FDIC Responds to TBWS Indymac Video. 02.16.10 | Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

craftylittlehands: (June 13, 2010 3:52pm)

It seems that the home owner looses no mater what. Short sales, lawsuits for fraud of RESPA and TILA laws, and bankruptcy are all delay tactics for the homeowner. Unfortunately, the banks still win and can steal the place were you sleep out from under you. I say good. Take it back you bank fuckers. Why should I keep servicing a debt on a property in interest only payments when the value of the house is worth nothing? Dummy! The banks are winning twice with insurance money from the government and private companies AND often cash offers at REO sales. The banks will make it work on paper for their own best interest, no matter what. They seem to forget that people still need a place to live. In the end, I loose five years of remodeling a 1915 Craftsman house and about $150K of my own money. Dummy. I also loose the idea that buying a home with a loan from a bank isn't anything but a scam. Burn me once, shame on you, burn me twice, shame on me.

LoanLawMan: (March 03, 2010 10:49am)

ThePhoenix - I appreciate your response and banter on this! If lenders aren't scared of what we are doing, then why are they requesting with their first motion that court documents be SEALED? It's simply because they don't want the American people to know that they have rights, and that lenders have violated them. I mean absolutely no disrespect to you, or your firm, but the real estate and contract law office that I work for has maintained an excellent record with the state bar for over 30years, and has always been a champion for consumer advocate rights. I'm sure that we are both on here for the purpose to help those who haven't found help elsewhere. We are helping people save their homes here every day! I'm here to show homeowners that there is, in fact, hope..! With so many homeowners getting nowhere with their lender, and unable to afford help, we developed something that works. Litigation has never been affordable to the general public...until now!

ThePhoenix: (March 03, 2010 10:07am)

LoanLawMan - That is just not factually true. Our law firm has filed in excess of 45 lawsuits against lenders in 2009 and I can say with absolute certainty that lenders are not scared and they are fighting like crazy. You are making sales claims that are not based on any fact and very misleading. This has been a new direction for some of the loan mod companies that are failing.

Anonymous: (March 02, 2010 8:48pm)

http://www.youtube.com/watch?v=Ojet3L-nKEw&feature=player_embedded

LoanLawMan: (March 02, 2010 10:49am)

Ok, here I am again, ready to tell you all what we're doing here in California! Lenders are SCARED! We are taking back the leverage, and giving it to the homeowners! You might agree with me on this, but Lenders have made too much money preying on good people, and it stops now! If you, or someone you know, lives in CA, and is underwater in their home...was preyed upon by greedy brokers...was rushed to sign hastily written loan docs...was promised a low rate, only to have a much higher rate on the final docs...who's original loan was sold, maybe even several times, and now they pay someone different...IF YOU ARE IN FORECLOSURE, AND IN DANGER OF LOSING YOUR HOME...I CAN HELP!!!! Why just get mad, and rant on blogs, when you can GET EVEN! How would you like to have your principal reduced to FMV...interest rates fixed for 30yrs at par rate...potentially have your home free and clear? We are making wonderful things happen, and I want to help as many people as I can. tobismaximus at hotmail.

RLTR: (March 02, 2010 8:43am)

PS to below post. Just look at the class of people and the way these BPO's are done today by Realtors. They make up little factories of assistants sitting at a desk filling in bpo forms to value properties for Asset companies from all over the Country. What do they know about our local market. Many of these Realtors that set up these BPO factories brag about doing hundreds of these/week. They travel out of the county and just plug in listings and numbers to get the bpo submitted. They lie on milage, use wrong comps, you name it. These Asset Companies are just as bad. They change things on these forms that Realtors send in. Realtors don't even know it. Then they keep reducing their fees and it becomes like gas. Everyone complains about the fees/prices then just become adjusted to it and deals with it, then it all just becomes normal. This is what the market got to with Realtors, and dealing with banks. I think our wondeful Board of Realtors should fight more for our sake. Don't you?

RLTR: (March 02, 2010 8:38am)

The way the banks have artifically inflated prices w/their scam loans back in the market boom is as disgusting how they are artificially deflating home prices now robbing innocents homeowners of their equity deflating neighborhood prices of even people who bought before the boom. THey are ruining their neighborhoods. Realtors...well many will find this an opportunity to have a TON of listings that they would not have gotten in a regular market dealing with homeowners/sellers. All they have to do is get in w/the banks & they have a ton of listings. Do they care what they sell for? NO, Do they care about anything regarding the sale? NO, other than their commission. They have no personal ties to the house or who owns it. Everything is a nubmers game and dealing with children strait out of high school w/files piled on their desks to work. Well you know how that work ethic goes.It's not like the old days when you had older more respect people working huge assets as such.IT IS ALL DISGUSTING

timrwall: (February 26, 2010 6:26pm)

The Creature From Jekyll Island is a very intersting story. Read that and you will absolutely understand why the financial state of this country is such a mess. I've been to Jekyll Island and seen plaque in the club. there's something mwrong when it's all fiat money.

Russ: (February 25, 2010 5:04pm)

Appraiser, 10 years plus experience in my market area, have lost my health insurance for my family due to outside, uneducated, AMC low fee appraisers, of which have come into this county without any idea of the market.

Z: (February 24, 2010 2:13pm)

Exactly why we have tried to keep banks out of the real estate business.

Zippy: (February 23, 2010 8:09pm)

FLShortSales: Zippy's a Realtor; one of the most experienced in the nation, and I'm 100% in agreement with what you're saying: "Loan Modifications and Short-Sales are a bank-hoax. The best-of-the-best Realtors make 7 out-of 10 Short-Sales happen; right? Ancient history tells us that bankers are cockroaches and regulations must be harshly enforsed. My contribution to this discussion is to say the bankers are playing "fowl-ball" and to encourage you and others to stop playing thier game. They also know exactly what they're doing; G-R-E-E-D!

FLShortSales: (February 23, 2010 7:10pm)

PART 2: This all must be done before we ever try to list & market the house for sale in hopes of finding a buyer that will wait 4-9 MONTHS for the ridiculous bank "process" to be completed.The bank will not give anyone, including the listing agent, any clue on how much they will accept for the house until after a contract to purchase is submited along with an average of 40 pages of the homeowner's private finacial information. Sorry for the rant, My true hope is that more people will start to really see how bad it is right now... and how INTENTIONAL it has to be for the banks to run their business in such a sloppy, inefficient, ineffective, costly, misguided, archaic management style. Did I mention costly?? Why doesn't this massive loss of money make them more reasonable when we're trying to help get distressed properties sold? They certainly didn't run things this badly when they were processing all those loan applications in '06-'07..."CAN ANYONE SAY G-R-E-E-D?"

FLShortSales: (February 23, 2010 6:46pm)

Zippy: Please tell me you are not a Realtor. If you are, then I would venture to say that you have never attempted to represent a buyer or seller in a short sale, or bank owned property transaction. There is nothing simple about the market in Florida, especially regarding short sales. The amount of work that is involved is way beyond the scope of a Realtor's duties. Yet, if we are to survive in this profession, we now find ourselves forced to act as homeowner crisis counselor, legal & financial advisor, massive document processor & securing all private & confidential financial documents, and finally, bank negotiator. And that's just the begining. All this has to be done in advance... Continued

Zippy@ZipRealty: (February 23, 2010 3:50pm)

I'm reminded that a Realtor is the qualified professional to list homes for sale and protect consumers in the buying process. Stop allowing banks to tell you how to do your job. A listing is a listing and a sale is a sale regardless of who owns the property; bank or private party. The terms "short-sale" and "foreclosure-sale" are labels that do not change the listing and sale process. If the bank needs to sell a foreclosure property, the solution is simple. Just pick up a phone and call a reputable local Realtor; it really is that simple.

ThePhoenix: (February 23, 2010 12:00pm)

Disillusioned... the solution is quite simple, stop cooperating with lenders. Don't do loan modifications, don't do short sales, don't talk to them and walk from underwater homes. The solutions they offer destroy your credit anyway so if more and more consumers just walk away, the losses to them will be huge, many will fail quickly and then they will have to be "nice" and do "nice" things for all. The wealth will not be going up the chain, the losses are there, they have more loans on the collateral than the collateral is worth. Stop playing their game by their rules.

Disillusioned: (February 23, 2010 10:23am)

So all this information is great, and does make one's blood boil as all our wealth is being stolen and redistributed upward. But what is the strategy to change this system that is causing so much suffering and escalating the demise of our economy and middle class? Our president could end the wars in the Middle East today, saving trillions of dollars (creating good will worldwide) and transfer the defense of our oil habit to production of alternative technologies (no matter what they cost), thus putting Americans back to work. Other ideas???

Petroniusz: (February 23, 2010 9:46am)

You are not alone dms753.

dms753: (February 23, 2010 9:40am)

12:39 dms753: I have been trying to get a loan mod. from Flagstar Bank. I made my 3 trial payments and now they say I don't qualify because my taxes and insurance went up a "little bit" sounds like they are trying to steal my house!!!

Petroniusz: (February 23, 2010 9:29am)

RichieRich is right. US is still land of opportunity. Where profits are privatized and losses are socialized.

RichieRich: (February 23, 2010 9:05am)

Oops! Sorry... Forgot to point out that OneWest also helped US out by snapping up First Fed of California back in December and then La Jolla Bank last Friday. http://articles.latimes.com/2009/dec/19/business/la-fi-bank-failures19-2009dec19 http://www.latimes.com/news/local/la-fi-la-jolla-bank20-2010feb20,0,6125900.story Who said the good ol' USA ain't the land of opportunity anymore?

RichieRich: (February 23, 2010 8:56am)

February 20, 2009 - OneWest reports $1.57B profit http://www.latimes.com/business/la-fi-onewest20-2010feb20,0,880625.story Dune Capital Management led by Steven Mnuchin, put up $1.55 billion to buy the bank. Other investors included hedge-fund operators George Soros and John Paulson, bank buyout expert J. Christopher Flowers and computer mogul Michael S. Dell. It's a no brainer for the guys with all the money. Why risk re-capping any of these banks in their present state when you can just "ambulance chase" the FDIC on Friday afternoon and get them to assume most of the risk…?

floridasucker: (February 23, 2010 5:55am)

(part 2 of 2) If you are claiming that you now understand the deal completely and stick to your claims, I think you are handling the comments on the board poorly. It looks to me that several people have brought up seemingly good points, and you have not addressed them. Truthfully, it sounds like your lawyers are running the show now (i.e., "shut up or else"). Don't get me wrong, I want you to continue to dig and discover, but your credibility will go down the tubes if you do not admit you were wrong (if you were) or respond to the points below to prove them wrong. I love you guys (figuratively, of course) but you can't leave this hanging.

Petroniusz: (February 23, 2010 5:53am)

1) I have serious doubts that FDIC will return money to Tax Payers. The same as Goldman Sacks, BNP Paribas and others will not return tens of Billions of taxpayers money received though orchestrated conduit transfer of taxpayers money called, bailout of AIG. 2) Even if you consider %75,000 of promissory note a recovery OW still makes money. 3) I know all these "costly efforts" to prevent foreclosures first handed. Trust me, they are looking for smallest hint of deficiency in submitted documentation to turn you down. The same applies to loans serviced by Chase, BoA, Wells Fargo. These banks took over WAMU, Countrywide and Wachovia from FDIC, respectively.

floridasucker: (February 23, 2010 5:49am)

I was introduced to the TBWS website via the FDIC / OneWest piece. I must say that I made a mistake - I made the assumption that you guys did your homework and that the video was an accurate representation of the COMPLETE deal. Given the current magnitude of shysterism in D.C. and Wall Street, I must admit that the premise of your story wasn't all that surprising to me. Nevertheless, after reading the documents referenced below I find that there were many other factors (7% ceiling, assumption of liabilities, etc.) that could easily have a significant impact on the sweetness of the deal. To set the record strait, I am very happy that the two of you are out there working hard to (1) operate a successful business and (2) uncover Wall Street and D.C. thievery. But I think (and I could be wrong) that you guys jumped the gun and published something that was skewed at best. (part 1 of 2)

truthseeker: (February 22, 2010 9:00pm)

2nd of 2 posts The main premise you assert is whether the fdic is making the correct economic decision. Have you considered for a moment what the alternatives were? IndyMac made horrible loans and it was doomed to fail. The fdic could have either found a buyer and given some fairly considerable concessions or taken over the loan portfolio themselves. Since the fdic is an insurance company they took the route which results in the least cost to the fund and since the fdic cannot service these loans and would have discounted the portfolio even more to liquidate the assets. Finally, the guy you plagarized from is a little ticked you stole his story http://activerain.com/blogsview/1243528/is-the-fdic-killing-indymac-onewest-bank-short-sales-) I'd make sure to also give him some of the blame for the errors as well.

truthseeker: (February 22, 2010 8:54pm)

Fellas, several error still exist with your updated video. Please actually read the fdic agreement or at least have the guy you plagarized from (see blog link below) read the agreement. 1. the fdic agreement requires OneWest to document and verify they are taking the least costly mitigation effort on loans which are in default or which will be in default. 2.as the fdic's press release pointed out, OW has not received one dime as of yet so in this case OW received $0. 3. the deficiency note of $75K offered by OW is considered a recovery and subject to an payment back to the fdic at 80%. 4. you indicate how this is bad for taxpayers even though the fdic is 100% funded by member bank premiums. (yes, any loan taken out by the fdic from the treasury will be paid back which the fdic has done historically). Net cost to taxpayers = $0. See next post...

floridasucker: (February 22, 2010 6:37am)

I agree with "Anonymous". Following the holding companies to the real owners!!!! Also, please comment on the 7% ceiling question below as well.

Anonymous: (February 21, 2010 11:52am)

Please find out who the principal stockholders are of One West Bank............follow the holding companies to the real owners.

Taken: (February 21, 2010 10:32am)

We have been working on a remod for 1 year they have had us fax to WaMu (Chase) Literally over 6000 Pages of documents. The banks have cut off all credit to small business how can business survive without some form of credit. I know of many businesses in the same boat. No one ever mentions the small mom and pop small businesses that are being choked by the banks. If we would have seen this video we could have saved a bunch of time. We are about to lose three buildings and the farm we have lived on for twenty years. We have plenty of assets and equity. Is Sorros the Anti Christ? If not he is truly evil.

Ca Consumer: (February 19, 2010 11:50am)

Mortgage credit analysts have noticed fewer redefaults on IndyMac loan modifications after the FDIC directed the servicer to make deeper reductions in borrowers' monthly payments. In the first quarter of 2009, the Federal Deposit Insurance Corp. was using a 38% mortgage debt-to-income ratio as its target for lowering monthly payments made to IndyMac Bank. But then the agency lowered the DTI to 31%, aligning its effort with the Treasury Department's redesigned Home Affordability Modification Program. Prior to the change, IndyMac's loan modifications had a 48.5% redefault rate after 12 months, according to figures compiled by Bank of America Merrill Lynch Global Research. But after the FDIC dropped the DTI ratio to 31% the redefault rate fell by up to 10 points over the next nine months. "Assuming that trend continues, these modifications would have 12-month recidivism rates in the range of 30%-40%," said B of A mortgage strategist Max Nissman. In the summer of 2008 Pasadena, Calif.-based IndyMac, once a top player in alt-A lending, failed at a cost of $9 billion to the government. Eventually, it was sold to pr

intbt: (February 19, 2010 10:17am)

We have an Indy Mac mortgage, I have been contacting them since 9/09 asking for help with a loan modification. I have been repeatedly turned down due to 'not qualifying' under the government stimulus program (> $729K). I asked for them to help me as my mortgage company and received the same answer. We are now trying to get a short sale approved, worst case for One West (per your numbers) they will make over $300K on our property. It is good to have friends in the government, I wish we did. I have sent copies to Feinstein, Boxer and Honda. This is from Feinstein - "I anticipate that the Senate Banking Committee will continue working on this issue, and that the final bill considered by the full Senate may differ from the current draft. Your thoughts on reforming financial market regulations and improving oversight are helpful..."

Homerover: (February 19, 2010 8:56am)

UNBELIEVABLE and truly DISGUSTING... thanks Paul Tamsin (HST) for the forward and keeping me posted.

Modgirl: (February 19, 2010 8:22am)

RoyW not sure what lenders you are dealing with but other than perhaps HSBC I haven't seen any loan modifications that are only good for one year.

