Tell Congress and FDIC to Take Swift Action to Stop Foreclosures!
Having trouble modifying your home loan?
You are not the only one.
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Due to “Shared Loss Agreements” with FDIC, private banks are less likely to modify home loans because they stand to make profits from foreclosing. Take Indymac as an example. It 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 Michael Dell, who agreed to buy the failed bank for $13.9 billion. The bank’s assets at the beginning of this year (2009) totaled $23.5 billion so they made some billions immediately at the time of purchase.
Then, they struck a 20/80 loss share deal with FDIC. OneWest Bank agreed to pick up 20% of the loss whereas FDIC would pick up 80%. IndyMac would end up owning the property after foreclosure, making a sweet profit from the sale of the house. Many other banks have similar agreements with FDIC, so in effect, these banks are profiting on taxpayer dollars. People are becoming homeless on your dollars.
Loan modification programs are unregulated scams. This is the narrative: When we call the lenders for help with our mortgage, they tell us there is nothing they can do till we miss a payment. So we go ahead and miss payments and then the warning letters arrive. We file and refile income/expense reports, negotiate for a good package but keep getting rejected. The process drags on for months, costing us productive time, money, energy, sleep and deteriorating health. They keep losing files, misappropriating funds, crashing their systems, changing their numbers, and rolling out ‘new packages’ that they later reject when you apply for them. A year later, they tell us there is nothing they can do but ‘foreclose’ the house. How many stories fit into this narrative?
The system needs checks and balances, as well as transparency. Urge Congress to stop foreclosures, launch an investigation into the unfair lending and loan modification practices now and create clear transparent guidelines to help homeowners with their loans.
Comments
I built a housed in 2008 and now Indymac Bank sent me a default letter. I tried three times so far to modify my loan and they do not give me a reason as to why the denial. I do not want to lose my house and i know soon I will get a forclosure letter. I really need help.
ONE WEST BANK is in effect DEFRAUDING the AMERICAN TAXPAYER OF MILLIONS of dollars by “promising” to help BESIEGED HOMEOWNERS who are IN SERIOUS DANGER OF BEING FORECLOSED UPON!
It has come to light that through signed agreements upon taking over failed INDY MAC, ONE WEST is operating in BAD FAITH in order TO FORECLOSE ON these unsuspecting AMERICANS. To anyone who looks into the matter, it becomes quite obvious that ONE WEST is indeed OPERATING with BAD INTENT in order to maximize profits at the expense of the tax-paying public!
ONE WEST is using INGENUOUS LANGUAGE to get around their “commitment” to help hard-working citizens stay in their homes! Their rhetoric does not match their DUPLICITOUS BEHAVIOR and the effect is the subjugation of the good faith of the Federal Government!
I URGE YOU, PLEASE READ the link to the impeccably researched article: Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses. If you have any sympathy for the American home owner, I promise you won’t be sorry you read it! An excerpt:
“…it becomes important to note that Indymac/OneWest signed aboard with the HAMP program in August 2009. Even though they became a part of the program, they are still refusing to do most loan modifications. Instead, they persist in foreclosing on almost all properties. And even when they say that they are attempting to do loan modifications, they are fulfilling all necessary requirements so that they can foreclose the second that they “decide” the homeowner does not meet HAMP requirements, — which, since they can make more money by foreclosing on the property, meets the HAMP requirements for doing what is in the best interests of the ‘investor’.”
I will be forwarding this to any & all concerned parties including news outlets local/national office holders & any non-profit tax payer advocacy groups. With upcoming elections in the offing, it may behoove any incumbents to get in front of this issue being that the callous arrogance of firms that have TAKEN FEDERAL FUNDS IS STAGGERING! Furthermore, it’s an issue that can be easily understood by the layman. The disgust of every day Americans is palpable on this issue! Anyone who can hold these scoundrels accountable, who “help them to understand” they are “acting in bad faith,” {too put it mildly} would likely benefit. Thank you for your kind attention on this matter.
We have been going back and fouth with indy-mac now almost a year.first we tried to do a lown mod. Via their web site first time they denied us. second time the same. third time we went to Hud they denied us they failed to tell us being self employed the forms on the web due not apply to us.We gave hud the ok to redo it again and to deal with them on our behalf.we waited another 45 days made all payments requested. still came back rejected.We recived a notice our home was going to Auction we then hired a attorney to try and reslove the matter . The attorney was able to get the sale stoped. The attorney requested we be put on the Hamp program because we qualitfy for it. we have complyied with and fullfilled all of Indymacs request and made all three payments.I just learned today that they are requesting a new profit and loss statement and we just sent them that Nov 16th 09.I also fine out that they will not talk to our attorney office. They claim once we signed the program (hamp) the attorney is no longer in the loop. What in the heck we hired this law firm to reslove the issue.This company is ruthless and all involed need to be sent to jail.the stress they have caused us is unreal. We have lived in our home for 14 years and we love our home we were not in the buying and selling market to make a quick buck. after two heart attacks we were forused to take out money on our home for medical bills and pay down some debt while we had no income.we were put into a bad loan and when it ajusted from 1200 a month to 3000 we fell behind and then we were hit with this recession hard.What do they want from us? We have been in our home long enought to prove we are able to get back on our feet and if our loan was affordable.It sickens me that our goverment will not sease them from doing this to good people.I hope my story helps others and something gets done fast.
This article about One West makes me sick. I am a RE Agent and was not aware that these rich thieves bought the failing banks and are taking advantage of people who need help and are being told to try to get loan modifications. I have been advising people to try for them and had no idea they could be destroyed like this is the attempt. Every day it becomes more evident that opportunity and freedom in this Country is deteriorating rapidly. The Freedom that we are under the illusion we have is rapidly disappearing. If we do not take swift and real action in great numbers in the form of rallies and demonstrations as well as massive communication with our senators and all other government elected officials on a state, federal and local level – letting them know they will lose massive amounts of votes if we do not see results…we will see so many of our rights disappear to the rich. It is time for a return to the demonstrations and rallies of the 1960’s before we see our lives chances for a decent life taken from us all. This needs to start immediately! Please respond to my words and let’s start doing something!
Yes, I agree with you. We are trying to spread awareness and get more people signed up so we can hold another national shame IndyMac day, this time hitting multiple branches, with media attention too. We just need to get organized and spread the word!
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