Friday, May 26th, 2017

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True Crime: FDIC {Hearts} One West (Screws Everyone Else)

Hold onto your hats, folks. This one’s pretty mind blowing…

Have you heard about the “sweetheart deal” One West Bank got when they purchased Indymac’s junk from the FDIC?

They were basically spoon fed a no-lose situation…but one that’s absolutely costing mom and pop taxpayers (i.e. you and me) more than a few arms and legs here…

Click below to watch the expose’ below, then sound off in the comments with how you feel about this slap-in-the-face deal…

Holy Smokes, Indy!…

  • Thanks to One West Bank’s “sweetheart” deal with the FDIC, they will actually earn BIG BANK for any Indymac loans that go to short sale or foreclosure.
  • Any “losses” taken for any short sale or foreclosure is calculated in such a way that One West Bank just CAN’T LOSE.  Like a reverse Kobayashi Maru.
  • Now it makes sense why loan mods are so darn hard to work out! They have an big incentive to NOT work them out!
  • And now the FDIC needs to start borrowing money from the Treasury (i.e. taxpayers) to make it all work?? Talk about a double whammy!! How many ways can they rob us??

Whoever said it’s good to have friends in high places wasn’t kidding around! Seriously, it’s just this kind of tom foolery that makes us want to scream, “Does the freaking government really want to clean up this mess??”

If this one doesn’t make your blood boil, either you don’t get it or you’re one of the bad guys.  So I’m eager to hear your thoughts below.  And remember…

“The significant problems we face cannot be solved at the same level of thinking we were at when we created them.”

–Einstein

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About 

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. :-)

  • p

    With most eyes on Mr. Paulson, Mr. Bernanke, and Mr. Geithner, few have paid attention to the FDIC and its reckless actions.

    Besides an insurer, the FDIC, like OCC, OTS, and the Fed, is also a federal regulator for many smaller banks (Class NM).

    “U.S. Bank Examiners Faulted for Oversight at Failed Lenders… Inspectors general at the Fed and Treasury are required to release autopsies for some failed banks to explain collapses and assess the effectiveness of oversight. The Treasury inspector general released five reports for the OTS and four for the OCC this year. The Fed’s watchdog released three reports this year. The FDIC’s inspector general released 26 reports in the same period, citing similar concerns.”
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aFb4U0YZ49PQ&pos=7

    “Banks Set for Record Pay… Top Firms on Pace to Award $145 Billion for 2009, Up 18%, WSJ Study Finds”
    http://online.wsj.com/article/SB10001424052748704281204575003351773983136.html?mod=djemalertNEWS

    “The government-administered insurance fund that protects depositors fell into the red for the first time since the fallout from the savings-and-loan crisis of the early 1990s as the pace of bank failures accelerated.”
    http://www.nytimes.com/2009/11/25/business/economy/25fdic.html

    “TO ESCAPE FEDERAL INTERFERENCE ON PAY AND OTHER MATTERS, Goldman Sachs and other big financial firms are eagerly seeking to repay the government’s TARP equity investments.

    But none of them are talking about leaving a Federal Deposit Insurance Corp. bond-guarantee program that benefits them much more. Goldman (ticker: GS) has issued $29 billion of low-cost debt through this FDIC program; Bank of America (BAC), $44 billion; and JPMorgan (JPM), $38 billion. In total, about $340 billion of debt has been sold under the six-month-old arrangement, called the FDIC Temporary Liquidity Guarantee Program (TLGP).”
    http://online.barrons.com/article/SB124001886675331247.html#articleTabs_panel_article%3D1

    *imho*

  • p

    With most eyes on Mr. Paulson, Mr. Bernanke, and Mr. Geithner, few have paid attention to the FDIC and its reckless actions.

    Besides an insurer, the FDIC, like OCC, OTS, and the Fed, is also a federal regulator for many smaller banks (Class NM).