Floridasucker: (February 19, 2010 7:51am)

Can someone explain the 7% ceiling on the loss-share agreement? Is it 7% of all assets "serviced" by OneWest, or 7% of the purchased Indymac assets? In other words, has OneWest purchased additional assets in separate deals to which the FDIC agreement is being applied??? This is an important question, because the exposure to US taxpayers could be growing daily. Also, what was the total value of assets purchased by OneWest from the FDIC? How many purchases? One deal, many??? I wonder if the FDIC would comment on how many other companies have gotten a deal like this. Per FDIC letter: " The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share"

RoyW.: (February 19, 2010 7:43am)

When the banks will typically only let the loan mod stay in place for 1 yr; it is no surprise the borrowers default again. The economy is going to take more than 1 year to fix and most borrower's problems are directly linked to the economy; especially those facing unemployment. 3-5 year Loan Mods would give borrowers a reasonable opportunity to succeed.

Rocky: (February 19, 2010 4:53am)

Great work with this video. Unfortunately, people will read it, get frustrated, pass it on, and nothing will get done, it will all be forgotten, and these kinds of practices will go on and on and on. It is very unfortunate.

sacco: (February 18, 2010 7:38pm)

I've been doing short sales for folks that have failed to get loan modifications. On one, turns out the OneWest was still working on a loan modification even after we submitted a short sale package. You should have seen the figures on the modification. Such a sweet deal for OneWest! 40 years of "lower" payments and then a balloon payments that would blow your mind (huge)! My client declined the modification and we're still working on the short sale. I forwarded this to a bankruptcy attorney who currently has lots of former IndyMac customers. Keep up the good work, guys!

ThePhoenix: (February 18, 2010 12:13pm)

Chris... not sure who you mean. The premise of doing a loan modification is not rooted in making money but in the moral responsibility of protecting the broader public. Not doing loan modifications has resulted in huge losses in real estate value caused by the subsequent default by homeowners who did not get loan modifications. You are right, the high incidence of loan mod defaults is a good reason not to do them, but that misses the point. The loan modifications that are being done do not solve the underlying problem and therefore fail. Much discussion exists on the borrowers moral obligation to pay. However, boiling this down, the losses are the financial institution at this point. If they do not want to lose as bad, I am sure that a balanced loan modification in which both the consumer and the financial institution lose equally would curtail the current drain. Yet, the financial institutions want it all and not share the loss. Its complex. Meanwhile, the losses continue.

Chris: (February 18, 2010 11:01am)

You mentioned that banks don't want to do loan modification because there is too much money in short sales and foreclosures. I think you should look into the percentage of home owners that default again after a loan modification. It may be another reason for not doing them.

BRIANIMAL: (February 18, 2010 8:34am)

My home went to sherrifs sale yesterday. The fact is many people do not care to get involved until they are directly affected...not understanding that if they are not at this moment they will be in one way or another soon. 2 real-estate agents and a tradesman in this family. We have been devastated. THANK YOU for this video that clearly illustrates to the 'common folk' of how this mess came to be. I have sent to everyone I know. It is hard to hook someones attention about numbers and you pulled it off perfectly. I would say if the FDIC has responded...you struck a nerve. Keep it up boys.

Chris: (February 18, 2010 7:18am)

I have not heard a peep about the new fha guidelines that went into effect Feb. 15th. Why are the Mgt companies still sending orders with very low fees for FHA appraisals? Who do I report this violation of the law too?

FLShortSales: (February 18, 2010 4:37am)

Evergreenappraisers: I heard the same thing about Soros, and others. It was said that several big players pulled their money at the same time which deliberatley caused the default of Indy. Then came back and reinvested in One West. Can anyone verify this?

MORTGAGEDATANOW.COM: (February 17, 2010 10:21pm)

You guys are great!! Congratulations on finally getting the FDIC's attention with your video. As for their response ... the lamest attempt at spin from a public agency since its invention. The OneWest stoolie knows nothing and furthermore is WRONG! You have the right idea, and we provide the VERIFIABLE FIGURES on SPECIFIC PROPERTIES to prove it transparently to everyone who can follow. Keep it going!!

MORTGAGEDATANOW.COM: (February 17, 2010 10:20pm)

You guys are great!! Congratulations on finally getting the FDIC's attention with your video. As for their response ... the lamest attempt at spin from a public agency since its invention. The OneWest stoolie knows nothing and furthermore is WRONG! You have the right idea, and we provide the VERIFIABLE FIGURES on SPECIFIC PROPERTIES to prove it transparently to everyone who can follow. Keep it going!!

MORTGAGEDATANOW.COM: (February 17, 2010 10:19pm)

You guys are great!! Congratulations on finally getting the FDIC's attention with your video. As for their response ... the lamest attempt at spin from a public agency since its invention. The OneWest stoolie knows nothing and furthermore is WRONG! You have the right idea, and we provide the VERIFIABLE FIGURES on SPECIFIC PROPERTIES to prove it transparently to everyone who can follow. Keep it going!!

Evergreenappraisers: (February 17, 2010 8:32pm)

Holy cow! This has got to be a record for discussion responses to any one video on this site. Way to go F & B!! I have a question and wondering if any smart folks out there know the answer. I believe I read that Soros had significant ownership in Indy Mac prior to the fall. If this is true, seeing the writing on the wall with the markets and engineering a take down and then subsequent work out deal with the FDIC...would be really damning, now wouldn't it? Anyone know if he was heavily invested in Indy Mac?

FLShortSales: (February 17, 2010 6:08pm)

**Continued from 1st Post.** If this first scenario is incorrect then the other way I read the FDIC Shared Loss Agreement is that OWB must absorb the first 20% of each loss up to $2.5 billion, right? Then what happens to the 10% difference from purchase price of the loan and the ORIGINAL LOAN balance calculation they’re using? Using the original example in the Blog and video; OWB Pays $334,600 for the loan. Then the loss is calculated on the ORIGINAL LOAN BALANCE, right? So, $485,200 – 20% = $388,160 ?? Is this right or am I missing something? It appears that even before the other 20% phantom “loss” that OWB has to “share” in it looks to me like they will still collect 10% off each short sale or foreclosure they do immediately! $388,160 - $334,600= $53,560 PROFIT to One West! Thanks for everything you are doing to get this information uncovered and out for the public to see. We are behind you and working to get the word out every time you post something!! Great Job!

FLShortSales: (February 17, 2010 6:05pm)

I have been working as a Realtor specializing in short sales for 2 years now in Florida. The work you all are doing is fabulous and very much needed. This kind of public awareness and outrage is the only thing that will create an environment for real changes to be made. There is no question that the systems set up by the banks to handle short sales and loan mods are by design, and most definitely intentional. I have read and shared this information many times, but today I saw some thing in the FDIC press release and “Fact Sheet” that I wanted to get your opinion on. Please tell me what you think: Once the $2.5 billion loss threshold has been met by OWB, does the Shared Loss Agreement start from the first dollar of “loss”? In other words, $2.5 billion X .80= $2.0 billion. Is this paid by the FDIC to OWB for their “losses” after they reach the threshold? **See 2nd post for the rest.**

ThePhoenix: (February 17, 2010 5:33pm)

While not a popular view, the best thing that underwater homeowners can do it walk. Let wall street and the lenders who fed them the paper completely tank and we all start over. This whole loan modification process is just a method for them to extract every last bit of cash from poor consumers all the while they are going to continue to foreclose. 85% fail rate on modifications means those 85% gave hard earned cash to those servicers for trial mods that from the very beginning they knew they were not going to get it approved. Let them choke on the paper. Its better for the economy in the long run, more affordable housing for us to all purchase from the ashes of those financial institutions at pennys on the dollar. Don't give them any information, they are using it against you to suck all your life savings away. They have already lost the money on paper.

Fedup: (February 17, 2010 5:01pm)

This explains why I'm getting the run around from One West on my request for a loan mod. They are all a bunch of crooks if you ask me.

Anonymous: (February 17, 2010 3:43pm)

Soros: China Must Be Part Of The New World Order http://www.youtube.com/watch?v=TOjckJWqb0A

Mad As Hell: (February 17, 2010 3:24pm)

Bankster George Soros largely owns One West Bank. George Soros is a convicted felon who helped finance Obama and stazi NGOs. Soros, thru his Open Society Institute, provided as much as $720k in 2006 to help finance NASA’s global-warming-alarmist-in-chief James Hansen's activism. Hansen recently praised an eco-fascist book that calls for end of industrial civilization & genocidal population reduction measures to be implemented in the name of preventing climate change. (http://www.infowars.com/nasa-global-warming-alarmist-endorses-book-that-calls-for-mass-genocide/) Hansen is also stated "trains carrying coal to power plants are death trains. Coal-fired power plants are factories of death.” George Soros at age 13 worked with an organization established by the Nazi's to forcibly carry out Nazi and Hungarian government anti-Jewish measures. Needless to say, I am a little pissed the FDIC has setup the fraud illustrated in the video in order to transfer taxpayer $$ to Soros.

ThePhoenix: (February 17, 2010 1:49pm)

The only way to get things back to the way things were is to bring back stated stated... or ninja... No income, no job, no assets... you gotta love it! And to think it is the consumers fault!

Brickhouse: (February 17, 2010 12:40pm)

Does this mean the 80/20 stated stated stated is not comming back anytime soon?

Modgirl: (February 17, 2010 8:00am)

You say in the video that OneWest would be eligible for that loss amount. Anyone out there know how the FDIC is calculating what they actually get. Just to play devil's advocate here every homeowner who meets HAMP requirements on paper is eligible for a loan mod but that doesn't mean they get it.

MrsMonEPenny: (February 17, 2010 5:45am)

I suggest the next video if possible show how many foreclosures OneWest has done since its deal with the FDIC in March of 2009 and the dollar amount. We need clarification as to how close to their goal they are. There must be someone out there keeping a tally of how many of the almost 3 million foreclosures done in 2009 was completed per lender. Especially if that number was compared to the lousy 1200 permanent modifications they completed as of the last US Treasury report released in Jan 2010. Also, in the fact sheet of the sale of IndyMac Federal it stated that OneWest was to continue aggressive modifications that were started by FDIC chairman Sheila Bair, who touted her horn in late 2008 about how great the modifications were going under the FDIC takeover. What happened to that part of the agreement?

MrsMonEPenny: (February 17, 2010 5:33am)

AND DON'T FORGET...there is more icing on the cake...since OneWest Bank formerly IndyMac Federal signed up for HAMP in Aug 2009 they get paid ALSO under the HAMP program for every short sale/cash for keys home DOLLAR FOR DOLLAR..meaning when they offer a borrower 10K to leave their home in good condition under the cash for keys program, the US GOVERMENT PAYS 1)the 10K to the borrower(It does NOT come from OneWest Bank even though they try to look like the good guy making the offer) and 2)the US GOVERNMENT PAYS 10K to OneWest Bank..so would you in a business do a mod for 3k OVER 3 years or thousands more upfront in a nice big fat government check? Check the HAMP agreement made with "participating" lenders..why do you think the Brandon Latman "we can't modify but want to offer you cash for keys or short sale" letters are pumped out like candy?

believer: (February 16, 2010 10:07pm)

Donnie and RJ: I well done article but it does nothing to change the assertions of the video. It's still incredibly more profitable for OneWest to sell short or foreclose. The fact remains that losses are calculated on the original amount not what was paid. And there is mathematical incentive for a mad rush (i.e. real estate dump) to get through the first 2.5BB of losses in order to quickly get to 95% loss share levels. They can and likely will make money on the :LOSS share."

DonnieB: (February 16, 2010 7:33pm)

RJ... thanks for your fact based comments. This was a deal put together under Bush and inked under Obama. So... let's get the politcal hyperbole out of the discussion. Here is a pretty good fact based analysis. http://stlouisrealestatenews.com/financing/fdics-sale-of-indymac-to-one-west-bank-sweetheart-deal-or-not/

Almost Drunk: (February 16, 2010 6:50pm)

I just sent 60 minutes and Fox News this video lets see what happens.

5pence: (February 16, 2010 6:46pm)

This was a very interesting post in BusinessWeek by a Harvard economist named Dani Rodnik : "democracy, national sovereignty & global economic intergration are mutually incompatible" It's possible to have any 2 but not all 3. "The inexcapable trilemma of the world economy" .... Bubble Ben says he's going to pay interest to the banks to hold onto the trillions the Fed has printed in reserves and that's the way to wind down the recession and the oversupply of money. Ohh, trust the banks to hold onto those reserves? Sure Bennie the broker of secret deals around the world. That money will never come into the system and destroy the value of the dollar, until it's time to - or the banks get the take risk bug which will be soon. And we're out of bullets/cash because no one will want to buy our debt unless we deal with it now. Sure seems simple to just have the banks own the AMC's and the appraisal process to control market valuations ehhh? Is simple too strong a word? hahhaaa L8R

Golden Eagles: (February 16, 2010 6:29pm)

If you know anyone with a pension, tell them to say goodbye to it as the government and the banks are destroying the value of the dollar. If this spills over into the insurance companies, it is all over.

Gina: (February 16, 2010 6:23pm)

Cal Vet has been solving the problem of increased payments for many years, with absolutely not government bail-outs. When interest rates go up and payments would normally go up they extended the term of the loan to 40 or 50 years, when interest rates went down, the term of the loan was reduced. On Average the loan usually ran just about the term that was originally signed on for. Payment stayed the same. Borrower owned a house, lender got paid.

Gina: (February 16, 2010 6:19pm)

It seems to me that if a borrower walks into the bank, hands the banker the keys and says I will sign a Quit Claim to you the banker would be delighted. No foreclosure costs, no Real Estate fees,no vacant house to deteriorate a win win situaton. Why isn't the bank suggesting this to the owners and saving the owners credit????

5pence: (February 16, 2010 6:08pm)

HVCC and government policies have stolen our work and this is a good way to pass the time till someone calls with a job. Besides, there are some very interesting posters here and the morning shows are pretty much always top rate :^)

JT: (February 16, 2010 5:28pm)

I don't understand how you all have so much time to comment on here. Stop typing and go do loans! Goodness sake!

Anonymous: (February 16, 2010 5:23pm)

Here is a case against the FDIC that was wrapped up in August 24, 2005 that a Judge states; the FDIC "lied about it all under oath" and they "discarded the mantle of the American Republic for the cloak of a secret society of extortionists." Judge Hughes concluded that Hurwitz and Maxxam "will recover their costs because the record reveals corrupt individuals within a corrupt agency with corrupt influences on it, bringing this litigation." blog.kir.com/archives/2005/08/judge_hug hes_ha.asp

ThePhoenix: (February 16, 2010 4:58pm)

To Gina... CCP580b would prevent a judgment even on a HELOC. It is unclear if the HELOC was paid down and then the borrower drew post purchase money if a judgment could be obtained. I would think they could on the new money. Do you really want to consider something very ugly with OneWest and the FDIC????? If only 7% of the loans were owned by Indymac and the balance by investors, how many lawsuits were dismissed against consumers for failing to file the administrative process of the FDIC for a loan that was not even owned by Indymac? I am aware of at least one case in which the FDIC and OneWest "stretched the truth" claiming the process was not followed and got a district court to dismiss the entire case. However, OneWest refused to identify the lender and the consumer could not prove that Indymac did not own the loan... even though 93% of the loans were not owned by them. Hmmmmmmm...

Kamila: (February 16, 2010 4:42pm)

I think you guys did a great job with the original video and I'm pleased to see you haven't backed down at all on your position or reframed your viewpoint to be more palatable to the FDIC. Keep up the good work!

5pence: (February 16, 2010 4:39pm)

Slightly off-topic but not opaque. From Sen Ron Paul's blog : Because of our globe-straddling empire and lingering reserve currency status, perhaps no one has a more vested interest in keeping this system cobbled together than our own government and the Federal Reserve. The agreements that Iceland and Dubai and Greece have negotiated can amount to little more than kicking the can down the road, as their overall spending habits remain largely intact, fiat currencies are still legal tender and more debt is issued on top of unsustainable debt. The American people have the right to know if they are going to be the ones holding the bag in the end because the Federal Reserve secretly put them on the hook for it. This knowledge would be a key factor in peacefully dismantling this immoral and unconstitutional system. http://www.house.gov/htbin/blog_inc?BLOG,tx14_paul,blog,999,All,Item%20not%20found,ID=100216_3645,TEMPLATE=postingdetail.shtml

Gina: (February 16, 2010 4:20pm)

If these homes were purchased with purchase money, how can the bank demand additional payment after the foreclosure. The helocs might be different because these were hard money loans. Only if the home is foreclosed upon the mortgage with a judicial foreclosure would the bank be entitled to a deficiency judgment. What rules are they playing by????

