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. 
NO MORE Mortgage has found a very interesting article about today’s housing market. The last line is very telling.
If the main prediction comes true (see paragraph 3) then there can be no economic recovery until this issue is fixed, and/or the bubble completely bursts.
Right now the markets believe we have “dodged the bullet†but [...]
Filed under News, No More Mortgage, Real Estate by on Aug 13th, 2009. Comment.
NO MORE Mortgage is happy to see the latest home price statistics, but we are cautious that a final bottom has been set. One month does not make a trend. We continue to believe that the current rally, both in home prices and in the stock market, will be tested this fall, and [...]
Filed under Mortgage, News, Real Estate by on Jul 30th, 2009. Comment.