    “U.S. Bank Examiners Faulted for Oversight at Failed Lenders… Inspectors general at the Fed and Treasury are required to release autopsies for some failed banks to explain collapses and assess the effectiveness of oversight. The Treasury inspector general released five reports for the OTS and four for the OCC this year. The Fed’s watchdog released three reports this year. The FDIC’s inspector general released 26 reports in the same period, citing similar concerns.”
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aFb4U0YZ49PQ&pos=7

    “Banks Set for Record Pay… Top Firms on Pace to Award $145 Billion for 2009, Up 18%, WSJ Study Finds”
    http://online.wsj.com/article/SB10001424052748704281204575003351773983136.html?mod=djemalertNEWS

    “The government-administered insurance fund that protects depositors fell into the red for the first time since the fallout from the savings-and-loan crisis of the early 1990s as the pace of bank failures accelerated.”
    http://www.nytimes.com/2009/11/25/business/economy/25fdic.html

    “TO ESCAPE FEDERAL INTERFERENCE ON PAY AND OTHER MATTERS, Goldman Sachs and other big financial firms are eagerly seeking to repay the government’s TARP equity investments.

    But none of them are talking about leaving a Federal Deposit Insurance Corp. bond-guarantee program that benefits them much more. Goldman (ticker: GS) has issued $29 billion of low-cost debt through this FDIC program; Bank of America (BAC), $44 billion; and JPMorgan (JPM), $38 billion. In total, about $340 billion of debt has been sold under the six-month-old arrangement, called the FDIC Temporary Liquidity Guarantee Program (TLGP).”
    http://online.barrons.com/article/SB124001886675331247.html#articleTabs_panel_article%3D1

    *imho*

  • As you know jp … I’m with ya buddy.

    Is this messed up or what!?

    ~ P-Rid

  • As you know jp … I’m with ya buddy.

    Is this messed up or what!?

    ~ P-Rid

  • jared

    Great find on this Jp!! I would have to say it was a good buisiness move on One West’s part. I would have done it! The bad part is the comments I read from several homeowners who did not get the opportunity to buy there home back at a short sale discount. Guess there’s gonna be some eyes looking to get a good price from these guys on a short sale?? Might be nice to buy stock in One West?? Lets face it if they didn’t buy at this price and terms someone else would have, just funny how THEY got this deal!!

  • jared

    Great find on this Jp!! I would have to say it was a good buisiness move on One West’s part. I would have done it! The bad part is the comments I read from several homeowners who did not get the opportunity to buy there home back at a short sale discount. Guess there’s gonna be some eyes looking to get a good price from these guys on a short sale?? Might be nice to buy stock in One West?? Lets face it if they didn’t buy at this price and terms someone else would have, just funny how THEY got this deal!!

  • Rick

    Do you know who is behind One West Bank? George Soros and Michael Dell and others. Just remember to vote in November.

  • Rick

    Do you know who is behind One West Bank? George Soros and Michael Dell and others. Just remember to vote in November.

  • Hi jp-

    I’m definitely not one of the bad guys…..I don’t totally get how it all works, though. I just know they keep scr**ing us over and I for one am sick of it!

  • Hi jp-

    I’m definitely not one of the bad guys…..I don’t totally get how it all works, though. I just know they keep scr**ing us over and I for one am sick of it!

  • Maria

    Oh, and to answer your question: “Does the freaking government really want to clean up this mess?”

    Of course not. They just want to take OUR money!!

    But, of course, you already knew that.

  • Maria

    Oh, and to answer your question: “Does the freaking government really want to clean up this mess?”

    Of course not. They just want to take OUR money!!

    But, of course, you already knew that.

  • Maria

    Just a question….Where are the billions of dollars the govt gave the banks to “help” people not lose their homes?

  • Maria

    Just a question….Where are the billions of dollars the govt gave the banks to “help” people not lose their homes?

  • Al (WI)

    There are two classes of people in this country;” Them politicians” and “Us turkeys”. I hope the Tea Party gets strong enough to charge them with treason. I really feel violated, and sick to my stomach that I can’t do anything about it.

  • Al (WI)

    There are two classes of people in this country;” Them politicians” and “Us turkeys”. I hope the Tea Party gets strong enough to charge them with treason. I really feel violated, and sick to my stomach that I can’t do anything about it.

  • Josh Stone

    U.S. Foreclosure Filings Surpass 300,000 for 11th Month in Row

    Feb. 11 (Bloomberg) — U.S. foreclosure filings rose 15 percent in January from a year earlier and exceeded 300,000 for the 11th consecutive month as modification programs failed to keep delinquent borrowers in their homes, RealtyTrac Inc. said.

    A total of 315,716 properties received a notice of default, auction or bank seizure last month, or one in 409 households, the Irvine, California-based seller of default data said today in a statement. Filings fell 10 percent from December.

