"Does the Government REALLY want to fix this financial
mess we're in?
many banks during the world financial meltdown in 2008,
IndyMac closed it doors. Months later, its assets were
seized by the FDIC and sold to OneWest Bank by the US
guess who owns OneWest Bank: That would be Goldman Sachs;
with bigtime VP Stephen Munchen and bigtime investors,
George Soros and John Paulson - of no blood relation
to ex-CEO of Goldman Sachs, Hank Paulson - who would
be the ex-Secretary of the Treasury.
IndyMac's residential property mortgages were purchased
by OneWest at 70% of their value; all HELOCs were purchased
at 58% percent of the value.
just in case the OneWest guys would feel cozy and warm,
the FDIC stepped in and decided to cover 80% to 90%
of the losses, due to short sale or foreclosures that
they might incur from those naughty IndyMac-mortgaged
reason why we think you should know about this case
is because the Loss Calculations are based on the ORIGINAL
home mortgage and NOT the 70% of the ORIGINAL value
at which it was purchased by OneWest.
is an actual sample case from one of our TBWS viewers…now,
this is going to get your blood boiling!
an actual loan $478,000 + 6 months of missed payments
for a grand total of $485,200. OneWest Bank paid 70%
or $334,600 for that loan. ($485,200 X 70% = $334,600).
that underwater homeowner got an all-cash short sale
offer for his home that netted $241,000 to OneWest Bank.
according to the FDIC formula, you take the actual amount
that OneWest paid for the mortgage: $334,600 but instead
they get to use the ORIGINAL amount of the mortgage
of $485,200 MINUS the short sale offer of $241,000 and
you have an "Adjusted Loss" of $244,200.
according to the sweetheart deal, the FDIC writes a
check to OneWest bank for 80% of the net loss ($244,200
X 80%), so the Taxpayer, courtesy of the FDIC pays OneWest
ADD the $195,360 paid by the Government to the short
sale offer of $241,000 and One West Bank just made:
$436,360 on a loan that they only bought for $334,600!
And all they had to do was sell it for what they wanted
They can't lose money on this deal! OneWest Bank just
profited on this short sale to the tune of $101,760
-- all because of the sweetheart deal they made with
if you ever ask yourself, "Why is it so hard to
get a mortgage loan?" The answer is that *there's
too much money to be made on short sales and foreclosures.*
for an encore? The house still was sold for less than
the original loan amount and the *borrower was forced
to sign a promissory note for $75,000* to OneWest Bank!
who really wins in the end? Well, just let you decide...
the way, the FDIC just announced that they would start
needing to borrow money from the Treasury -- the Treasury
being the place where all those Goldman Sachs guys used
to call home before they called OneWest Bank home.
you're as mad about this as we are, share this with
as many people as you can, so we can all understand
more about this business that we care so deeply about..."