Old Timer: (February 16, 2010 4:18pm)

I just got an email from an agent with a link to the FDIC's response to your video. I read it and my first thought is that I din't believe them. They were spinning the information and not telling the whole truth. Is there a government agency that we can trust to tell it like it is? If anything, your credibility has been enhanced by this act by the FDIC to pretend to be upset by your telling the truth.

CA Indy victim: (February 16, 2010 4:07pm)

You guys missed the rest of the joke. How does Indymac foreclose on hundreds of CA homes when they sold the notes on the stock exchange? How did CA get scammed into non-judicial foreclosure, where all Indymac does is fill out a form at some clerk's window and, poof!, the homeowner magically waives their rights to their day in court? How is it that Indymac can post on their website that the only way to get considered for a government promised refinance is for the homeowner to stop making mortgage payments and then foreclose for nonpayment? Pure slight of hands magic? No, what politician, judge or lawyer in their right mind is going to pass up on credit cards and a home for the rest of their lives to stand up to Indymac, BofA, Chase, Wells Fargo ...? This is Pirates of the Caribbean, the home game.

GovGuy: (February 16, 2010 4:06pm)

The FDIC admits it expected One West to sustain losses over $2.5 billion. "•OneWest has assumed a first loss position on a portfolio of qualifying loans where they take the first 20% of losses before any loss share payments are made. This is a first loss position of over $2.5 billion." They should be ashamed of the way they responded. The could have made their statement, as lame as it was, without accusing the video of "blatantly false claims." All one has to do is work with one of their incompetent banks on a modification or a short sale to know how serious the problems are in the banking industry.

Mr. Hollywood : (February 16, 2010 3:05pm)

Nice work boys - I saw the FDIC vs. "Video" on another site and wondered if it was yours. Any publicity is good publicity right?

Rhino: (February 16, 2010 2:56pm)

Konatina, how you can turn this into a Republican/Democrat thing is remarkable. Calm down, take a deep breath. I have a feeling Obama has a lot more on his plate. The rape of our financial system by the country's five largest (and virtually only) banks is a story covering decades. Here, the FDIC is playing the role of All the King's Horses and All the King's Men, and putting Humpty together again is a messy business. If you have a political agenda to write about, do it on another blog.

Anonymous: (February 16, 2010 2:51pm)

I get it that these guys make money if loans go bad ... but they make even more money if the loans perform. In your example $485.2K if it performs vs $436.4 if it goes bad ... so seems like they have some incentive to not have losses?

Valuequestor: (February 16, 2010 2:48pm)

5Pence:Dude...you are killing me! You're on a roll today! Poor CA Appraiser...foolish youth and reinventor of the wheel.

twomintsinone: (February 16, 2010 2:44pm)

REPEAT OF EARLIER-There is dialog currently with the Senators office in the great state of Oregon regarding many of the issues perplexing many of us and unbeknown to the "consumer". Can I hear a roll call from others-in other states, letting me know there is a conversation elsewhere- or- in the very least that someone will take it upon themselves to make a contact as well?

Valuequestor: (February 16, 2010 2:42pm)

The AOL Home page article is there. Look at the top. Its one of the nine rotating main stories. Crappy Yellow Jounalism" "Are Appraisals the New Organized Crime?" with "The Appraiser" taking the place of The Godfather stylized cover. Its a POC story full of half truths , mis-information and inflamatory language. In other words... One Great Read! Take it with you on a camping trip and use it accordingly.

5pence: (February 16, 2010 2:38pm)

That's with no rest. 20+ appraisals an hour, 24 hours a day, 7 days a week for 18 months!! LOLOL!! Truly believable article lol. Either that or CA Appraiser, you've been busy!! lol

konatina: (February 16, 2010 2:35pm)

It would have faired better for Americans if Obama and his family became members of the KKK than chose sides with this Bilderberg bunch.

5pence: (February 16, 2010 2:33pm)

Another thing. Over an 18 month period the appraiser did 262,000 valuations. First of all you get what you pay for. 2nd of all that's 485 appraisal a day or 20+ appraisals per hour 7 days a week for 18 months. Does anybody believe this?!!LOL! About OneWest and the FDIC, if you suspect something funny is going on and with all the data that says there is, chances are it's true. I'd love to see the particulars of the deal in black and white. But, it's opaque and not for us to see. That sucks for us, especially when our homes are at risk. All the banks are doing. Any other banks with similar stories?

Konatina: (February 16, 2010 2:32pm)

Kenny G., Obama doesn't care about you or me. Look at where his campaign funds came from. Come on, really...Obama has known this is going on. Ever hear of the bilderberg group? Google it. Then look to see who is "invited" to those meetings. It's ILLEGAL for a congressman or senator to go to one of these meetings without official government permission. But see how many have gone. http://www.greatdreams.com/political/bilderbergers-2008.htm Obama has been privy to this Ponzi game. So has Clintons. Check out the "meeting attendees" throughout the years.

Kenny G: (February 16, 2010 2:17pm)

Is there ANY chance our president Mr. Obama can see this video. He needs this kind of information so when they decide to hand out more TARP money to these guys he can see where it is going.

KonaTina: (February 16, 2010 2:15pm)

Informational page from AIG web site http://www.aigcorporate.com/GIinAIG/owedtoUS_gov_new.html AIG got a $60 billion line of credit from the Federal Reserve Bank. US Treasury invested 41.6 Billion in Preferred Stock thru TARP funds

5pence: (February 16, 2010 2:08pm)

Joe: i read that by Housing WAtch. They make outrageous claims that I tried to challenge in their blog but my post they would not post. This is what I said. They claim the appraiser made $50 million by inflating values. TOTAL BS. It was the banks that made that money. "the appraiser did 262,000 valuations for Washington Mutual over an 18-month period, and had a total $50 million in earnings, Bloomberg News reported." Check Bloomberg - they say it was the banks that made that money. Appraisers are not banks or realtors, they're paid a set fee. The only ones that benefited are the banks and the inept appraiser that probably got steady work due to their stupidity. A quality the AMC's love by the way, as they usually have no problem working for less and doing whatever their "handlers" ask. Why risk your license and livelihood for a bad valuation? Makes no sense to me. Totally inappropriate headline and misleading information.

Konatina: (February 16, 2010 2:08pm)

to ThePhoenix. I understand taht the loan pools sold to investors/new banks like Onewest, were insured against loss by AIG. That is why AIG got so much money from the bailout. The investors have been paid for the non performance, defaults already through insurance. And often these pools were insured more than once. That's like burning down the house and getting paid 3 x for the same house. How can we check out this information? If it's true, the investors haven't lost anything. They have made money hand over fist.

ssfranny: (February 16, 2010 2:04pm)

Phoenix: why do you think One West doesn't want to modify loans????? They'll make MUCH MORE when it goes to foreclosure/short sale. I find it funny that they only paid 58% of value on HELOCs since those will be the ones that lose the value on short sale. This is corruption on the highest level.

5pence: (February 16, 2010 1:55pm)

KonaTina: In the depression prices on everything dropped 30-40%. That hasn't happened and isn't going to imo. Propping up the banks has just kept prices high & they're going higher! Bank speculation! Shopping yesterday & a can of string beans is $1.79!! My toilet paper roll is now 4 inches wide instead of 4.5 inches-at the same price! Inflation is here but the stunads at the Fed won't admit it. JOE, are you sure they only step in and start paying when the losses are over $2.5B? That is a sure incentive to reach that amount. They made at least $5B on the deal (Dell & Soros) so I won't be crying for them anytime soon. You're saying the price of the defaults is .70 because of the FDIC backstop to protect bond holders? Yes? Could the FDIC gotten better terms-Yes iyo? FDIC is now a bottomless pit of money to cover all depositors. BTW, How are they valuing these assets?!! Not appraisers, those idiots. Hey, it's not their money, it's ours.

Anonymous: (February 16, 2010 1:54pm)

I would love to see you do a piece about the impact to the consumer of the new regs (HVCC, HERA and RESPA). Not only creating higher costs for borrowers but increasing risk mitigation for lenders (no better quality, more timelines to manage, additional staffing required). Also lack of transparency to borrowers with retail not having to disclose same as wholesale...how does that meet the intent of the regs?

Joe: (February 16, 2010 1:52pm)

This should get the blood of all you appraisers out there boiling. http://www.housingwatch.com/2010/02/01/are-appraisals-the-new-organized-crime/?icid=main

Joe: (February 16, 2010 1:49pm)

By the way - Brian and Frank are usually good for a comment or two on the blogs. Someone might want to pass by their office to see if the got raided or something. They might need help posting bail.

ThePhoenix: (February 16, 2010 1:45pm)

(continued) As with all loans originated, they have been sold to investors and the loss is theirs, not OneWest. For them, it’s just business, for the homeowner, its personal. I surmise, they just do not care.

ThePhoenix: (February 16, 2010 1:44pm)

I have felt this characterization with OneWest was overdramatized. I think the FDIC's assessment of approximately 7% of the loan portfolio serviced by OneWest is accurate. Think about this logically, most loans Indymac originated were immediately sold and securitized. What was left when the FDIC took them over were HELOCs (most of which were 80/20's), loans they just originated and loans they were unable to sell or were required to buy back. In reality, all the crap loans were almost worthless. The only way OneWest or anyone else would have bought that crap is on the terms that were presented. This leaves one with a bigger issue. If 93% of the loans serviced by OneWest, are not theirs, why are they so inflexible with loan mods? Personally, I do not think they are any different than anyone else. They make more money doing a foreclosure in fees and the loss is the investors and who cares. Why do something for the borrower. (to be continued)

Doug: (February 16, 2010 1:42pm)

By the way. The home I have been talking about is still on the market(9 months later) two blizzards - no heat - no electric. This home is dropping like a rock and no one cares.

KonaTina: (February 16, 2010 1:41pm)

The FDIC, Federal Reserve, MERS, etc are Private Corporations licensed by the Federal Government not Federal Government. They are, let me repeat, not the Federal Government. We can stop their corrupt ways, but in the process, we are going to have to examine ourselves and quit asking government to provide for us, take care of us, give to us. Take back our lives and property for the same reasons our forefathers founded the US.

DOug: (February 16, 2010 1:38pm)

Joe - your right. Sal - I respect your position who should be held responsible but regardless the bank was holding a bad asset and they OFFERED to take 60,000 MORE then what they determined to be fair market. When the sellers called to tell them of their financial difficuties the lender probably should'nt have wasted their time or mine and told them to call an agent to get the home on the market. How many people in the world would buy a home today for more then what it is worth. They basically told me they were willing to lose more. How do they have such I high threshhold for pain. I don't. You may be right about the negotiator but he told me he was speaking directly for the bank. At the end of the day it should have gotten done.

jj: (February 16, 2010 1:37pm)

why no comments on hvcc - all of us would like to know where we are going to go from here

5pence: (February 16, 2010 1:34pm)

"FDIC is like any fedrl agency; Gov runs on cash. Money comes in & goes out & each of these little funds gets a piece of paper that says I owe you money plus accrued interest. But really, in most cases, it just evidences legal authority to spend money. In the FDIC case, it merely evidences funds paid in by the industry, minus losses. But it's still just a theoretical balance because it doesn't reflect at all the cash available to the agency to fund resolutions." As long as the FDIC has a positive fund balance, the agency is just asking for the industry's money back. If that money is gone, the FDIC runs a tab at the Treasury because, by law, it has borrowing authority. Traditionally, the FDIC's borrowing authority at the Treasury is limited to $30B, but Congress bestowed unlimited borrowing authority temporarily as part of the Emergency Economic Stabilization Act 2008." If there's not enough money in the till, they'll just get the money from the Treasury, & where does that come from? Us

KonaTina: (February 16, 2010 1:33pm)

Welcom Cheap Trick! There are many good informational web sites to investigate. I, myself, was blind till a month ago to the entire situation. Here's many good ones: for securitization: http://www.cedricmuhammad.com/securitization-as-satan/ For case law AGAINST THE LENDERS: http://livinglies.wordpress.com For foreclosure information: http://www.stopmyforeclosurehome.typepad.com/ (GREAT BLOG FROM FOLKS LIKE US TRYING TO GRASP THIS SITUATION) Have you ever heard of the Hundredth Monkey theory? Google it and read Wikipedia......Welcome Monkeys!

Bill from Ohio: (February 16, 2010 1:33pm)

If these guys aren't snake oil salesmen I don't know who is. I don't know all the facts on this issue, but I do recognize propaganda when I see it. Strident sarcastic voices do not engender my trust.

Konatina: (February 16, 2010 1:28pm)

Exactly the response I expect from defenders of the Ponzi game. Tent cities: http://www.msnbc.msn.com/id/26776283/ MSNBC saw them and reported on it. NY Times reported on it: http://thelede.blogs.nytimes.com/2009/03/11/tent-city-report/ CBS story http://www.cbsnews.com/stories/2008/09/19/national/main4460034.shtml Yes, I must be crazy to have allowed it to get to this, without paying attention while they turned up the heat. My 83 yr old mother says we are all like fish in warm water......we aren't noticing that they are cranking up the heat, but when it gets hot enough, we die.

Cheap Trick: (February 16, 2010 1:27pm)

This is getting around... I have a group of friends (30 or so) that are on an e-mail thread... Mostly jokes, etc. and not at all related to the Mortgage Industry... The moderator of that thread just posted this website and everyone is going there... After the post I encouraged all to write their Congressman with this link... The more voices, the better!! If these guys are getting the information, I can only believe other such threads are getting it too... We need to STOP this crap in Washington and we can do it... One voice at a time!!

Joe: (February 16, 2010 1:26pm)

5pence - the first $2.5 Billion in losses is one OneWest. FDIC steps in on losses over and above $2.5 Billion. Also, the market value on these loans are alot less than 70 cents on the dollar so without the shared loss agreement OneWest grossly overpaid. The backstop is what raised the price of the loans TO 70 cents.

5pence: (February 16, 2010 1:24pm)

RJ - how can you say they protected depositors? There's plenty of lawsuits out there for the FDIC handling of the deal. Those with over $100k lost out. AAPPRAISER : I just went to the AOL home page and didn't see anything about appraisers. Link?

Joe: (February 16, 2010 1:21pm)

Doug - Your mistake is assuming they are smart.

bobinspira: (February 16, 2010 1:20pm)

In addition to the post below where the Seller's situation is adversly affected by One West's greed, the taxpayers will be paying for this now and for years to come. Also, we have spent countless hours for no resolution for the homeowner and we have to take the loss. Obama should set up a task force on this!!! In fact TBWS should set up a petition for this (similar to what was accomplished with HVCC). If you need anything to support the cause, you can contact me at bob@inspiragroup.com. Great job to Bob Hertzog for all his research in uncovering these facts.

sal: (February 16, 2010 1:17pm)

Doug: Unfortunately the clerical employee you spoke with made a bad choice, or more likely did not have the power, understanding, or incentive to make a good one. That is not a conspiracy, it's reality. Did your seller offer to sign a note and pay back the full deficiency upfront?

5pence: (February 16, 2010 1:17pm)

I'm curious, they say that these loan losses won't be covered until they reach $2.5B. Is that an incentive for the losses to reach over $2.5B? The FDIC apparently is taking the difference between the original value and the sale value and not the 70% OneWest paid for it in calculating losses. So at $2.5 billion in losses which really is $1.75 billion in losses (70%) the FDIC loss coverage of 80-95% of loss from original value, and not acquisition value, kicks in. Seems to me that is retro-active and not a going forward calculation which does makes it much more profitable to foreclose than modify.

bobinspira: (February 16, 2010 1:16pm)

The FDIC/One West is OUTRAGEOUS!!! The billionaires are making HUGE money at the expense of homeowners and tax payers. Here is a simple example - A client of mine has a huge hardship and wanted to complete a short sale. The process started in March 2009 (almost 1 year ago!) - We provided a market offer and all the supporting documentation. After about 8 months and 3-4 appraisals, requesting duplicate information at an insideous rate, they finally "countered" at $450,000 on a $360,000. The buyer walked 3 homes down and purchased the SAME model for $365,000 from an equity seller. We then replaced the buyer and have had to spend crazy amounts of wasted time doing everything they have asked. We are now back to the beginning after 12 months. This now makes sense - One West has more to gain by not completing this short sale - the shame is 1) the Seller's wanted to do the right thing and depleted all his savings and is now facing foreclosure, which takes his situation from bad to worse

twomintsinone: (February 16, 2010 1:15pm)

There is dialog currently with the Senators office in the great state of Oregon regarding many of the issues perplexing many of us and unbeknown to the "consumer". Can I hear a roll call from others-in other states, letting me know there is a conversation elsewhere- or- in the very least that someone will take it upon themselves to make a contact as well?