    Bank seizures, also known as real-estate-owned or REOs, may rise to a record 3 million this year, RealtyTrac said last month. About 66,000 delinquent loans out of a targeted 4 million by 2012 were permanently modified as of Dec. 31 under the Obama administration’s Home Affordable Modification Program, according to the Treasury Department. About 787,000 mortgages are in trial programs that change loan terms, the Treasury said Jan. 19.

    “It’s almost inevitable that modifications will fail,” Michelle Meyer, New York-based U.S. economist for Barclays Capital Inc., said in an interview. “Over the next several months, we should see REOs increase at an accelerated pace.”

    Foreclosure filings also fell in January of last year from December, only to rise in subsequent months, RealtyTrac said.

    “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works,” James J. Saccacio, RealtyTrac’s chief executive officer, said in the statement.

    Negative Equity

    Unemployment and negative equity, where homeowners owe more than their properties are worth, are adding to the foreclosure total, said Stan Humphries, chief economist at Zillow.com. More than a fifth of U.S. homeowners had negative equity in the fourth quarter, the Seattle-based real estate data provider said yesterday in a report.

    My Comments:

    Viewing the Indymac video and then reading the above. The Indymac video explained the why’s of this happening. The behind the scenes reasons.

    A truth=Banks had no intentions of doing loan mods.

    Leaves one to wonder what the bailout money was really for?

    It is a bitter pill to swallow.

    History maybe repeating it’s self.
    Only with a different twist.

    Just as 911 was 2002 version of Pearl Harbor.

    The Mortgage/Bank bailouts. Is 2009’s, 2010’s version of those elite who were tipped off to buy gold at the proper time. Before the dollar tanked. In the Great Depression.

    This time will it be the Great Recession or Great Oppression?

    Is the Amero next on the horizon?

    Another chilling fact:
    US Sends $800 Billion In New Amero Currency To China Oct 1, 2008. Yes it happened and in 2008.

    Interesting amount of money isn’t it?

    Snip= Fed Announces 800 Billion ‘Main Street’ Bailout: Tech Ticker …
    Nov 25, 2008

    Let’s hope that plan has failed and will never come to fruition.

  • Josh Stone

    U.S. Foreclosure Filings Surpass 300,000 for 11th Month in Row

    Feb. 11 (Bloomberg) — U.S. foreclosure filings rose 15 percent in January from a year earlier and exceeded 300,000 for the 11th consecutive month as modification programs failed to keep delinquent borrowers in their homes, RealtyTrac Inc. said.

    A total of 315,716 properties received a notice of default, auction or bank seizure last month, or one in 409 households, the Irvine, California-based seller of default data said today in a statement. Filings fell 10 percent from December.

    Bank seizures, also known as real-estate-owned or REOs, may rise to a record 3 million this year, RealtyTrac said last month. About 66,000 delinquent loans out of a targeted 4 million by 2012 were permanently modified as of Dec. 31 under the Obama administration’s Home Affordable Modification Program, according to the Treasury Department. About 787,000 mortgages are in trial programs that change loan terms, the Treasury said Jan. 19.

    “It’s almost inevitable that modifications will fail,” Michelle Meyer, New York-based U.S. economist for Barclays Capital Inc., said in an interview. “Over the next several months, we should see REOs increase at an accelerated pace.”

    Foreclosure filings also fell in January of last year from December, only to rise in subsequent months, RealtyTrac said.

    “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works,” James J. Saccacio, RealtyTrac’s chief executive officer, said in the statement.

    Negative Equity

    Unemployment and negative equity, where homeowners owe more than their properties are worth, are adding to the foreclosure total, said Stan Humphries, chief economist at Zillow.com. More than a fifth of U.S. homeowners had negative equity in the fourth quarter, the Seattle-based real estate data provider said yesterday in a report.

    My Comments:
    Viewing the Indymac video and then reading the above. The Indymac video explained the why’s of this happening. The behind the scenes reasons.

    A truth=Banks had no intentions of doing loan mods.

    Leaves one to wonder what the bailout money was really for?

    It is a bitter pill to swallow.

    History maybe repeating it’s self.
    Only with a different twist.

    Just as 911 was 2002 version of Pearl Harbor.

    The Mortgage/Bank bailouts. Is 2009’s, 2010’s version of those elite who were tipped off to buy gold at the proper time. Before the dollar tanked. In the Great Depression.

    This time will it be the Great Recession or Great Oppression?

    Is the Amero next on the horizon?

