ClackClackClackClackAnd in the San Jose Mercury News
clackThere are plenty more links and examples. Basically OneWest, funded by a private equity firm funded by George Soros and Michael Dell cut a sweetheart deal with the FDIC to purchase IndyMac at a substantial discount along with the FDIC picking up 80% of the book value of any losses on 'toxic' loans. The net effect of this is every foreclosure, no matter the 'loss' to OneWest, will end up reaping a nice profit, thanks to the FDIC subsidies, which are funded by us taxpayers.
So in a nutshell, IndyMac/OneWest will not do any loan modifications because they want to foreclose on all the loans and make windfall profits. In order to execute this strategy they are using fraudulent practices to force homeowners into foreclosure by offering a temporary modification and then denying it after the homeowner pays the agreed upon amount. This has the makings for one of the biggest scandals out there.
Total Members: 4939