Doug: (February 16, 2010 1:05pm)

I knew then something is wrong. Smart people don't lose money or wait to long to cut loses.

Doug: (February 16, 2010 1:03pm)

As a real estate agent who has dealt with quite a few short sales and foreclosures I have long suspected fraud. I am not the smartest guy around and usually assume the head honcho's at the bank's with degree's from the nations best colleges are smarter then me. This year I was working on a short sale for a client. The home was listed for 530,000 and I recieved a great cash offer for 450,000. After 4 1/2 months I was told the bank would not accept the offer. Confused I started to press the negotiator as to why. This was a good offer. He told me that the bank did their own BPO and they valued it at 460,000(no counter offer) but they would not accept less then 510,000. After berating the poor negotiator for a few minutes I reminded him that my call was recorded for quality(where is the quality). Finally, I gave up but before I did I told him that home would sit on the market and continue to decline in value and condition and in the end, they would be lucky to net 300k. He AGREED.

CRUZ: (February 16, 2010 1:03pm)

Ran out of room but the last post was directed Sal regarding your last statement to me.

CRUZ: (February 16, 2010 1:00pm)

I don't think any of the people I have worked with on short sales have ever wanted to stop paying their home let alone leave it. I don't think they were faking the heartache and the reluctance to sell the property. Market Makers and Lenders who understand money play these games all the time on OTHER people's dime (investors), They never pay investors on losses. The bailout money didn't benefit any individual investor and who ever guarantees your investment at 80%!!! Well the FDIC does and EVEN with this they add additional hardship! Didn't we see on this forum how the head of the mortgage bankers association essentially short sold his building for millions less. Is he paying a promissory note? What about the deficiency? What makes you think that an average homeowner will be in a position to repay hundreds of thousands of dollars back and ever have a normal life. Your statement is a clear indication that you believe that homeowners are solely to blame for these economic problems.

sal: (February 16, 2010 12:59pm)

"tent cities"... your crazy.

A Appraiser: (February 16, 2010 12:58pm)

HAS ANYONE SEE THE CLIP ON THE AOL HOME PAGE??? There is a clip right now on the AOL home page basically calling appraisers organized crime and commending cuomo for stepping in and implementing HVCC and blaming appraiser for having a big part in the in the current state of the economy. It's the sickest thing I have ever seen. It's so far fetched it has to be an attempt for plubic justification for the AMC's and HVCC. Check-it-out, I'm forewarning what you will see will make you sick!!!

Konatina: (February 16, 2010 12:52pm)

well sal, you keep thinking that way when the tent cities start appearing in your town, and you have to walk past folks living out of their cars because they were foreclosed on. Funny how the lenders seem to have ample employees to process foreclosures expiditiously but not to answer the phones and deal with paperwork for modifications or short saled.

dd: (February 16, 2010 12:49pm)

Has anyone else out there had Bank of America foreclose without filing notice of default or sending appropriate notices to the borrower? Just had a short sale that happened on.

RJ: (February 16, 2010 12:47pm)

Toby and Joe: You are exactly correct! The alternative Joe mentions is not an alternative, it would have severely harmed the entire banking system. This whole thing is about protecting bank depositors and maintaining public trust in the banking system. It's not about the price paid for the unknown toxic loan assets of one failed bank, or the loss-sharing arrangement to finance the orderly wind-up unless someone is alleging that the FDIC had a higher non-recourse bid from someone other than OneWest. I hate to say it, but it sounds like Soros and the lot did IndyMac depositors, and all of the public a favor.

sal: (February 16, 2010 12:38pm)

konatina: OR, more likely, it's a perfect example of the "perter principle" and overworked clerical employees making (or rather not-making) financial decisiosn that are above their pay grade. Don't forget, banks are NOT in the business of owning real estate, and their line employees are not real estate brokers or MBA's. It's not a conspiracy.

bobhertzog: (February 16, 2010 12:38pm)

This video was done using the information in my blog titled "Is The FDIC Killing OneWest Indymac Short Sales", and can be seen by going to this link: http://activerain.com/blogsview/1243528/is-the-fdic-killing-indymac-onewest-bank-short-sales- The numbers they are quoting in the video are real, and actually happened in one of my client cases. Since writing the blog, I have helped several others in the same position, by simply reminding OneWest of the profit they stood to make. In all cases, when reminded of this, OneWest capitulated, dropped their requirement for a promissory note, and approved the short sale. If the numbers aren't real, why do they give up so easily in every case?

Valuequestor: (February 16, 2010 12:35pm)

Hey Deedie: Please finish your post and let all of us know what you've found out about this group. Are they legitimate?

Losing Our Home: (February 16, 2010 12:30pm)

The latest program, HAMP (Home Affordable Modification Program), is supposed to give hope to homeowners who are facing difficult times. The one glitch to this program is what is called the NPV (Net Present Value) test. No one seems to be clear on the formula used for the test, but the bottom line result is to calculate whether it is more profitable to foreclose or do the loan modification. Who would you bet on? We failed the NPV test and our home is scheduled for auction on the 23rd of this month. Per the Treasury guidelines for HAMP we have requested the factors and values used in making the calculations along with a line by line explanation of what gross income and expense figures were used as well the figure used for the BPO and where they obtained this value. Supposedly they have 10 calender days to respond. Today is day 12 and OWB is not responding. Can afford a modified payment but not an attorney.

Anonymous: (February 16, 2010 12:30pm)

This is now the age of transparency in finance Anyone testifying before Congress should wear a transparent shirt (at the very least) so we can better read the body language (the squirming)PSL

Deedie: (February 16, 2010 12:28pm)

continued again Our team is here to manage the organization, to provide initial set up and to assist in making it function. However, it is you, the certified and licensed real estate appraisers, who will set policy and dictate the direction the association takes. This is your professional organization and the management team is here to assist you in establishing and promoting the goals of the members. Although we want to get on top of all current legislation, this is not a one issue organization. FAREA recognizes that certified and licensed appraisers are professionals who act according to standards and regulations that are unique to the appraisal industry. We feel strongly that it is time for the profession to have its own voice. We have attached a copy of some “discussion bullets” for issues facing Florida appraisers, as well as an application. We have set our initial annual dues at $100 per member. It is crucial to have the backing of as many members as possible and to show broad support around the state and throughout the industry. We have approved a preliminary budget that is based on dues per member. We have budgeted $50 for management and member services, an

konatina: (February 16, 2010 12:27pm)

Short sales are few and far between with Indymac and Bank of America...They would rather foreclose. We had an valid real estate offer from a buyer desiring to purchase a MLS listed Countrywide "in foreclosure" home, that was stalled and stalled...no answer from Countrywide-ever. The offer was for $550,000. Upon foreclosure, the property was sold at auction for $450,000.. This is a prime example of how the lenders desire/incentive to foreclose instead of negotiate is lowering real estate values.

Deedie: (February 16, 2010 12:25pm)

Continued Chris Moran is a CPA with over 20 years experience auditing and providing consulting services to dozens of trade associations in Florida; Robert Weiss is a state licensed attorney who has extensive experience in regulatory law, as well as with trade associations; and Ann Mitchell is a certified residential real estate appraiser with over 25 years experience. This initial team of directors recognized the need to unite and support members of the appraisal community and have built the foundation of a professional organization that can move forward and flourish. We anticipate helping this association grow to a strong professional organization which can benefit all certified and licensed appraisers in Florida. One immediate priority is to follow legislation for the proposed regulation of Appraiser Management Companies. This legislation (HB 303) is supported by the Florida Realtors Association. It is important for appraisers to have their own position on the passage of the bill, as well as influence in the setting of any regulations that may follow. Your association can be the vehicle to meet these needs. Our team is here to manage the organization, to prov

sal: (February 16, 2010 12:25pm)

CRUZ: the borrower owes the money so understand that the bank is not stron-arming them, it the borrower trying to renig on their obligations and cheat the bank 's depositors by refusing to sign a note. Every borrower should expect to sign a new note if there is a short sale, and they should expect to pay back the deficiency. No one owes them any gift.

Joe: (February 16, 2010 12:22pm)

5pence: the alternative was to have the FDIC pay the depositors up to the insured limit and then anything over that limit they would lose. Do you think that would have been better? Of course they got a "deal"! Why else would they but IndyMac? What responsibility to the IndyMac depositors does Soros and company have?

Deedie: (February 16, 2010 12:21pm)

Florida Real Estate Appraisers. I just got this a phone call followed by this email. Thought you might be intrested Dear Dee, Please allow us to introduce our recently formed organization, the Florida Association of Real Estate Appraisers, Inc (FAREA). FAREA is a Florida, not for profit, corporation with a vision of establishing a premier professional association that supports both certified and licensed Real Estate Appraisers throughout the state of Florida. Our mission statement is as follows: The Florida Association of Real Estate Appraisers is the state of Florida’s, professional organization for all Certified or Licensed Real Estate Appraisers. Its mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients. The current officers for our association consist of Doug Treadway, Chris Moran, Robert A. Weiss, and Ann Mitchell. Doug is a licensed insurance agent, former owner of an insurance company, and the husband of a certified real estate appraiser with 30 years experience; Chris Moran is a CPA with ov

CRUZ: (February 16, 2010 12:19pm)

This affect short sales too, because if they can't strong arm a seller for a promissory note then they simply foreclose!!!

Tobby: (February 16, 2010 12:14pm)

RJ is correct and reinterates what I pointed out on the last video. The market offerings for these loans had haircuts of 50 to 55 percent at the time of the IndyMac failing!! Compare that potential loss to the backstop the FDIC gave OneWest. Also, member banks would have screamed bloody murder if this was not a prudent deal at the time. No taxpayer money is lost. I do agree on the perverse incentives though..

5pence: (February 16, 2010 12:02pm)

Joe: Becasue they became a bank they only had to put up $1.55 billion of the $26 billion price tag to buy IndyMac. I don't see the risk when the FDIC is guaranteeing losses. IndyMac had assets of $32.01 billion and total deposits of $19.06 billion, as of March 31, 2008. It cost them nearly nothing in billionaire terms

jp: (February 16, 2010 12:00pm)

Brian & Frank any new news on the hvcc

konatina: (February 16, 2010 11:56am)

I love the TBWS guys for their brains, not their brawn soooo I'd rather see Madonna's boy toy in one of those transparent T's. But you may have to get a catchier slogan for that to happen. How about "I Feel like a Virgin, I've being Fu*#ed by the FDIC"

sal: (February 16, 2010 11:53am)

GetYourFactsRight: Helocs are technically secured, but as Victor correctly points out, most are partially or totally underwatter in places like California, Arizona, Nevada and Florida... So, though secured in theory, in reality they are effectively unsecured debts. When it comes to forclosure they are usually worthless if not a net liability, and in bankrupcy helcos would most likely petition to be treated pari-pisu with little hope of recovery just as an un-secured creditor due to the lack of equity in the real estate. By that logic the interest rates should be like credit cards at 25% to 30% So, Vicotr is correct to describe the helocs as un-secured, especially for a low quality pool of underwater heloc. Fair value might only be .05 to .2 on the dollar, certianly not .58 when you consider the unknows and the risks as prices continue to deflate.

5pence: (February 16, 2010 11:48am)

Banksters have found an endless fount of funds to distribute to their bankster buddies-OUR MONEY! Gov is entrusting our money to the crooks that ruined the WORLDS economies. They are lobbying hard to keep themselves as big as they're used to. Big-legally or illegally! With them being opaque about where the funds are going, illegal is the buyword. Lunacy. Get rid fo the big banks yesterday and get rid of the Fed. Why does an international banking cartel have control over our monetary policy!!?? The Fed is a total failure as they were instituted to protect the value of the dollar at that time - it's now worth 4 cents. Can anybody think why this insanity has taken over? It's all money based, there's your clue. Government is hobbled by finance & that's coming from the Fed/banksters. This was very interesting: "democracy, national sovereignty & global economic intergration are mutually incompatible" It's possible to have any 2 but not all 3. "The inexcapable trilemma of the world economy"

jill korenaga: (February 16, 2010 11:47am)

Idea for 2010 TBWS tshirts... FDIC Don't Tread On Me! And get this: make them transparent!

Mtg Gal: (February 16, 2010 11:45am)

Vannorden: I agree with you 100%! I am afraid for these two guys! These cockroaches (who don't like light being shed on them and their activities) don't play nice.....

konatina: (February 16, 2010 11:40am)

These "liar loans" are making the lenders rich, when the borrower defaults, the AIG insurance kicks in and pays the investors. Often the investors have numerous insurance policys on the same loans. They are getting paid more than once for these bad loans. It was a scheme to get rich off of these "liar loans" and keep the banking system going till they could come up with some other scheme (bailout plan). These loans have been sold more than once to numerous pools. That is why the Promissory Notes are endorsed in BLANK and the original has been shredded by MERS. When asked in court to PRODUCE THE NOTE the lenders avoid that discovery and walk away from the suit. There have been decisions against MERS. Check it out.http://livinglies.wordpress.com/2009/12/13/mortgage-elctronic-registration-systems-inc-v-lisa-marie-chong-lenard-e-schwartzer-bankruuptcy-trustee-et-al/

GetYourFactsRight: (February 16, 2010 11:40am)

Hey Victor DeFrisco, your commment "...70% is very high to pay on a defaulting mortgage and on a HELOC, which is an unsecured note, at 58% they would have to be crazy." Just so you get your facts clear -- HELOCS ARE SECURED NOTES...that would be why their is a lien against the property securing such note...

sal: (February 16, 2010 11:34am)

Modifications are differnt, but the same goes there, no one has a right to one and no one deserves one. If thre is mutual agreement, for the benefit of both the borrower and the bank depositors, then there should not be a problem getting a modification approved if you can honestly afford to keep the home. A great deal of the complaints come from those who think they are entitled to something for nothing, and try to 'modify' out of their personal responsibilities.

Joe: (February 16, 2010 11:34am)

5pence - your post is the exact reason that the FDIC had to give some type of a "deal" to any investor willing to guarantee the deposits and acquire the loans.

5pence: (February 16, 2010 11:30am)

Lest we forget: Pre-Meltdown: The percentage losses on IndyMac liar's loans are staggering. The combination means that this single S&L is likely to have caused losses equivalent to the cost in 1993 dollars of resolving the entire S&L debacle ($150B). At the time, the S&L debacle was widely described as the worst financial scandal in U.S. history." IndyMac's losses on liar loans were so large, Black suggests, because the loans were awarded fraudulently. The likelihood of fraud is high. Fitch Ratings looked at a small sample of nonprime loans at a different bank in 2007. "The result of the analysis was disconcerting at best, as there was the appearance of fraud or misrepresentation in almost every file," their report finds. Ratings agencies & regulators assess the strength of loans in a portfolio by examining a sample of them & looking at the underlying documents, known as loan "tapes." Once banks began bundling & selling those loans, the documentation was often separated from the loan.

Joe: (February 16, 2010 11:29am)

Did anyone ever stop to consider that perhaps the people running OneWest are not good managers and the reason nothing is getting done is because they don't know their a$$ from their elbow? Perhaps they will lose $2.5 Billion because they are incompetent? Perhaps the FDIC made a GOOD deal because they stopped the panic that would have ensued should they have not been able to honor the deposits? I definitely think the government spends way beyond their means but I think you guys are wrong on this one.

sal: (February 16, 2010 11:27am)

bobherzog: If your clients don't pay their bill to you, i'm sure you'd be ok with that, right? It's about personal responsibility. I represent homeowners, but i always make sure they understand that legally and ethically they are obligated to repay all their debts unless they are adjudicated to be bankrupt. If they are bankrupt then they should file, if not then they are responsible to pay today ro tomorrow (not someone else). I tell them to re-pay the origional note over time and to expect to sign a new note re-affirming to avoid the long-term consiquences of forclosure. No one deserves a Novation or short-sale and no bank should ever grant one unless there is a legitimate business reason to do so. If you can't pay today, and want to sell the house at a loss, then you are still responsible for the full debt. Everyone seems to think they deserve something for nothing... that simply is not the case.

lorihoeksema: (February 16, 2010 11:24am)

FDIC response I received today: The FDIC received a number of inquiries regarding the video you referred to in your recent email. The FDIC Office of Public Affairs issued the following Press Release regarding this video that you may review at: http://www.fdic.gov/news/news/press/2010/onewest_lossshare.html We hope this clarifying information is helpful to you. I ASKED FOR AN EXPLANATION.....got the standard CYA response....Keep the pressure on guys!