    Another chilling fact:
    US Sends $800 Billion In New Amero Currency To China Oct 1, 2008. Yes it happened and in 2008.

    Interesting amount of money isn’t it?

    Snip= Fed Announces 800 Billion ‘Main Street’ Bailout: Tech Ticker …
    Nov 25, 2008

    Let’s hope that plan has failed and will never come to fruition.

  • More proof of the banks running this country into the ground while all the focus seems is on what politician to blame… WAKE UP!

    REPUBLICAN/DEMOCRAT WE ALL LOSE!!!

  • More proof of the banks running this country into the ground while all the focus seems is on what politician to blame… WAKE UP!

    REPUBLICAN/DEMOCRAT WE ALL LOSE!!!

  • sandra

    We all need to wake up …the government is obviously not operated for the benefit of the majority….getting mad or upset is not benefiting us — it benefits them, though. We spend our energy on getting angry and upset and not taking concrete action to change it…we are made to feel helpless and we do feel helpless…they would have us believe this is true. We need to get over our incredulity of these actions and think about how to change it…because the path we are on is headed into harder times for the majority. What West Bank did – I hope no one would do….you say that ‘someone’ would have taken the deal ….and, yes, as long as there are a strong group of incredibly selfish people that make it appear that it is okay to be that way, we will continue to tolerate it within our society. It is amazing to me how we tolerate these actions in this country that claims to be so righteous and so God ‘fearing’….I think we are full of baloney and we should all look in the mirror closely….I don’t think we will like what we see.

  • sandra

    We all need to wake up …the government is obviously not operated for the benefit of the majority….getting mad or upset is not benefiting us — it benefits them, though. We spend our energy on getting angry and upset and not taking concrete action to change it…we are made to feel helpless and we do feel helpless…they would have us believe this is true. We need to get over our incredulity of these actions and think about how to change it…because the path we are on is headed into harder times for the majority. What West Bank did – I hope no one would do….you say that ‘someone’ would have taken the deal ….and, yes, as long as there are a strong group of incredibly selfish people that make it appear that it is okay to be that way, we will continue to tolerate it within our society. It is amazing to me how we tolerate these actions in this country that claims to be so righteous and so God ‘fearing’….I think we are full of baloney and we should all look in the mirror closely….I don’t think we will like what we see.

  • Some great comments, guys. Thanks for chiming in. So why aren't we hearing more about this in the mainstream media? Hmmmmm….

  • David

    J.P.
    Thanks for passing on the great video. However, I still feel like the amoeba trying to dance around on the ground in the Elephant compound at the ZOO. Oh, that's right, amoebas don't dance- I guess the analogy is even better than I thought!

  • CreekBoy

    I received the following today:

    Indy/Mac OneWest Internet Video

    You may have received a video that was circulating recently on the internet alleging that FDIC’s loss sharing agreement with OneWest, the successor to IndyMac Bank, disadvantages short sales. Below is the response from the National Association of REALTORS® (NAR) to this allegation, which is false.

    FDIC Response to IndyMac/OneWest Internet Video

    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.

    Press Release

    FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank
    February 12, 2010

    FDIC Director of Public Affairs Andrew Gray said, “It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. 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, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

    The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.

    This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It's too bad that the creators of this video opted to premise it on falsehoods.”

    Supplemental Facts about the Sale of Indymac F.S.B. to OneWest Bank

    ** IndyMac was competitively bid. After analysis, the acquisition by OneWest represented the least cost transaction to the Deposit Insurance Fund.
    ** OneWest not only acquired assets, but also assumed the liabilities of the insured deposits, Federal Home Loan Bank Advances, and amounts owed the FDIC
    ** 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.
    ** The FDIC has yet to make a single loss share payment to OneWest.
    ** In its agreement with FDIC, OneWest is required to adhere to a loan modification protocol for single family loans that meets the approval of the FDIC. If the FDIC determines that OneWest is in violation of this agreement, then the FDIC can repudiate the loss share claims on the covered loans.
    ** FDIC has authorized OneWest to service single family loans under the Home Affordable Modification Program. It applies to all owner-occupied homes and requires OneWest to:
    * follow HAMP procedures to develop affordable loan modification terms for the borrower
    * determine whether the recovery on a modified loan is higher than the recovery from a short sale or foreclosure
    * modify the loan using HAMP guidelines if the recovery of a modification is higher than the recovery of a short sale or foreclosure
    * loss share coverage cannot be factored into any recovery calculation for loan modification, short sale or foreclosure.
    * The FDIC monitors OneWest's compliance with their adherence to the FDIC Mortgage Loan Modification Program and OneWest's commitments under the asset sale agreement.
    * Only 7% of loans OneWest services are owned by OneWest and covered under loss share. Other institutions own the remaining 93% of loans OneWest services. These loans are required to be serviced in accordance with the owner institutions' agreements with OneWest.

