost? @ The Agonist

That’s Crazy Talk! (About Debt, Savings and Emergencies) @ I’ve Paid For This Twice Already…

Cavalcade of Risk – December 18th, 2007 was created by and is property of American Consumer News.

When it comes to flooding, your standard homeowner’s insurance policy will likely not cover any damages. A specific flood insurance policy will cover things like damages tom major appliances including your furnace, air conditioner, water heater, and the like. It will also cover any structural damage that was done to your home, cleanup of debris, and damages to your flooring. Some policies will cover the loss of your personal possessions and some will not, so make sure you find one that will cover your belongings in the event of a flood.

How do you know if you need flood insurance? FEMA has done the statistics and identified whether or home is likely to flood and your mortgage company will use that information to determine if you should be required to have flood insurance. They identify areas that are very likely to flood as “Special Flood Hazard Areas.” If an area has a 1% chance or higher risk of flooding a year, it’s designated as high risk. You will want to buy flood insurance if you live in these areas even if your mortgage company does not require it.

Your mortgage company will likely be able to tell you whether or not you live in one of these zones. Alternatively, FEMA offers a service that will allow to search your address online any they will tell you whether or not you live in a high-risk flooding area. You can find that website at http://www.floodsmart.gov/

Another type of insurance might just seem like another bill to pay each month, but it is well worth it. A major flood can be financially and emotionally devastating; it’s just not worth taking the risk.

Don’t Be Up a Creek Without A Paddle. Buy Flood Insurance. was created by and is property of American Consumer News.

This is true for all sorts of professional services, especially financial advisors. There are a lot of good people out there that can help you with your money, but there just as many out there that will actually put you in a worse financial situation than you are now! There are actually two types of financial advisors, and one of them you should avoid like the plague.

The first type of financial advisors is commissioned sales people. For every financial product they sell to a client, they receive a commission. Since the amount of commission they receive varies from product to product, they have a clear financial motive to sell you the financial products that will make them the most money, not what’s best for your pocketbook. This is not to say that all commissioned financial advisors feel they obligation to do what’s in your financial best interest, but there’s a clear conflict of interest.

Commissioned financial advisors and financial planners are why so many people get stuck in bad financial products such as whole-life and other cash value life insurance plans. The numbers are appalling yet thousands of people buy into them each year. Did you know that you can get the same amount of coverage in traditional term insurance for about 7% of what you would pay for the equivalent insurance in cash value life insurance? It’s true!

The other type of financial advisors are fee-only, meaning that you pay them a fee for their information and they make no money by selling you any sort of financial products, whether it be investments, insurance, or anything else. When you’re dealing with fee-only financial advisors you know that the person you’re dealing with doesn’t have that conflict of interest and have no reason to give you bad advice.

Even when you do choose a fee-only financial advisor, make sure that you choose someone who is well qualified to give you financial advice. If you choose someone who’s under-qualified and they give you a bad piece of advice on something such as taxes, you could be out thousands of dollars! Before you meet with a financial advisor, ask about their training, education, and even for a couple of references. You want to make sure you’re dealing with someone who’s well qualified and knows what they’re doing!

The use of credit cards is now increasing at such a rate that they have now taken over from cash as the preferred payment option by consumers. Many analysts believe this to be one of the main reasons why debt has became a serious problem, however, it cannot be ignored that credit cards offer consumers a valuable service especially when you consider the types of credit cards that offer 0% balance transfers, 0% on purchases and cash back credit cards.

Why Going to a Financial Advisor Might be Financially Disastrous was created by and is property of American Consumer News.

Raise Your Deductible – The premium that you pay is inversely proportional to the size of deductible that you have. If you have a higher deductible, you’ll pay a lower rate. Usually you’ll want to go with a higher rate because insurance companies tend to cancel you if you make a lot of small claims. Get a high-deductible and use the savings to pay for the little things that come up here and there.

Compare Prices Between Companies – It’s worth your time to go sit down with an independent insurance agent. They will be able to look through dozens of different insurance companies at once and be able to tell you which company will be able to provide you the best deal on your homeowner’s insurance. You will want to read a review of the company before signing on, because the quality of service each company offers can vary dramatically.

Quit Smoking – A very common cause of house fires is a lit cigarette. It might fall out of the person’s mouth if they fall asleep, or if they throw it into a trash can full of flammable materials. Often your insurer will give you a discount for quitting smoking!

Get a Security System – Installing a home security system will statistically decrease the likelihood that your home will be robbed. Since your premium is directly associated with the amount of risk you represent to the insurance company, you can almost always get a lower rate when you decrease the risk to insure you by installing a home security system.

Raise Your Credit Score – Insurance companies use your credit score as part of the calculation which determines how much your premium should be. If you have a higher credit score, you statistically represent less risk to them and will likely be able to save some money on your premium.

Smoke and Carbon Monoxide Alarms – Getting smoke detectors and carbon monoxide detectors (if you use natural gas), are a great way to give your family and early warning sign if there’s a fire or a gas leak. Many companies will lower your rate if you have a good amount of detectors in your home.

Homeowner’s insurance is certainly not the most exciting topic of discussion, but who doesn’t want to save a few dollars each month? Follow these tips and you’ll be able to cut back significantly on the check you write to your insurance company each month.

Cash In: How to Lower the Cost of Homeowner’s Insurance 6 Different Ways was created by and is property of American Consumer News.

Because of the Fair and Accurate Credit Transactions Act of 2003, Americans have the right to obtain their C.L.U.E reports every year just as they can with their credit reports. ChoicePoint has setup a website called www.ChoiceTrust.com which will enable you to check out your personal home, personal auto and personal health insurance on a yearly basis. You’ll have to fill out a few simple forms and provide your Social Security number, and then they’ll provide you those reports for free.

Once you get your report, you’ll see a listing of all of the claims you’ve had on your various insurances in the last five years. These will be things such as stays in the hospital, car accident claims, home-owner’s insurance claims and the like. You should carefully look at each of your reports to make sure that there isn’t anything that was accidentally put on your report that isn’t yours, or that something of yours wasn’t reported properly.

If you find a mistake on your C.L.U.E report, you can contact ChoicePoint at 866-718-7864 and report the item as inaccurate. ChoicePoint will take your complaint, try to verify the information with the insurance company or other organization that reported it, and then get back to you within 30 days of what they found out.

It’s very important to make sure that your C.L.U.E report is accurate, if there are claims on there that aren’t yours, you could look a lot less beneficial to potential insurers, meaning that you might get turned down for health insurance, automobile insurance, homeowner’s insurance, or life insurance.

You check your credit report, but what about your C.L.U.E report? was created by and is property of American Consumer News.