How George Soros and Michael Dell Are Working to Kick HomeOwners To the Curb
Indymac used to be an independent bank till it filed for bankruptcy in 2008 and was bailed out by FDIC. Later, IndyMac was bought and transformed into One West Bank by a private equity firm called Dune Capital Management, a group that includes billionaire George Soros and Dell Inc. founder Michael Dell, who agreed to buy the failed bank for $13.9 billion.
George Soros is known as an ultra-liberal billionaire whom many claim is the sole reason Barack Obama made it to the Presidency. Silly me I thought it was Oprah!
Michael Dell, another ultra-liberal, is the man whose name appears on my laptop. Michael Dell is the geek founder of Dell Computers and like Soros, a billionaire.
What do these two guys know about running a mortgage bank? Nothing! If you are an Indy Mac customer and you’ve called their Customer Service you know what I am talking about. Indy Mac has got to be #1 on the list of dysfunctional, disorganized businesses—anywhere!
After recovering somewhat from my shock of being scammed by Parsa Law Group, I picked up the pieces of my loan modification attempts and started back down the road of frustration with One West Bank. I sent and resent and sent again all the requested documentation.
I phoned and I phoned. I told my sad tail of woe to any One West Bank employee willing to listen. It didn’t matter. Indy Mac, One West Bank never had any intention of modifying my loan. The answer to me was NO as it is and will be for all their other customers in need of modifying their loans.
Why? Because it is in the best interest of the Indy Mac investors to say no to their customers. They have a sweet heart deal with the FDIC. Yes our government has taken care of these billionaires while Average Joe on Main Street flounders.
Information can be found all over the internet which confirms Soros and Dell purchased the failing Indy Mac Bank from the FDIC who had taken it over when Indy Mac’s reserves fell below the legal amount. Soros and Dell bought the bank for $20.7 billion. The bank’s assets at the beginning of this year (2009) totaled $23.5 billion. They made $3.5 billion immediately at the time of purchase.
The deal with the FDIC also has a loss sharing agreement with a 20/80 split. Soros and Dell take the first 20% hit of any loss and the FDIC picks up the lion’s share of the balance.
I am trying to figure how this plays out in my personal situation. If Indy Mac forecloses on my loan and I owe $603,000 does this mean Soros and Dell only get stuck with a loss of $120,600 and the FDIC takes care of the rest? Indy Mac will own the house which as of today is still valued around $750,000. Does Indy Mac then sale and make a profit? Yes, that is right.
George Soros is a raging do-gooder liberal who at one time likened President Bush to Hitler. That is quite a comparison and all I can say to that is it’s not Bush or Hitler forcing my family out on to the street at Christmas,nope it’s George Soros!
Now I am angry! I am angry that the making Home Affordable plan by Obama is a big scam. I am angry that Indy Mac is acting in bad faith refusing to offer any helpful solutions. I am angry Indy Mac and others got a bail out without the Bush or Obama Administrations placing any contingencies on their use of the bail out money, i.e like setting up a real loan modification program at every lending bank.
I am equally angry with the State of California and our Governor. He signed into law the Foreclosure Protection Act which was suppose to help foreclosed homeowners have extended time above what the law allowed to stay in their home. Immediately after the bill was signed, Indy Mac filed for an exemption under that law and it was granted. Why? Because Indy Mac allegedly has a “loan modification Program” Bullshit.
I do not intend to go down without a good fight. After consulting with a Bankruptcy attorney, I have decided to go the Chapter 13 route in order to save my home. From what I have been told, this is what Indy Mac, One West Bank, Soros and Dell force hardworking customers to do to avoid being left out on the street. So, go to hell George Soros, Michael Dell, Indy Mac and One West Bank and all their other so-called “investors”.
Comments
I live in northern Nevada and I have a story to tell. I am a contractor and the work has stopped! I was told that because i was current on my mortgage that they could not help me, I have to be at least 3 months behind for them to help me. When it got to that point and I called after being 3 months behind all they could say is “We can’t help you your credit is not good” (because of the mortgage not being paid)LOL are you kidding me!.
Tried to do the modified loan and all they could say is get caught up on the payment ($7,000) and they would talk about it. If I could get caught I would not be in this position.
From what I know about dealing with Indymac/One West they are not here to help anyone but themselves. I can only suggest two things that might help. One, check your deed of trust and see if they are recorded properly. If not, then go talk with a Real Estate Lawyer and try to homestead your home and claim Bankruptcy. If they are not deeded propertly then they are an unsecured loan and they go away. Second, find out if One West has your original paperwork. If they do not then they can’t prove they own the loan. Get a lawyer and fight them. I know that this takes money to do, but if it works then you get the house and they get nothing.
I found out that they were not deeded properly, homesteaded and claimed BK. They deeded propertly 5 days before BK so they thought that they had the right to lift the stay of my BK and was taking me to court. My BK lawyer wrote them a letter stating that anyting within 90 days of BK is voided and also to show that they own the loan. Within a week of the letter One West Bank stood up and walked away because they had no case. I have the house and they have nothing from me. I know that they are pissed but now they know how all the homeowners feel that they scamed.
You have to grab them by the balls and pull. Talk to a lawyer that specialize in BK and mortgage issues. It took me several months to find them but I did not give up. It’s worth every penny.
Hey Gina. Thanks for your story. Didn’t the bankruptcy filing ruin your credit? I try to tell people to do so only if it is a last resort to saving their homes.
Yeah, I had over a 740 credit score at 47 years old and it was wrenching to do but I had no choice, with the work that I do that was the only option. It helped in saving our house that is the most important thing! OneWest can go to ****. They care about their bottom line that is it!!!!
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