Konatina: (February 16, 2010 11:24am)

Here is the most updated numbers on Loan Modifications completed by all of the banks. http://s.wsj.net/public/resources/documents/st_modify_20091209.html Those figures indicate taht the lenders do not have much incentive to keep Americans in their homes.

pro-transparency: (February 16, 2010 11:21am)

Read these from the Offices of the Inspectors General of the OTS and FDIC showing how LAX FDIC depositor protection actually is. (www.fdic.gov/reports09/09-006EV.pdf - http://www.ustreas.gov/inspector-general/audit-Reports/2009/oig09032.pdf ) BOTH agencies watched IndyMac for YEARS, but allowed IndyMac to backdate key deposits and collect $91 million in new deposits after March 2008, knowing these funds would only be 50% insured affecting elderly, retired people, and small businesses for no reason. The FDIC uses quite detailed account analysis operations but still refers ALL OF US, including old people without computers, to a simplistic EDIE calculator which lacks all of the “insider” nuances they themselves use to determine full account coverage. They laugh at depositors who request they state on their website and in print that ALL ACCOUNTS UNDER ONE TAX ID ARE INSURED IN THE AGGREGATE AND NOT EACH SEPARATELY, but yet defend themselves using this exact statement.

Mike: (February 16, 2010 11:21am)

I have been trying to work with One West bank to modify a first mortgage since July 2009, and One West has been dragging their feet for 8 months now...I have provided every document they asked for multiple times, and per their own direction had to default on my mortgage to get them to even consider helping me. Now I am at risk of foreclosure, ruined my credit, and this little deal they have made with the FDIC does shed some light on why they might not be so eager to close modifications. I will also say though, that they appear to be very technologically challenged, one hand does not know what the other is doing, and they are generally misinformed and incompetent when you get them on the phone. My guess is that the reason they are so far behind the curve in making loan modifications is a combination of the 2 issues.

konatina: (February 16, 2010 11:18am)

I never really knew what securtization was until I started asking questions and found this guys explanation at http://www.cedricmuhammad.com/securitization-as-satan/ easy to understand what happened.

NotTelling: (February 16, 2010 11:16am)

Does anyone know what Chase bought Wamu loans for? Anyone... Anyone... 20 cents, 15 cents, how about 9 cents.. now that is a sweetheart deal.

5pence: (February 16, 2010 11:14am)

But the story does not end with OneWest. There are over 50 different lenders & servicers who have Shared-Loss Agreements executed with the FDIC. Each Agreement offers essentially the same terms. Though other Lenders do not appear to be acting as flagrantly as OneWest, they are all still engaging in the same acitons. “It is particularly troublesome since these agencies (FDIC & OTS) are documented to have known at least since May 10, 2008 forward that the bank had been allowed by Darrell Dochow, the OTS west region regulator to backdate an $18 million capital infusion & keep IndyMac off the bank watch list, say depositors noting the FDIC took no action to stop the bank from aggressively collecting further deposits, or protect investor cash as it pre-determined removing 50% of their deposits over insured limits on the takeover date. “This legalized larceny is just unbelievable,” group leaders say. http://www.newswiretoday.com/news/48244/ ...I surely don't think crooks is the wrong word

bobhertzog: (February 16, 2010 11:11am)

sal: I knew you were a lender! Oh well, I guess it's always good to stick up for your own teammates!

emdubya: (February 16, 2010 11:08am)

Regarding One West and IndyMac: You guys are a bit late to the party. I've known about this since 12-2-2009. How is it you are just now bringing this up? The cows are already out of the barn.

sal: (February 16, 2010 11:05am)

bobhertzog: So it's nothing you did or pointed out, and has nothing to do with what they paid for the loan, rather it was only a simple decision based on the poffer rice of the house vs the cost of forclosure and sale after. Too bad for the banks that AZ has that statute, i'll never lend anyone in AZ money. If the banks can't make the borrower pay throught forclosure or other private deficiency suit, then they are smart to ask for a new note, but should cave in a millisecond in every case someone refuses to sign.

NAR-cont.: (February 16, 2010 11:05am)

Please feel to share with others in your firm and your agents. If you have any questions or concerns, please do not hesitate to contact me. Best regards, Ken

NAR: (February 16, 2010 11:04am)

NAR response to numerous emails regarding the video...Are you friggin' kidding me? Basically, what it's saying is..."The FDIC has spoken, and we believe the FDIC"...Somebody please tell me this is a joke. Actually, please start sending some of the cases you've run into with IndyMac. Maybe they will sing a different tune... Subj: FDIC Response to IndyMac/OneWest Internet Video Ladies and Gentlemen: On Friday afternoon, NAR contacted the FDIC regarding the viral video circulating amongst the real estate community regarding the FDIC's loss sharing agreement with OneWest, the successor to IndyMac Bank. As many of you know, an earlier charge had been levied that the FDIC deal disadvantaged short sales. NAR contacted FDIC and they promptly debunked the charge. FDIC was equally quick to respond to NAR's request this time as well, issuing the statements below on friday evening and taking strong exception to the charges in the video. Furthermore, FDIC Chair Sheila Bair personally called NAR CEO Dale Stinton on friday to discuss the matter. We believe the strong statement should put to rest the charges levied in the video. Please feel to share wi

Anonymous: (February 16, 2010 11:04am)

Now, further investigation reveals that, contrary to regulators’ assertions at the time of the seizure, WaMu had sufficient liquidity and capital to meet regulatory standards and survive. http://www.portfolio.com/industry-news/banking-finance/2009/12/07/why-federal-regulators-closed-washington-mutual/index.html http://seattle.bizjournals.com/seattle/stories/2009/12/14/daily18.html

5pence: (February 16, 2010 11:03am)

Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses...December 1st, 2009. Several times per week, I get phone calls from attorneys. These calls all start out the same. “I am unable to get loan modifications done through a lender. What can I do?” The first question I ask is if the lender is Indymac/One West. Invariably, it is. I also field the same type of calls from homeowners & from loan mod companies. Everyone is having the problem of Indymac not cooperating with regard to doing loan modifications. Furthermore, if I google the issue or check out loan modification forums, the same is true on the internet. What is going on with Indymac/One West? Why aren’t they doing loan modifications? When OneWest has been asked about why loan modifications are not being done, they are responding that their Pooling & Servicing Agreements do not allow for loan modifications. Sheila Bair-FDIC has also stated the same. http://www.freerepublic.com/focus/f-news/2420418/posts

bobhertzog: (February 16, 2010 10:57am)

Sal: Then explain to me why OneWest's hired PR firm called me with the news, and not a OneWest employee...:) BTW, he was fully protected by the AZ Anti-Deficiency Statute. They had no recourse to go after him for the deficiency.

KONATINA: (February 16, 2010 10:52am)

http://www.msnbc.msn.com/id/26776283/ REPORT FROM MSNBC ABOUT TENT CITIES SPRINGING UP EVERYWHERE.....IS THIS A LIE? Those people that schemed this situation probably are whacking their whacko and counting their money.

Rhino: (February 16, 2010 10:51am)

The 2.5 Billion loss provision is a substantial requirement. No bank is going to deliberately lose that much money. I think the video is inflammatory, perhaps more than accurate.

Overdue: (February 16, 2010 10:51am)

I'm getting the same run around from Wells Fargo Mortage

sal: (February 16, 2010 10:49am)

Bobhertzog: You can’t bleed a bankrupt stone, it’s likely OneWest capitulated because they figured they would not get more from your borrower. In many states a deficiency judgment is automatic in foreclosure, but it is worthless if the debtor is bankrupt. However, keep in mind, even though your client did not sign a new note, there is still an existing note which is not fully paid! OneWest may have released the lien, but just because the debt was not re-affirmed, that does not mean personal responsibility for the deficiency on the note is still not owed by your client (if not legally , then ethically).

konatina: (February 16, 2010 10:47am)

Have you seen the complaint from Douche Bank (Deustch) as plaintiff suing Bank of America? http://www.msfraud.org/LAW/Lounge/DEUTSCHEBANKv.BANKOFAMERICA.pdf look at the allegations.....I don't think this was dismissed as a frivolous so there must be some truth in them,

Trusted: (February 16, 2010 10:43am)

With all due respects, to those who want to turn each of these situations into a Democrat vs. Republican issues, you really need to wake up. These lawmakers , the ones stuck in partisan gridlock are the same ones that got together in the blink of an eye to come up with and agree to TARP. Our government has been bidded on, packaged and sold to the highest bidders and the winning bidder was not "We the People". As such, we are left to wonder what happened and to argue amongst ourselves instead of taking back our government by suing for redress and demanding full investigations of these mcozy relationships to expose what we all know is at hand.

bobhertzog: (February 16, 2010 10:41am)

This video was done using the information in my blog titled "Is The FDIC Killing OneWest Indymac Short Sales", and can be seen by going to this link: http://activerain.com/blogsview/1243528/is-the-fdic-killing-indymac-onewest-bank-short-sales- The numbers they are quoting in the video are real, and actually happened in one of my client cases. Since writing the blog, I have helped several others in the same position, by simply reminding OneWest of the profit they stood to make. In all cases, when reminded of this, OneWest capitulated, dropped their requirement for a promissory note, and approved the short sale. If the numbers aren't real, why do they give up so easily in every case?

5pence: (February 16, 2010 10:40am)

Spend $30-$50k to foreclose??!! Spend? hahahaaa

Victor DeFrisco: (February 16, 2010 10:40am)

I hate to stick up for the government but without a deal like they got, they would have never taken the deal. You are showing a worst case scenario on your video. 70% is ver high to pay on a defaulting mortgage and on a HELOC, which is an unsecured note, at 58% they would have to be crazy. Right now in short sales second position leans are getting less than 5% of what is owed. I would be curious to know what pecentage of the loans they bought were HELOCs and what percentage was first mortgages, a very important number. By the way, I am a Florida Real Estate Broker, not a banker.

Mike: (February 16, 2010 10:38am)

ARE YOU GOING TO POST THIS VIDEO SO WE CAN CUT AND PASTE AND SEND IN OUR OWN FORMAT?

jim: (February 16, 2010 10:38am)

Brian & Frank any new news on the hvcc, do we have a plan in place or are we just waiting things out?

sal: (February 16, 2010 10:36am)

"tent cities"?... you're a wacko.

5pence: (February 16, 2010 10:36am)

Wow, everywhere I look the press is playing up the Fed leaving buying MBS's from the GSE's!! What a crock of chit!!! They are hardly gone if they've left $4 trillion on the treasuries doorstep to keep buying and raised the cap on GSE's buys from $800 billion total to unlimited!! Why are they doing this, spreading this falshood? Trying to raise confidence that all is well now and try to get investors back into buying MBS's and CDO's backed by skippy valuations and BPO's?!! OMG - no one wants them, anywhere in the world, and I don't blame them. BTW, why $2.5 B - didn't they absorb IndyMac inclduing their liabilities? Why wouldn't they already be at $2.5 B? Is this the way the FDIC helps cover the costs of the IndyMac buyout fattening OneWest? I'll ahve to research some more.

Konatina: (February 16, 2010 10:30am)

I emailed the FDIC on 2/10 and ask them how Onewest Bank employees, when calling the customer service #1.800.781.7399 can answer "Indymac Mortgage Services" and they say that is a "division" of Onewest Bank. Isn't this deceptive? Here is their answer: "The FDIC supervises state-chartered banks that are not members of the Federal Reserve System. The referenced bank is a savings association supervised by the Office of Thrift Supervision (OTS). Accordingly we have forwarded your correspondence to the OTS, at the address noted below, for appropriate attention. Please be advised that the OTS may require a signature from you before an investigation of your complaint can begin." Write them, call them, make them know we are angry. Email the OTS.

Anonymous: (February 16, 2010 10:30am)

Anybody on this forum know if HUD has made their final ruling on mini eagles requiring financial audits. My fiscal year ends 10/31 & my CPA is telling me we're getting down to the wire because of tax season!

Erin: (February 16, 2010 10:29am)

You guys got some stones! I love it!

RJ: (February 16, 2010 10:29am)

you are right bepath. The video guys are good marketers but they are not reporters and are intellectually disingenuous. The larger realities of the situation are the real story. Why take a risk to buy unknown toxic assets to fund deposit liabilities, if there is not the possibility for profit. It should not matter what (on average) was paid for the assets, only that the FDIC protected IndyMac depositors and that individual borrowers agreed to re-pay the loans they borrowed from other individuals in their community… the bank is company, but their primary job is to manage our deposits and serve our communities. The FDIC is not perfect, and hindsight is of course 20/20… but they did not cause the problems, they are simply triaging the dying patients as best they can. Still, I have not seen anyone claim there was a higher bidder for these IndyMac assets.

5pence: (February 16, 2010 10:26am)

Oops- that was supposed to be $8 trillion over the next 3 years to the GSE's. Not $8 billion. Zerohedge discusses the FDIC comments: http://www.zerohedge.com/article/fdic-responds-indymaconewest-video-alleging-sheila-bair-transferred-billions-taxpayer-funds-

Dorny in Vegas: (February 16, 2010 10:25am)

Re: FDIC/OneWest - The bigger picture in all this is the fact that OneWest is now further exposed to the scrutiny of the industry watchdogs (all of us) to ensure that they are not able to collect by allowing their losses to exceed the 2.5B mark.

kc: (February 16, 2010 10:25am)

Brian & Frank any news on the hvcc, do we have a plan in place or are we just waiting things out? Tnx

Konatina: (February 16, 2010 10:24am)

Will the world rescue the homeless, foreclosed Americans now living in tent cities when the "economic earthquake" caused by this Ponzi game finally hits conscientiousness? Or do we need to unite, stand together and DO SOMETHING, before another new version of "We are the World" is sung about American tent cities?

Huntington Beach Mortgage Oracle: (February 16, 2010 10:22am)

There are some people that think the FDIC could do no wrong. Well I can only say this, stop kidding yourself. As the video says the FDIC may have not done anything illegal but they clearly did not have the public’s best interest. As for paying off all of the depositors that did not happen. Many people did not receive their full balance of their accounts. Also I do not know of any bank that holds enough cash reserves to close out all of their depositors’ accounts. Banks leverage their deposits to make loans. If Banks held in reserves enough cash to close out all of their accounts then there would be no need for the FDIC to exist.

bepah: (February 16, 2010 10:19am)

What the video does not discuss is: 1) Cost of foreclosure - OWB will spend between $30to 50K in costs to foreclose 2) Capital costs - The money spent in holding these bad assets might have been spent in better assets, for which they take on risk, which needs to be factored into the equation 3) If these gents are so smart, why didn't they pick up some of these mortgage packages while they were available on the open market.... and please, if you can't stand still, sit down....finally, yelling loud does not make you right.

5pence: (February 16, 2010 10:16am)

Think this has anything to do with AMC's wanting and actualy creating low appraisals by influence on appraisers? I do. We have run out of bullets for the next meltdown - what happens then? America defaults? If things keep going the way they're going - anybody see anything else? As long as we're propping up the too big to fails we're bound to lose. Thank the Fed. BTW, don't forget the Fed left $4 trillion on the Treasuries doorstep on Christmas Eve because they knew no on would be around to complain. Sneaky! For the next 3 years around $8 billion is pledged to the GSE's so they can keep buying MBS's that no one wants. We are stuck with the bill. When will rates rise and what kind of shape will the common man and this country be in by then. We are on the road to ruin - there is not a cash backstop if it happens again. We all know there will be another meltdown because the banksters are keeping things going on now as they did for the last one. BTW, great story guys. HVCC/FHA/FDIC/GSE's

Joe: (February 16, 2010 10:15am)

believer - I am sorry but you are misunderstanding their agreement. It says "OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets" One West has to TAKE a $2.5 Billion loss. If you get paid back you are not taking a loss. After that, the agreement kicks in on any loss above $2.5 Billion.

sus socal appraiser: (February 16, 2010 10:11am)

I find it very troubling that an "OverWeight SouthWest Airline Passenger" Received TOP NEWS Poistion yesterday... yet ...all the problems with HVCC, Wells Fargo's RVS, First Am's AVPO, modification/short sale/reo's/asset managements co's....none of this gets air time. It's impressive that TBWS received a response from FDIC...its just sad that real stories don't get the Top News Positions....