  • That's interesting, Creekboy – thanks for passing that update along. Do you have a link or something you can point us to? Did this come from an email? From whom? Any more you can tell us or point us to?

    Thanks,

    …jp

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  • Jay

    Looks like this was just an urban legend started by a RE agent who doesn't like our President.

    The numbers are way off and only 7% of the loans OneWest services are under this agreement. Probably the reason they have removed the video.

    People want their govt to act to avoid crises and when they do they complain that the solution is worse than the problem. It's easy to complain now, now that we have avoided a financial meltdown on par with the great depression…and this is not giving credit to any one administration because Bush started the policies which helped bring back confidence to the markets, Obama is simply continuing those policies.

    But the first thing I thought when I saw the video was, what investor in their right mind would buy these bad loans (aka toxic assets) WITHOUT some kind of guarantee from the FDIC or someone that it would be profitable for them?

    None of us would…
    ————————————————————————————————————————
    Indy/Mac OneWest Internet Video

    You may have received a video that was circulating recently on the internet alleging that FDIC’s loss sharing agreement with OneWest, the successor to IndyMac Bank, disadvantages short sales. Below is the response from the National Association of REALTORS® (NAR) to this allegation, which is false.

    FDIC Response to IndyMac/OneWest Internet Video

    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.

    Press Release

    FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank
    February 12, 2010

    FDIC Director of Public Affairs Andrew Gray said, “It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. 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, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

    The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.

    This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It's too bad that the creators of this video opted to premise it on falsehoods.”

    Supplemental Facts about the Sale of Indymac F.S.B. to OneWest Bank

    ** IndyMac was competitively bid. After analysis, the acquisition by OneWest represented the least cost transaction to the Deposit Insurance Fund.
    ** OneWest not only acquired assets, but also assumed the liabilities of the insured deposits, Federal Home Loan Bank Advances, and amounts owed the FDIC
    ** 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.
    ** The FDIC has yet to make a single loss share payment to OneWest.
    ** In its agreement with FDIC, OneWest is required to adhere to a loan modification protocol for single family loans that meets the approval of the FDIC. If the FDIC determines that OneWest is in violation of this agreement, then the FDIC can repudiate the loss share claims on the covered loans.
    ** FDIC has authorized OneWest to service single family loans under the Home Affordable Modification Program. It applies to all owner-occupied homes and requires OneWest to:
    * follow HAMP procedures to develop affordable loan modification terms for the borrower
    * determine whether the recovery on a modified loan is higher than the recovery from a short sale or foreclosure
    * modify the loan using HAMP guidelines if the recovery of a modification is higher than the recovery of a short sale or foreclosure
    * loss share coverage cannot be factored into any recovery calculation for loan modification, short sale or foreclosure.
    * The FDIC monitors OneWest's compliance with their adherence to the FDIC Mortgage Loan Modification Program and OneWest's commitments under the asset sale agreement.
    * Only 7% of loans OneWest services are owned by OneWest and covered under loss share. Other institutions own the remaining 93% of loans OneWest services. These loans are required to be serviced in accordance with the owner institutions' agreements with OneWest.

  • Respectfully, I don't see that, Jay. In fact, they didn't take the video down. They updated it and reposted a slightly amended version, which still makes the same basic points of contention…and even left the original video up also so they wouldn't be accused of hiding anything.

    And just b/c no one would buy toxic assets without a guaranteed profit doesn't make it OK for taxpayers to have to bear any part of it.

    I don't ask my government to help us avoid crisis…I ask them to govern fairly, according to the U.S. Constitution and not to take liberties outside it. I ask them to protect my freedoms, not remove them from me in the name of security and safety. I ask them to let a free market run it's course, not bail out a sinking ship.

    And as for avoiding another depression, I'd say the cards are still out on that one, my friend. I'm not convinced yet. We'll see.

    Thanks for commenting! 🙂

    …jp

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