The title may seem a bit crazy, but the crazy thing is it’s actually true. This Youtube video does a great job of outlining the key points, Indymac Boys Get Sweetheart Deal , which are:
* Indymac Bank failed
* No one wanted to buy the mortgages held by the bank
* The government (FDIC) stepped in and sold them to OneWest Bank at a 30% discount
* The FDIC promised to cover 80% of the losses if any of the mortgages foreclosed
* The 80% is calculated based on the full face value, not the discounted price they were bought for
* You do the math–OneWest was then able to sell the entire portfolio for pennies, it didn’t matter! They were guaranteed to make a profit no matter what!
Filed under Foreclosure, Mortgage, News, No More Mortgage, Real Estate by on Aug 9th, 2010. Comment.
Today state regulators in Maine ordered 15 “Foreclosure Rescue†companies to stop doing business in Maine. I applaud their actions.
There has been an “infestation†of these types of companies taking advantage of vulnerable homeowners at a time when they are stressed out and/or behind on their mortgage payments. Most of these companies [...]
Filed under Foreclosure by on Jul 8th, 2009. Comment.