Anonymous: (February 16, 2010 10:09am)

FAX Jeff Lischer at 202-383-7568. He is Government Affairs for the NAR. FAX your Senators, find their numbers on the web. Send article from the newspapers. FAX, FAX, FAX, do not become complacent

RJ: (February 16, 2010 10:09am)

Beleiver: If you think the FDIC could have done it better, then prove it. The FDIC is not a huge bank, they are merely governmental regulators who administer an insurance fund. They are paid for by you and me, through taxes on our insured deposits. If there were no other bidders >.63, if OneWest was the highest, if the depositors all got paid, then there is no issue here about the FDIC or OneWest except for conspiracy theories and populist pandering. If One West had not taken over the banks liabilities, then where would the money to pay the depositors have come from... the answer is nowhere. The government operating a bank in conservatorship is the absolute last and worst solution, and it is certianly not cheaper.

Huntington Beach Mortgage Oracle: (February 16, 2010 10:06am)

Hey Guys, You are just touching on the surface of an underground cash cow. I say underground because the story is nowhere in Mainstream Media. It is sad how far real journalism has fallen. This Indymac shaft job reminds me of the attempted take over of TWA years ago. There is an interesting story about this at http://hbmortgageoracle.wordpress.com/2009/03/27/indymac-bank-is-back-in-the-news%e2%80%a6/?preview=true&preview_id=2042&preview_nonce=a6d5f68e8b History is always repeat itself if we do not understand what happened in the past. How many times I heard my school teachers tell me this and I did not really understand the statement until now. Do not back off of this FDIC story! Your have the FDIC defensive now. Keep up the good work.

RJ: (February 16, 2010 10:01am)

Evergreenappraisers: Which deal would the FDIC take? .7 with the possibility to only get .63 over time, or just .62 today?... it’s a no-brainer, .63>.62, you would take the deal that you think will get you the highest value (cost you the least) over time. The FDIC saved money by collecting .7 today and only paying out .3 vs .38. Really all of this is as the FDIC said 'semantics' about the deal. By OneWest taking on more risk, the FDIC saved money today, and bought time. What many average folks do not understand is that a lot of the bank problems stem from accounting rules and regulations, not from physical problems (it is NOT comparable to a car). As the economy recovers, as borrowers repay, TIME will heal many of the accounting wounds, and so it's unlikely that the FDIC would have to pay out all of the .07 they might be on the hook for. They made a business decision, and so far no depositors have lost money. If you want to criticize with what they did, provide an alternative.

Anonymous: (February 16, 2010 9:58am)

All you guys in the industry have FAX machines, USE THEM. You can find your Senator(s). Find the fax numbers on the web. Find a relevant story from Huffington or Washinton Post to back your complaint. The N.A.R. is a waste of money and to make sure they are listening, FAX Jeff Lischer at 202-383-7568. He is Government Affairs for NAR. These numbers are very EASY to find.Stop complaining, DO SOMETHING. Do not be complacent.

A Appraiser: (February 16, 2010 9:58am)

Charlie: As of the last 20+ years we have not had a president that did not fit your description. Let's not get into believing that one is any better than the other or does not have the ring you described in their nose. Bush had the very same ring and was proud of it. He went to war with the intent to further private interest and is still furthing those interests today. I am not standing up for Obama nor anyone else dictating our lives. The sooner we all come to the understanding we have all been dooped republicans and democrats alike. The sooner we will salvage what we can of our rights and freedoms. The war for freedom is not in the middle-east, it is right here. People we are running out of options. As long as we accept this as the way it is, the more inbeded they become. The more time passes the more leverage we give them. This is becoming obvios by how blatant these facts are as of lately.

A Appraiser: (February 16, 2010 9:58am)

Charlie: As of the last 20+ years we have not had a president that did not fit your description. Let's not get into believing that one is any better than the other or does not have the ring you described in their nose. Bush had the very same ring and was proud of it. He went to war with the intent to further private interest and is still furthing those interests today. I am not standing up for Obama nor anyone else dictating our lives. The sooner we all come to the understanding we have all been dooped republicans and democrats alike. The sooner we will salvage what we can of our rights and freedoms. The war for freedom is not in the middle-east, it is right here. People we are running out of options. As long as we accept this as the way it is, the more inbeded they become. The more time passes the more leverage we give them. This is becoming obvios by how blatant these facts are as of lately.

A Appraiser: (February 16, 2010 9:58am)

Charlie: As of the last 20+ years we have not had a president that did not fit your description. Let's not get into believing that one is any better than the other or does not have the ring you described in their nose. Bush had the very same ring and was proud of it. He went to war with the intent to further private interest and is still furthing those interests today. I am not standing up for Obama nor anyone else dictating our lives. The sooner we all come to the understanding we have all been dooped republicans and democrats alike. The sooner we will salvage what we can of our rights and freedoms. The war for freedom is not in the middle-east, it is right here. People we are running out of options. As long as we accept this as the way it is, the more inbeded they become. The more time passes the more leverage we give them. This is becoming obvios by how blatant these facts are as of lately.

A Appraiser: (February 16, 2010 9:58am)

Charlie: As of the last 20+ years we have not had a president that did not fit your description. Let's not get into believing that one is any better than the other or does not have the ring you described in their nose. Bush had the very same ring and was proud of it. He went to war with the intent to further private interest and is still furthing those interests today. I am not standing up for Obama nor anyone else dictating our lives. The sooner we all come to the understanding we have all been dooped republicans and democrats alike. The sooner we will salvage what we can of our rights and freedoms. The war for freedom is not in the middle-east, it is right here. People we are running out of options. As long as we accept this as the way it is, the more inbeded they become. The more time passes the more leverage we give them. This is becoming obvios by how blatant these facts are as of lately.

Lender / Realtor: (February 16, 2010 9:54am)

The video stated that the borrower had to sign a note with OneWest for $75k. Given the fact that the FDIC is the Federal Deposit INSURANCE Corporation and that they are essentially insuring OneWest against losses; if the borrower makes any payments to OneWest to cover their losses, are they going to pocket that money and the FDIC money or reduce their net loss shown? If they do the first, wouldn't that be considered insurance fraud? (to collect money for something that you recieved insurance for already)

CA guy: (February 16, 2010 9:53am)

Brian & Frank any news on the hvcc, do we have a plan in place or are we just waiting things out? Tnx

believer: (February 16, 2010 9:53am)

This gizmo thingy needs a spel chekur

Sick of Govt. : (February 16, 2010 9:53am)

If Soros the scumbag is involved, you can be sure it's a bad deal for our country and any US citizens caught up in this web of deceit and corruption.

beleiver: (February 16, 2010 9:52am)

Not ture Joe: The 2.5BB is a threshold that allows huge profits to cascade well beyond these losses thereafter. Again, the video is correct. They have an incentive to sell enough short in order to get the gooey fdic gravey.

believer: (February 16, 2010 9:50am)

RJ: I understand where the FDIC gets its funding. The point we can't seem to mutually land upon is the notion that there are incredibly cheaper ways for the FDIC to ensure servicing continuity on these loans. They could have BOUGHT a huge servicer or paid to have it done. Then they would have only bled by the actual amount of the losses. Instead they "negotiated" themselves int shouldering the losses on short sold properties plus 30+ percent. It is malfeasencse at the highest level. And my understading is there was no bidders. Then out of nowhere they select onewest. They burned through the money of the member banks and now they have their eyes on treasury dollars. They asked for a bump last year and got it; knowing that these deals would cost them dearly.

5pence: (February 16, 2010 9:49am)

This is what happens when you have private central bankers from around the world controlling US money policy. You get bubbles & busts and then defaults as money supply is contracted. Look at Greece. They're about to default on their debts that were created by excessive money supply & now that is contracting & bond holders are wanting their money. America is in the same position. The Fed & central bankers are robbing us blind all over the world and rewarding their own kind which rewards the money monarchs that created the Fed. Governments have no choice, they have to play along with what the banksters want. We're caught up in a massive extortion-worldwide. Does anyone know the extent of greed there was at IndyMac? Altering appraisals & borrowers credit criteria was rampant. RJ, this is not about insuring your Grandma's savings-they are already insured by the FDIC to at least $100k. This is about the FDIC (under the Fed) being complicit in fraud. $75k promissary note?!! They needed that?

Konatina: (February 16, 2010 9:48am)

Why is the FDIC not looking into OneWest Bank's diregard of following the fact sheet agreement of its purchase of IndyMac Federal? And who is making sure that OneWest bank is "adhereing to HAMP?" Under HAMP, lenders, including OneWest Bank, are being paid DOLLAR FOR DOLLAR with short sales and cash for keys reimbursment. Why don't you ask the FDIC how much money they have given lenders, including OneWest Bank, for reimbursement for "cash for keys" and "short sales" under the HAMP agreement?

Konatina: (February 16, 2010 9:48am)

Why is the FDIC not looking into OneWest Bank's diregard of following the fact sheet agreement of its purchase of IndyMac Federal? And who is making sure that OneWest bank is "adhereing to HAMP?" Under HAMP, lenders, including OneWest Bank, are being paid DOLLAR FOR DOLLAR with short sales and cash for keys reimbursment. Why don't you ask the FDIC how much money they have given lenders, including OneWest Bank, for reimbursement for "cash for keys" and "short sales" under the HAMP agreement?

Joe: (February 16, 2010 9:45am)

The big misrepresentation in this video is that if One West hits $2.5 Billion in losses then the loss share agreement applies to those losses. That is not true. It only applies to any losses over $2.5 Billion. One West has to lose $2.5 Billion before they get any help. In addition, they presented the best solution to the FDIC so that the depositors will not lose any of their deposits, even the ones over the insured limit. Of course One West has the potential to make a profit here, why else would they do it? However, they have a risk as well. They have to lose $2.5 Billion first and then if the losses exceed 7% of the asset value the rest of the loss is all on them. The FDIC, acting on behalf of the governemnt, is required to get the best deal possible so that the depositors get their money and the way they do that is to give the private sector an opportunity to make money by guaranteeing the deposits. BTW I am a mortgage broker, not a shill for the government.

Evergreenappraisers: (February 16, 2010 9:44am)

Explain to me how the FDIC saved cash, RJ. In your scenario, I collected $70K on a note instead of $62K. Alright, but if it defaults, I'm paying out the losses on the face value of $100K, which could be a $30K backend hickey vs. an $8K upfront hickey in my simple math mind. The FDIC gambled with our $$ and Soros, et al have house odds. Tell you what, I'll buy a car from that failed credit union for $5K, wreck it and sue for $10K insurance proceeds. Think I'll get away with it?

Anonymous: (February 16, 2010 9:41am)

Now, further investigation reveals that, contrary to regulators’ assertions at the time of the seizure, WaMu had sufficient liquidity and capital to meet regulatory standards and survive. http://www.portfolio.com/industry-news/banking-finance/2009/12/07/why-federal-regulators-closed-washington-mutual/index.html http://seattle.bizjournals.com/seattle/stories/2009/12/14/daily18.html

Say What?: (February 16, 2010 9:40am)

RJ: Who are you anyways? Are you actually J Bravo the former executive from Indy Mac who claims to have gotten nothing from the take over???

Konatina: (February 16, 2010 9:38am)

FDIC has passed the buck on IndyMac's situation with "cherry picking." They no longer rule over IndyMac Federal, instead the OTS(Office of Thrift Supervision) does under OneWest Bank. The reality is that we do not know how much if any HAS been funded to OneWest Bank. The statement is coming from the FDIC, not OneWest Bank who would be receiving the funds. We also do not know HOW the funds would be paid. Under the fact sheet of the sale of IndyMac to OneWest, OneWest is SUPPOSE to continue the aggressive modifications that FDIC Chairman Sheila Bair started when the Federal goverment took over. Based on the numbers released by the US Treasury Department January 2010, on the progress of loan modifications under HAMP, OneWest Bank, formerly Indy Mac Federal's performance hardly speaks of being "aggressive." Why is there not a report of how many foreclosures vs modifications have been done since OneWest signed up for HAMP back in August of 2009?

bobhertzog: (February 16, 2010 9:32am)

This video was done using the information in my blog titled "Is The FDIC Killing OneWest Indymac Short Sales", and can be seen by going to this link: http://activerain.com/blogsview/1243528/is-the-fdic-killing-indymac-onewest-bank-short-sales- The numbers they are quoting in the video are real, and actually happened in one of my client cases. Since writing the blog, I have helped several others in the same position, by simply reminding OneWest of the profit they stood to make. In all cases, when reminded of this, OneWest capitulated, dropped their requirement for a promissory note, and approved the short sale. If the numbers aren't real, why do they give up so easily in every case?

RJ: (February 16, 2010 9:27am)

If OneWest had bid to pay .63 instead of .70 with -.7 insurance and the next highest bank was willing to pay .62 then what's the issue?... the is NONE unless someone is alleging another bank was willing to pay >.63 or there was some other way to structure the bailout and save the FDIC money and pay all deposits. That's the reality and the math of the deal. The rest is truly semantics and populist pandering. I agree however the existing structure "may" present a perverse incentinve for OneWest to accelerate accounting losses through pushing short sales, inorder to make claims against the FDIC agreement. However, OneWest does need to actually realize $2.5 billion in losses before they can begin to claim... that is ~12,500 short-sales. In the meantime, the FDIC insurance fund has more money to pay depositors at other failed banks... The FDIC saves cash, Ethel Ginnie and Marie gets her money if their bank fails, and the economy keeps going allowing TIME to heal the accounting wound

Tom: (February 16, 2010 9:27am)

Look into what GreenTree Financial is doing with the Indimac 2nd they bought with Tarp funds they are requiring 5% of the sale price as there payoff. On one transaction I have they want $9,500 on a $36,000 balance as a junior 2nd lien holder. I wonder what there buy back was 75% in losses. Green tree is a flat out collection company why they got tarp fund I don't know? I would love to see there agreement with the FDIC.

Tom: (February 16, 2010 9:21am)

Can you get us and Email Address for the FDIC there is no way to find it on their site to voice our frustration!

Old Dog: (February 16, 2010 9:13am)

Andrew Cuomo is indeed on the board of AMCO, a Cleveland based AMC and has been at least since 10/2004. Incredible but believeable in this world of greed and selfserving actions. Talking to him about AMCs was a waste of time and energy for Brian and Frank. His pocket is being supplied.

RJ: (February 16, 2010 9:12am)

believer: Where do you think the money to pay back us depositors comes from? The bank does not print it. Hint: it comes from the loans the bank made as they are repaid by borrowers over time. I can't pay you $30 if I have zero or if my check bounces! That's why honoring the bank liabilities (deposits) is the issue, not the price paid for the assets unless someone is alleging the FDIC passed on a better deal that would have saved us deposit insurance paying taxpayers money. I don't like politicians, or Soros, or Goldman, or Geitner, or executives gambling at the bonus trough… but I sure as heck do like that the FDIC saved my Grandma from losing money she had at IndyMac. She was innocent in all this, she deserved to be protected, and borrowers need to honor all the principal of their debts and not scheme to steal what is really just my grandma’s money lent to them through the bank. That’s why the asset loss sharing agreement, to protect bank depositors is smart and good. Kudos FDIC!

Evergreenappraisers: (February 16, 2010 9:11am)

RJ, It appears you're not seeing the entire mechanics of this deal. Banks and mortgage servicers are in the game to collect principle and interest payments over time. In the simplest form, this is how they make money, right? I buy a $100,000 loan at a 30% discount and I'm already way ahead of the game in terms of long term potential gains. If the borrower defaults or short sells, my losses to the FDIC should be based on my hard costs: $70K less whatever net payments and proceeds were collected. My losses to the FDIC should not be based on the additional 30% discount taken on the face value. I bought these discounted notes on the gamble that many of them would stick to maturity or refinance out at face value. My insurance proceeds should not exceed my liability, which in this case, they did. Grandma at Indy Mac may get her savings account back, but Ethel at the next bank might get an IOU at this rate.

