http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=7189259&mesg_id=7189259I just had to make sure MN DU'ers knew this. I called and emailed my State Senator.
Maybe if we all called our State Senators and ask them to call for a Moratorium on Foreclosures in the state of MN then we can save some of these homes, families and our communities.
here are some highlites.
For Immediate Release
December 8, 2009
Leslie Parks Illegally Locked Out of Her Home by IndyMac/One West Bank
On Tuesday night, Dec. 8, in a freezing blizzard, Leslie Parks returned from her job to find that IndyMac/One West had changed the locks to her home (3749 Park Ave. in Minneapolis).
Locking Leslie Parks out of her home is illegal. In fact it is beyond illegal, given the struggle that Leslie Parks is waging to keep her home. It is a cynical breach of what all assumed were good faith negotiations on the part of IndyMac/One West.
After the start of national call-in week to IndyMac officials, IndyMac informed Leslie, in writing, on Nov. 25 that they were rescinding both the foreclosure and the sheriffs sale. According to Ms. Parks, “I got an email from IndyMac stating, and I quote, ‘In an effort to work with you and your mother and come to a resolution, we have started the process of rescinding the Trusteed Sale which took place on May 29, 2009.’ They go on to say, and again I quote, ‘You expressed concern that at the end of the redemption period (on Monday November 30, 2009) you and your mother will be evicted from the property. Rest assured, that will not take place due to the rescission of the foreclosure sale.’”
****
On Tuesday night, Dec. 8, Leslie Parks was illegally locked out of her home. Take Action ASAP!
Call IndyMac and tell them:
1. Changing the locks Leslie Parks' home was a criminal act. Let her Leslie back into her home!
2. Give the Parks family back their home, with payments they can afford!
Phone numbers:
--IndyMac/One West: 800-669-2300. Then hit 3 (directory), then zero for operator. Tell her you need to leave a message for Terry Laughlin (CEO) and Steven Mnuchin (chairman).
--If you have time, a more direct number for Steven Mnuchin is 212-301-8400.
*********
A couple in NY was treated similarly. But the Judge ruled in the homeowner's favor
Judge blasts bad bank, erases 525G debt
Judge KOs 525G mortgage to slap bank
http://www.nypost.com/p/news/local/judge_kos_mortgage_t... By KIERAN CROWLEY, RICH WILNER and DAN MANGAN
A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present -- canceling their debt to ruthless bankers trying to toss them out on the street.
Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its "harsh, repugnant, shocking and repulsive" acts.
*********************
this is really quite sick. IndyMac goes under, and is taken over by FDIC.. who sells to OneWest which renames their Mortgage division IndyMac.. then start treating those foreclosed on like dirt.
Where are our politicans? They should shut this bank down.
http://iamfacingforeclosure.com/blog/2009/12/01/anatomy... /
Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses
By Patrick Pulatie
Dec 1, 2009
Several times per week, I get phone calls from attorneys. These calls all start out the same. “I am unable to get loan modifications done through a lender. What can I do?” The first question I ask is if the lender is Indymac/One West. Invariably, it is.
I also field the same type of calls from homeowners and from loan modification companies. Everyone is having the problem of Indymac not cooperating with regard to doing loan modifications. Furthermore, if I google the issue or check out loan modification forums, the same is true on the internet.
What is going on with Indymac/One West? Why aren’t they doing loan modifications? This article will try and bring together the known facts for a better understanding of the situation, and discuss what the Indymac situation means for foreclosures in general — and the government’s response to the crisis. First, to understand the situation today, one must have an understanding of the recent history of Indymac.
snip...
OneWest Bank was created on Mar 19, 2009 from the assets of Indymac Bank. It was created solely for the purpose of absorbing Indymac Bank. The principle owners of OneWest Bank include Michael Dell and George Soros. (George was a major supporter of Barack Obama and is also notorious for knocking the UK out of the Euro Exchange Rate Mechanism in 1992 by shorting the Pound).
When OneWest took over Indymac, the FDIC and OneWest executed a “Shared-Loss Agreement” covering the sale. This Agreement covered the terms of what the FDIC would reimburse OneWest for any losses from foreclosure on a property. It is at this point that the details get very confusing, so I shall try to simplify the terms. Some of the major details are:
* OneWest would purchase all first mortgages at 70% of the current balance
* OneWest would purchase Line of Equity Loans at 58% of the current balance.
