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Originally Posted by
EagleDon 
Is there any harm of placing a rear ported speaker to close to a wall?
Only if it's so close that the space between the wall and cab becomes in effect part of the cab, and even then that's not necessarily a bad thing. Varying that distance can fine-tune the cab low end response to the room.
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Itll cause the bass frequencies to sound boomy and exaggerated
Not necessarily. With the right distance it can extend response lower while taming boom in the midbass.
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I have also read of placing sound aborbing material on the wall behind the speaker, any information on doing this?
It would have to be very thick to have any effect on the low frequencies that radiate from a port. It would have more effect on the diffraction of higher frequencies that come off the cone, wrap around the cab and the reflect off the wall.