CHARLIE: (February 16, 2010 9:10am)

PICTURE THIS...A YOUNG BULL BEING LED ACROSS THE PASTURE WITH THE FACE OF OBAMA WITH A LARGE RING IN HIS NOSE...ATTACHED TO THE RING IS A LONG ROPE WITH ABOUT TWENTY HANDS HOLDING IT...ALL SPECIAL INTERESTS GROUPS THAT CONTROL THAT S.O.B.

believer: (February 16, 2010 9:09am)

RJ: Get me the terms of FCIC financing of this deal. ONLY if the terms of the FDIC financing is incredibly userious I will agree.

Missy: (February 16, 2010 9:00am)

You guys are HEROES,CYA though as the lawyers and spin Docs will be out in force.Have they removed the formula from the FDIC website yet?If anyone tries to mess with you,let us know, as the lawyers, they may be coming. I am disgusted by the pervasive greed.They will try to take your right to free speech away, BUT, we will be behind you.FLOOD you Senators with articles.I found one from the Washington Post and have sent it to many.The Senator's fax machines numbers can be found through the web.Our current Commando in Chief came outta nowhere with an agenda that he is thrusting on us and the CHANGE is too radical and out of touch. We have long been silent and now is the time to speak up.The Bush administration will get blamed for this also. I am truly scared of this administration as they are just winging it.About 70% of them are radical lawyers and not especially smart either.We need a fresh start, VOTE everyone out if they do not listen, especially to this issue you guys are presenting

RJ: (February 16, 2010 8:52am)

believer: Your point is understood, though you are simplifying the deal to only one side of the equation. If you think OneWest got a sweetheart deal paying .70 upfront, but less than .70 over time (financed by the FDIC through the agreement), then you should only care if you were an IndyMac shareholder. The deal was clearly structured by the FDIC to SAVE the FDIC money, and got all of IndyMac's innocent depositors paid the next day. It's exactly what the FDIC is supposed to do! No one is saying that a competing bank was willing to pay .75 or pay .70 without a similar guarantee. You are hung-up on a limited understanding and self-defined semantics. The FDIC (paid for by me and you) should only shoulder a loss that exceedes the 'value' of the bankrupt instituition. Their job is to minimuze the cost to us taxpayers, while protecting public trust in the banking system. Unless you have proof there was a superior deal they passed-up, this is all just a lot of populist mis-understanding.

Evergreenappraisers: (February 16, 2010 8:47am)

Say What?: (February 16, 2010 8:27am) RJ...You must be a Republican. Go figure! Say What? Read, my friend. Soros=One West, certainly not Repub. Who's in office and running the FDIC right now? This is not the old 'Republicans are always on the side of the big business and Dems are for the little guy.' Certainly not. That is one of the biggest lies that's been propogated over the past 4-5 decades. Might have been true at some point, but this is We the People vs. a runaway government. Toss the D & R associations and everything you'd been told over the years. It's on both sides of the aisle, my friend.

mortgagelady: (February 16, 2010 8:44am)

nothing surprises me anymore, after taking the test last week, I am livid that the banks don't need to take the test, I am asking you guys to get a petition to whomever on this national test, forcing anyone in a bank or broker or correspondent situation, if you, finance, sell, originage a loan,any thing involving a loan from cradle to grave, you need to take the national test, you will also have to be fingerprinted and background check as well. This is downright discrimination against the loan originator, and we need to stand up together and change all of this, because I know that banks are exempt to this, and they need to be accountable of the mortgage mess as well.. So lets hold them accountable...

Onewest and Indymac: (February 16, 2010 8:40am)

I have absolutely no doubt that all the ex Indymac execs are now working at OneWest, and with the FDIC having guns put to their head to offload these banks on a Friday afternoon to anyone who will take the crap they are trying to offload, we are stupid if we don't think there were sweetheart deals done at the table last minute. I think Sheila Baar who heads the FDIC seems like a stand up gal, but when you really answer to a bunch of crooks in washington headed by a president and admininstration team with no more combined private business experience than a Carls Junior district manager meeting..yes you have a recipe for disaster. We have seen nothing yet folks..nothing yet to what is coming down the pipe of deals and deceit and utter shambolic leadership!

Alabama Country Boy: (February 16, 2010 8:39am)

You might want to take a close look at the BB&T purchase agreement of Colonial Bank as well. Colonial was the banker for Taylor Bean and Whitaker. I bet the deal to take that dog was just as sweet as One West or even better. Get 'm boys!

Lisa: (February 16, 2010 8:39am)

I agree with Mortgage Mama...lets get the word out to the public, they, and we, have the right to know what is REALLY going on. I live in the DC area and will send this to as many people that will listen....

believer: (February 16, 2010 8:38am)

RJ: If the FCIC were as interested in protecting deposits as they are shelling out tons of cash to fat cat bankers I'd feel very good about it. This whole thing really stinks.

believer: (February 16, 2010 8:36am)

BrokeBroker: My Bad! -I misread the first part of your message. We're cool. Message and offer to help RJ still stands.

believer: (February 16, 2010 8:35am)

BrokeBroker and RJ: You are either poor with math, just a little slow or you have an ajenda (?). Regardless, you are missing the point. OneWest is not "sharing" in the losses. IT's a guranteed profit, courtesy of the FDIC. If they would simply cover 80%+95% of the losses actually realized by OneWest that would be fair, responsible and understandabe. The FDIC is shouldering the ENTIRE loss AND creating a guranteed profit for OneWest. Tell you what guys, if you think the FDIC is doing us a favor, I'll do you both a favor. I'll give you $30 and you can give me $40 back. That should make you feel better. I'll happily drain my assetbase helping you.

ptrkL: (February 16, 2010 8:33am)

Ponzi scam created by inside traders to crash economy... there were no true losses, the true market value of property was @ or less than $195,000

RJ: (February 16, 2010 8:33am)

wrong BrokeBroker: Your mis-understanding is that (like the video guys) you are only looking at the loan assets, not the deposit liabilities, One West bought BOTH, as a group. The FDIC is concerned with honoring the liabilities (deposits). Had OneWest not bailed out IndyMac, then the FDIC would have had to pay $XYZ to IndyMac depositors to cover the bank’s liabilities. Instead the FDIC negotiated a better deal where they did not have to pay-out as much upfront, and might have to a little more over time, and OneWest took on 2.5 billion in risk, in exchange for honoring all of IndyMac’s underwater deposits. We depositors are the ones who really pay for the FDIC insurance, so this was a smart move that saved us the public money. OneWest took a business risk, and they hope to take zero losses, and make a profit. They don’t want to loose 2.5 billion to get 200 millin from the FDIC… how it’s calculated on a loan by loan basis is not the story, the big picture is protecting depositors!

CHARLIE: (February 16, 2010 8:27am)

DO YOU THINK MAYBE THE PEOPLE AT HUD CAN STOP THE AMC'S AND ALLOW US TO AT LEAST GET SOME WORK..I HAVE BEEN COMPLETELY SHUT DOWN AS OF YESTERDAY

Say What?: (February 16, 2010 8:27am)

RJ...You must be a Republican. Go figure!

CHARLIE: (February 16, 2010 8:25am)

FRANK & BRIAN,,,DO YOU HAVE A STAFF TO SEND THIS MORNINGS BLOG TO EVERY CONGRESSMAN AND SENATOR TO SEE WHAT IS HAPPENING...MAYBE THIS WILL WAKE THEM UP AND START TO HELP US...

BrokeBroker: (February 16, 2010 8:16am)

RJ-Believer is right on. IF a shared loss agreement is necessary to get One West to buy Indy then share the loss to the purchase price not 30 to 52% above purchase price AND extend the shared loss to loan mods for owner occupants. It is not the hard except if you factor in the backroom deals. Bought and Sold: the right to economic freedom of the common man.

joecolorado: (February 16, 2010 8:13am)

dont feel sorry for ANY bank.They ALWAYS make money out of a loan situation,thats why they are in the loan business.Now it appears they are in the usury business as the banks get their cake,eat it,& then get the public to pay for more with some creative accounting.FDIC should have looked at the situation closely to ensure that the public didnt get screwed,they didnt,as we apparently are.The FDIC apparently didnt do their job as the loss is parlayed to the public.Now they take offense because we are questioning their tactics & expertise!.They are there to protect the public from loss,doesnt seem they have done a very good job does it?Then again NO pol appears to have protected any member of the public at this point.They have protected their own skins tho',they are very good at that.bloodsuckers

A Appraiser: (February 16, 2010 8:11am)

Great Job Guys!! You obviosly have their attention. If you have the attention of the FDIC you have the attention of others. Others that are in dire need of accountability!! Keep up the fantastic work!!

RJ: (February 16, 2010 8:04am)

... and by public trust, i mean trust that when you go to the bank it will honor it's liabilities and repay you the money you deposisted. It's the FDIC's job to insure that happens through regulation and insurance, and they have never failed yet. KUDOS FDIC! Thanks for protecting my Grandma's retirement money, our banking system, and our economy!

Mortgage Mama: (February 16, 2010 8:00am)

Hey guys, I forwarded the first TBWS video on this subject to all 3 of our Sacramento, CA. news stations. I haven't heard from any of them so I'm going to forward this again. The general public needs to be made aware of this arrangement.

RJ: (February 16, 2010 7:57am)

believer: I agree there is a potentially perverse incentive here as it relates to short sales, though if you read the FDIC terms sheet the misrepresentation in this video are clearly more than semantics. With a 2.5 billion water mark and a 7% cap, at $200k per home that’s over 12,500 short-sales before the FDIC would kick in a penny to participate in the losses. Like most you don’t seem to understand the entire situation. One West bought the assets (loans) and the liabilities (deposits) of IndyMac, they did all of IndyMac's depositors and the public as a whole a HUGE favor!.. and yes the shareholders of One West will make a profit, I’m happy for them. The FDIC protected the banking system, the depositors, and the economy… Kudos to them for a job well done, it’s thankless government work because the hoi polloi don’t understand the entire situation and that the banking system is based primarily on public trust and responsibility to your neighbor.

Tom in Colorado: (February 16, 2010 7:54am)

Why can't the FDIC offer the same deal that ehy offer banks to consumers? That would cure things up and get it out in the open pretty quickly.

Don't complain...act.: (February 16, 2010 7:51am)

I like that this video has gotten enough attention to have FDIC feel they need to validate their actions...I think we all owe a round of applause to the TBWS boys. With more people paying attention to what these government idiots are doing, maybe the next time a vote comes around people will get off their a$$es and vote. Everyone believes that we might only (individually) have a faint voice in the crowd when it comes to politics, but if we all cry out together, it will become a discernible roar! Write your local Representatives and let Congress know about this, I ASSURE you, they have no idea what contracts/agreements are really being made...they are too busy posturing for re-election. Thanks Frank & Brian!

FDIC Pwned: (February 16, 2010 7:50am)

It's government corruption that is embedded in the bureacracy... Even if we vote out all the politicians... It takes a long time to get these bureacrats out! that's scary... and another idiot is ready to take their place. Bureacracies are too corrupt with too much power! Hud, The Fed, The Treasury, and FDIC are running wild!!!

DAG: (February 16, 2010 7:47am)

As to house resolution 615 mentioned this A M if we have health care reform Washington should have to all participate. that will ensure we get the best that can be negotiated. simple

Anonymous: (February 16, 2010 7:45am)

@Troy, Read up on Wamu. It's one of the biggest thefts by the FDIC in America's history. Start here; http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46440902

believer: (February 16, 2010 7:41am)

More egg on FDIC face might be that there were no bidders for the indy book. Why didn't they just pay a servicing company and eat the actual losses?

believer: (February 16, 2010 7:36am)

I read a wallstreet article that mentions some 50 banks in loss share agreements. OneWest was so bad with consumers at the servicing level that this escallated to the point that they are under the social media spotlight.

believer: (February 16, 2010 7:34am)

RJ: Think about this: It's not a loss share agreement if it generates an inevitable gain. OneWest makes huge money on the loans that perform because they were bought at 58-70%. They make over 30% on all shorts and foreclosures. The ONLY loans they can lose on are the mods. So all they have to do is go find 6 BB in foreclosures and shortsales to trigger a winfall profit gurantee. The agreement would be sanitary if it were truly sharing losses as a percentage: A TRUE LOSS SHARE! If they weren't making terrible negotiations with the likes of OneWest those poor depositors might have some money. And the FDIC would not have had to ask for a bump in their line of credit with the taxpayers last year to 500BB. How can you say this is sensationalism?

Troy: (February 16, 2010 7:31am)

so this same arrangement is the same with all banks that fail and get sold by the FDIC. Or did only One West bank get this special arrangement.

DAG: (February 16, 2010 7:28am)

Guys don't you realize no matter what the party it is the same old song. I hope everyone votes out every sitting body in the house and the senate. Don't go all partisan on us and vote your party line. Dump them all! As to Massachusetts, it is only a matter of time and I predict very little till the new senator will be marching in place with every other money grabbing senator. The only answer is to take ALL lobbying out of Washington. No one group should be allowed benefits because they have more money; I saw an article in the Cinci Enquirer this weekend stating the banks are the biggest lobbyist in Washington by a huge margin. No duh! While I say this the only answer is for appraisers and brokers to have our own lobbyists if that is the game OR better yet someone please take on a class action lawsuit.

RJ: (February 16, 2010 7:22am)

I agree the arrangement offers a perverse incentive to One West to push short sales. But to be honest, that was not the intent and you are only presenting a myopic sensationalized view of one small part of the whole story. It's not about individual mortgages; it's 99% about bank failures and protecting bank depositors like you, me, the company you work for, and your grandma. The FDIC only had those IndyMac loans in the first place because IndyMac was insolvent/bankrupt and could not pay back its depositors (people like you and me, and the company you work for, and your grandma). There was a ‘run on the bank’ and if you showed up to get your money it was soon to be “sorry… we don’t have enough money to pay you back, we gave it to the last guy who was here, come back in a month maybe we will have more then.” The whole situation is fine because thanks to One West and the FDIC none of us lost any money when IndyMac went bankrupt! A bank is just a building.

Joe: (February 16, 2010 7:21am)

The way I read the rebuttal, it sounds like One West has to take a $2.5 Billion loss and then FDIC will chip in after the loss. I don't think it is retroavctive like you imply. I think they get paid on anything over and above a $2.5 Billion loss to a limit of 7% of the total asset purchase. This is a big differentiation that must be made. Also, you have to consider what would have happened if nobody stepped up to buy these assets considering there was no market for them. My similar concern is who will step up to buy MBS's once the Fed stops next month. They have been buying more than the actual production. At one point though, the government has to call the bluff of private industry to see the true market. They did that to Lehman with disasterous results. They also did it with CIT and the private sector stepped up. Certainly interesting times we live in.

LivingInDC: (February 16, 2010 7:14am)

If you have resigined to the fact that you can't fight Commrad Obama and city hall, the next best thing would be to wait until One West reports all of the losses and before the FDIC strokes them a check, drain your 401(k) (what is left of it) and buy One West stock... only one problem... It's privately held by a "consortium of private investors." That means there's no public stock, and presumably no stock symbol. This privacy is presumably why it gets away with being one of only four major mortgage companies who have not signed on to the "Making Home Affordable" Plan, as of 6/30/09.

Great Nate Real Estate: (February 16, 2010 7:11am)

What surprises me is the tone of the FDIC release. It comes off like someone personally offended because they've been caught doing something unethical and they know it's wrong. This is PR spin and I should know since before I was a Realtor I was in Marketing for 18 years. Keep up the good work guys. The big papers are bleeding and have less money to be the public watchdog. It's great you guys have picked up that torch and are RUNNING with it!

JC: (February 16, 2010 7:06am)

So, let me get this straight FDIC. You are saying that One West Bank bought Indy Mac to lose money!!! Do you think that we are stupid. If the FDIC is not sharing any losses and One West Bank, then we better get ready to bail out One West Bank!! Either that or that 2.5 billion loss that creates a bonus????? Has or is going to be hit soon. It is kind of a like a goal. I have been doing short sales for 3 years and 98% of the time the HAMP program of any other modifications are not addressing real issues of needed change in order to have any long term affect for my clients. I am sure we can pull out a couple of scenarios that get everyone looking for that needle in a haystack loan mod, but let get one thing straight, this is not working!!!!!!!