* In the event of foreclosure, the FDIC would cover from 80%-95% of losses, using the original loan amount, and not the current balance.
How does this translate to the “Real World”? Let us take a hypothetical situation. A homeowner has just lost his home in default. OneWest sells the property. Here are the details of the transaction:
* The original loan amount was $500,000. Missed payments and other foreclosure costs bring the amount up to $550,000. At 70%, OneWest bought the loan for $385,000
* The home is located in Stockton, CA, so its current value is likely about $185,000 and OneWest sells the home for that amount. Total loss for OneWest is $200,000. But this is not how FDIC determines the loss.
* ‘FDIC takes the $500,000 and subtracts the $185,000 Purchase Price. Total loss according to the FDIC is $315,000. If the FDIC is covering “ONLY” 80% of the loss, then the FDIC would reimburse OneWest to the tune of $252,000.
* Add the $252,000 to the Purchase Price of $185,000, and you have One West recovering $437,000 for an “investment” of $385,000. Therefore, OneWest makes $52,000 in additional income above the actual Purchase Price loan amount after the FDIC reimbursement.
... snip
HAMP
At this point, 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”.
Why did Indymac even sign up for HAMP, if they have no intention of executing loan modifications? Clearly, just for appearances.
.... snip
Conclusion
I have presented the story of Indymac/OneWest and what is happening today. But the story does not end with OneWest. There are over 50 different lenders and servicers who have Shared-Loss Agreements executed with the FDIC. Each Agreement offers essentially the same terms. Though other Lenders do not appear to be acting as flagrantly as OneWest, they are all still engaging in the same actions.
What is the solution for this problem?
* For homeowners individually, the most successes are being achieved by borrowers who are getting knowledgeable attorneys who will not just threaten litigation, but are also willing to act and file the necessary lawsuits. That tends to bring OneWest Bank to the table.
* For the country as a whole, and homeowners in mass, the problem must be brought to the attention of your local Congress Critters. You must hold their feet to the fire. They must know that if they do not respond to what OneWest and other lenders are doing, then they are subject to being voted out of their nice and cushy Congressional Offices.
Will this be easy? No way. After all, the lenders have the money and the ears of Congress. But if we do not draw the line here, then in 10-15 years, the Banks will devise another plan to “loot” the economy, as they do every 10-15 years.
*** (end of article).
I for one will send this article to my Representative and ask Why isn't there a Moratorium on Foreclosures?
**********************
When OneWest took over Indymac, the FDIC and OneWest executed a “Shared-Loss Agreement” covering the sale. This Agreement covered the terms of what the FDIC would reimburse OneWest for any losses from foreclosure on a property. It is at this point that the details get very confusing, so I shall try to simplify the terms. Some of the major details are:
* OneWest would purchase all first mortgages at 70% of the current balance
* OneWest would purchase Line of Equity Loans at 58% of the current balance.
* In the event of foreclosure, the FDIC would cover from 80%-95% of losses, using the original loan amount, and not the current balance.
How does this translate to the “Real World”? Let us take a hypothetical situation. A homeowner has just lost his home in default. OneWest sells the property. Here are the details of the transaction:
* The original loan amount was $500,000. Missed payments and other foreclosure costs bring the amount up to $550,000. At 70%, OneWest bought the loan for $385,000
* The home is located in Stockton, CA, so its current value is likely about $185,000 and OneWest sells the home for that amount. Total loss for OneWest is $200,000. But this is not how FDIC determines the loss.
* ‘FDIC takes the $500,000 and subtracts the $185,000 Purchase Price. Total loss according to the FDIC is $315,000. If the FDIC is covering “ONLY” 80% of the loss, then the FDIC would reimburse OneWest to the tune of $252,000.
* Add the $252,000 to the Purchase Price of $185,000, and you have One West recovering $437,000 for an “investment” of $385,000. Therefore, OneWest makes $52,000 in additional income above the actual Purchase Price loan amount after the FDIC reimbursement.
At this point, it becomes readily apparent why OneWest Bank has no intention of conducting loan modifications. Any modification means that OneWest would lose out on all this additional profit.
Note: It is not readily apparent as to whether this agreement applies to loans that IndyMac made and Securitized but still Services today. However, I believe that the Agreement does apply to Securitized loans. In that event, OneWest would make even more money through foreclosure because OneWest would keep the “excess” and not pay it to the investor!
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