Anonymous: (February 16, 2010 7:01am)

Wamu TRUTH... http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46440902

Lender / Realtor: (February 16, 2010 6:58am)

Steve, What is your point? Do you think Obama is the only politician who receives campaign or other benefits from Soros? I know about the emails that went around and the false claims about Obama's ties and how it doesn't mention anything about funding the US made equipment going to Petrobas, etc... My point is that I buy and sell stock and I, unfortunately, don't have the INSIDER information that someone like Soros might have - as to possibly knowing from a politician that a 2 billion loan from the US Gov't is going to be approved next week so it is safe for me to buy stock in that company this week. Kind of a Gordon Gekko like play on the purchase don't you think?

RAY: (February 16, 2010 6:54am)

ATT. GENERAL CUOMO IS ON THE BOARD OF AMCO AN APPRAISAL MANAGEMENT COMPANY.....................................................................................

vannorden: (February 16, 2010 6:51am)

I sure hope your taxes are in order, guys... And to my fellow appreciative subscribers: if funny things start happening to these guys, do not be surprised as these m-fers do not play nice...welcome to the police state.

Letsdoit: (February 16, 2010 6:48am)

I just read one of the consumer insight articles you posted under links and docs. The article was written by a short sale specialist in Sept 2009. It appears to be thoroughly researched, factual, and the legalese numbers extracted so we can follow what's really happening. I think Frank and Brian were right on the money in their video. Gosh! we are being duped bigtime by our so called representatives. It does'nt appear free enterprise or govt intervention works. Maybe we just need some good'ole fashioned honesty back in everyday business life. Huh?

RhondaMorin: (February 16, 2010 6:48am)

TheDowntownDB please contact me, I would like to join you in your suing of Bank of America. Email is rhonda.morin@gmail.com

Anonymous: (February 16, 2010 6:47am)

http://blog.kir.com/archives/2005/08/judge_hughes_ha.asp "The record shows that the swap was the only reason for this suit. It also shows that the FDIC knew that it had no factual or legal basis for its claims, and that its cases here and in Washington were shams." As usual, Judge Hughes is acerbic in his opinion regarding the FDIC's conduct, noting in particular that FDIC officials "lied about it all under oath" and they "discarded the mantle of the American Republic for the cloak of a secret society of extortionists." "It's hard to find a word that captures the essence of the FDIC's bringing this action. Irresponsible is close. Arbitrary, dishonest, exploitative, extortionate, and abusive all fit." Judge Hughes concluded that Hurwitz and Maxxam "will recover their costs because the record reveals corrupt individuals within a corrupt agency with corrupt influences on it, bringing this litigation."

Mark: (February 16, 2010 6:46am)

To all of the appraisers out there - have you heard about the way Chase will be ordering appraisals? You get a automated phone call telling you when your appointment is and you are then to accept or deny. If you do not answer, you get skipped. I didn't know that you all worked for Chase and that they set your appointments and provide you with benefits.

Evergreenappraisers: (February 16, 2010 6:45am)

Appraiser Lady, Hope your E & O's attorney is good. That is too much! Loss share agreement, promissory notes for the balance, and now the appraiser's E & O. This is crazy. Can it really be this evil?? This makes Alex Jones look entirely sane, doesn't it?

AppraiserLady: (February 16, 2010 6:39am)

Got a subpeona from FDIC to reveiw my workfiles on two IndyMac deals that went bad. Looks like they are trying to collect on appraisers E & O as well to fund the sweet deals to OneWest.

Rondon: (February 16, 2010 6:38am)

Exactly right Mark. Because of "accounting irregularities", you should fire the Taylor Bean accountants, and anyone else involved. Don't take down the whole bank. A huge red flag was raised in my mind when that happened... Obama promised transparency - which we have not seen at all from this administration. We need transparency one way or the other. Keep on keepin' on fellas!

Cheap Trick: (February 16, 2010 6:36am)

Brian & Frank... We have your back... I fear for you from the wrath of an FDIC smear campaign... We stand strong with you... If you go down, WE go down and that will not be silently... When we Fear the Government, there is tyranny... When the Government fears us, there is liberty... Let's keep liberty and eliminate the tyranny...

awake and alert: (February 16, 2010 6:29am)

FDIC is asking for the intent of you video? what if they use your reply to prove tortious interference with contractual obligation between the One West and FDIC agreement or to claim you are enemy combatant (read Patriot Act with respect to intent to disrupt government services)? a person's intent may place your 1st Amendment rights at risk. stay pure to the facts. you are so right and much needed.

Exausted Appraiser: (February 16, 2010 6:26am)

Wow, you guys have left me S.H.O.C.K.E.D.... to say the least! I agree with Trish, apparently you've caused quite a stir with the FDIC or they would not have bothered to contact you guys. I think the next step is to bring this to a local media outlet like the nightly news and really have it grab some national attention. I'm getting so tired of all this political BullS**T! I say continue to dig up all the dirt you can and continue to expose these A**holes for who they really are. I am not going to loose any sleep because one of these people suddenly can't afford to refuel their private jet.

Mark: (February 16, 2010 6:26am)

Do you think that the closure of IndyMac was due to them not playing ball with the FDIC? Do you think that the closure of Taylor Bean and Whitaker was a witch hunt? (TBW was closed for accounting errors - what about the accounting errors within Fannie and Freddie) Were these 2 just a case of the Govt wanting them closed? Makes one think

Rondon: (February 16, 2010 6:25am)

One thing I remember in accounting 101 is that there are many ways to calculate costs and losses. It would be interestring to see how they calculate "losses". An argument can be made from the example that they incurred a loss of $200K+ (of course before the FDIC bailed them out).

Rondon: (February 16, 2010 6:22am)

The Obama clan either has no idea what they are doing... OR they know EXACTLY what they are doing - following their mentors Cloward & Piven - the mortgage industry is just one piece of the puzzle. Pretty scary stuff...

Evergreenappraisers: (February 16, 2010 6:16am)

Excellent point pwned. Anybody actually interested in reading the FDIC/Indy Mac agreement can go to: http://www.teapartyofwmi.org/profiles/blogs/indymac-fdic-onewest-shared It's double speak, legalese, but the meat of the docs appears to be pages 20-28. Read it and see if you don't think it supports what Frank and Brian are saying. I certainly read the loss share to be calculated on original loan amount. The FDIC letter written by Andrew Gray is here: http://www.fdic.gov/news/news/press/2010/onewest_lossshareb.html. Note it's careful wording. Ok, so the FDIC hasn't taken any taxpayers funds.....YET. He can't really dispute anything else Frank and Brian stated.

Trish: (February 16, 2010 6:13am)

Congratulations! Apparently FDIC is afraid of the truth getting out or they wouldn't be watching your videos. What FDIC failed o do in their press release and supplemental face statement was give all of the facts and the formula. Do they really think we are so stupid?

Steve: (February 16, 2010 6:11am)

Lender / Realtor: (February 16, 2010 5:45am) You need to go to: www.factcheck.org/2009/09/bogus-brazilian-oil-claims/

mortgageninja: (February 16, 2010 6:03am)

I think you guys make valid arguments from time to time but this time I fear you might have bitten off more than you can chew. Picking a fight with the FDIC will either get you over the top or end your career. I'm pulling for you though.

Letsdoit: (February 16, 2010 6:00am)

1. Why hasn't any of the fatcats been indicted 2. Unless "we the people" vote them out nothing will change 3. This two party system doesn't work 4. We need term limits for all politicians - state, local and federal When we start screaming, fighting, and marching as a unified people for accountability, equity, and real change, those crooks will change. But we can't let them off the hook. We must rid all special interest crooks out of office never to return.

Say what?: (February 16, 2010 6:00am)

Broker Sue: I agree with you completely. I relocated from Florida 3 years ago because I saw what was about to happen there. I was a Realtor for 20+ years as well as a mtg. broker. The only way to salvage a living was to get out while the gettin was good. It has been a struggle but there is a light at the end of the tunnel. I have many fellow and now ex Realtors friends in Florida that are struggling big time. We should all be apalled and in the NAR's face to do something. Try and sell a short sale in Florida...but only if you have 6 months to wait for your perverbial NO from the bank! Funny how we still haven't heard from J BRAVO yet...hmmm...what's wrong, FDIC got your tongue?? (or are you out on your boat relaxing because you made so much money before the FDIC took your job that you don't have to work again!)

Lender / Realtor: (February 16, 2010 5:58am)

It seems to me that if the FDIC is making such sweet deals with these bankers, that they ought to pass those deals to the actual borrowers as well. I have a borrower right now with a 1.2mil loan held by OneWest that was with Indymac. Why can't he offer 840k to refinance it? According to my math if he refinances it that makes these Robber Barons 360k - a 42.9% return on their investment. It is complete BS that the FDIC has offered this deal the just a few investors and not the populous as a whole. If you want to talk about economic recovery, why did the FDIC contact the borrowers and offer them a deal to refinance their home within the next 6 months at a 10% discount of the balance. Think about it, in that senario my borrower would have gotten 120k off and been happy, the FDIC would have saved 240k more then selling it to OneWest, and no risk of further losses. Oh wait, that makes too much sense, and this is the govt where things aren't supposed to make sense......

Cheap Trick: (February 16, 2010 5:57am)

Scott Brown... While I know NOTHING of Scott Brown and his politics, I am CERTAIN of one thing... Massachusetts did us a favor (and I am not from Massachusetts) by SLAPPING the Democratic establishment in the face... The Teddy Kennedy huggers in Massachusetts were complacent that the status quo would prevale and the "WILL OF THE PEOPLE" came through... This gives the REST of us hope that we can actually curtail the socialistic tendancies of our government... Scott Brown's politics is not the point... CHANGE and AWAKENING are the point...

Lender / Realtor: (February 16, 2010 5:45am)

Can you say Robber Baron?! George Soros and others are the Robber Barons of our era. All this is a result of campaign finance, Pac$, and the mega wealthy buying votes and political influence. Do you think it is any wonder that HVCC was created by the AG of NY, where J Diamond and others have access to his ear and wallet? Think about it, George Soros, the primary owner of OneWest Bank, purchased 810mil in stock of Petrobas - the Brazilian oil company. Petrobas does offshore drilling. Obama is against offshore drilling. Petrobas, 1 week after George Soros' purchase, received a 2 billion dollar loan from the US gov't to further offshore drilling in Brazil - and their stock got a nice bump too. This is robbery of US tax dollars to the highest donator!

Duped in Mass: (February 16, 2010 5:43am)

Cheap Trick, You do realize that Scott Brown's already been bought and paid for by the banking industry right? Not surprisingly but all the stories about their contributions came out after we all voted for him to replace Teddy... BTW, when the Republicans can have a platform of say no to everything, do you honestly think anything will ever get done? Why won't the Dems do the same thing when they are in the minority?

Tiredofitall: (February 16, 2010 5:42am)

I am too extremely disappointed with NAR. An organization that makes a lot of money from us Realtors and I haven't read or heard of them sticking up for us at all with the banks. The banks keep doing what they want to us and we keep earning less and less. NAR, when will you begin to be the voice for us?

Gnotboxchecker: (February 16, 2010 5:40am)

Seems like this IndyMac OneWest video has rocketed down the halls at Wall Street and DC. GOOD JOB. Hope this winds up on ZeroHedge again.

Nuke 'em 'til they Glow and shoot them in the Dark!: (February 16, 2010 5:38am)

Sounds like Bravo Sierra to Me on the part of FDIC

Cheap Trick: (February 16, 2010 5:27am)

Thomas Jefferson: When the people fear their government, there is tyranny; when the government fears the people, there is liberty. Thanks to Massachusetts (Scott Brown vote) and the "transparency" we, the people (like TBWS), are forcing on Washington, we might just have a chance of waking them up. Watch for them to climb into a hole and hunker down... We CANNOT let them do that and MUST keep pressuring them to do the right thing. That is, honor OUR wishes, not their power-hungry desires... Take a look at House Resolution 615 (Not House Rules 615)... Hold them accountable for ALL their actions!!

brokersue: (February 16, 2010 5:06am)

Say What, your point can also be applied to us Realtors. Where is the public outcry for us poor Real Estate agents who effectively have lost our livelihood?? There is none because the public perception is that we all made a killing when the market was flying high and they don't feel sorry for us now! The NAR should be shouting from the rooftops but they aren't. Go figure.

FDIC Pwned: (February 16, 2010 5:03am)

I thought the FDIC was created to protect the public's assets when a bank fails? I didn't know the FDIC was in the business to help banks make a crap load of profits... it's corruption at it's highest..... it makes me sick.

FDIC Pwned: (February 16, 2010 5:01am)

FDIC is scared of you guys!!! Awesome!! These idiot politicians and government agencies are listening and they are scared! Thanks so much for exposing this government ponzi scheme..

Say What?: (February 16, 2010 4:51am)

Hey Mr. J. Bravo. You say you were an executive who got screwed when the FDIC took over IndyMac Bank. What you aren't saying is how much you made before the takeover...do you want some cheese to go with your wine?? Stop crying and listen to the violin playing in the background. Sorry but we just don't feel sorry for you. Maybe you can get a "real job" and know what it's like for the rest of us in this country who work an honest living just to survive! I am quite sure you still have groceries in your house, gas in your car, cash in your pocket and you aren't struggling like the rest of us. Wake up and smell the coffee...

Chad Weber: (February 16, 2010 4:41am)

Another part of this story that deserves attention is that TBWS has grown enough to warrant a reply via press release from the FDIC. Way to go guys! I refer to TBWS as the voice of our industry. You guys make the mortgage industry interesting!

brokersue: (February 16, 2010 4:20am)

I posted the IndyMac original video on my Facebook page and the friends that were not in the Real Estate industry were outraged! It was the math that got their attention, not any of the other details. Glad we didn't have that many IndyMac loans here in Florida only Countrywide/B od A (did I just say that????)

J.Bravo: (February 16, 2010 3:57am)

I really dont get why you are saying the "Indymac boys" got a sweetheart deal. I was an executive there, and we all got screwed and received nothing when the FDIC took it over. It is all the "Goldman Sachs boys" that are getting the sweetheart deal.

The DowntownDB: (February 16, 2010 3:49am)

More music will post in a few hours. Right now Tea party is on. Check it out after you watch as much of ths looting as you can. What ever happend to integrity. I'm sueing One West and BofA. Wish me luck!

Just sayin': (February 16, 2010 3:41am)

@ FL RE N TITLE...plenty of houses are on the market to not have to deal with ridiculous banks. Encourage your client to look for a different home and take the stress out of the equation. Banks again prove how out of touch they are with the market when they refuse to work within it.

TheDowntownDB: (February 16, 2010 3:39am)

The Obama Banksters from Cicago and New York. These guys need to be hung from their thumbs for what they're doing to our country. I wrote some songs out of frustration. Check youtube "Debtors Prison Blues". Thanks guys for fighting the good fight. Use the music if you like I wrote these parodies for the U.S. not the $.

Just sayin': (February 16, 2010 3:37am)

Silly boys...don't you see? The government does not want the mortgage/housing market to recover. Government wants control of housing prices, thus programs like HVCC which required no congressional approval but a backroom deal between NY Atty Gen's office and Federal Housing Finance Agency. As long as we let them, the government will continue to keep pushing us down until we HAVE to rely so heavily upon it to exist on a daily basis. You really want to make a difference, encourage your viewers to vote all the derelicts out of office. As for HVCC and other changes, they are not going away. That is apparent with Barney Fife at the helm and nothing being done from Andrew Dodo's office in NY. Wake up boys...government is being bank-rolled and until you have more money then the ones pulling the purse strings, nothing will change.

CDPE in PHX: (February 16, 2010 3:36am)

Call investor realations, express outrage, site the video, TARP, etc... they should put you in touch with a specialist in the CEO office... work with B of A

FL RE N TITLE: (February 16, 2010 3:29am)

anyone have any suggestions on dealing with Indymac / OneWest on a short sale. They are the WORST. the attitude of their staff and constant delays are making many realtors I know steer clear of their properties. However, I have a client who desperately wants a home where Indymac is the lender...cash buyer willing to pay current market value. We have been working on trying to get their value for 6 months. any suggestions?

Kam: (February 16, 2010 3:26am)

George Soros and Goldman Sachs supported Obama inthe last election. Now is the payback time.

Jacksovnille Charlie: (February 16, 2010 2:27am)

Can you just post a list of the changes you made to the orginal video

jill korenaga: (February 16, 2010 2:23am)

Ya baby!

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