What’s in a Name? – IndyMac is Now OneWest Bank
By John Stephens
Published: Thursday, March 26th, 2009
Some banking customers who lost a great deal of money during the failure of IndyMac Bank last year have a new name to lambaste as late Thursday the sale of the thrift was finalized under the new name OneWest Bank.
The Federal Deposit Insurance Corp. said late Thursday it had completed the sale of IndyMac Federal Bank, one of the largest casualties of the housing disaster and rash of bank closures last year. Local officials including Adam Schiff have called for an investigation into the Office of Thrift Supervision for failed oversight of the bank. Despite or perhaps in addition to the culpability of Washington regulators, many in the banking and financial services industry have long seen IndyMac’s heavy investment in an inflated and unpredictable Southern California real estate market as unwise and unwieldy.
The new brand OneWest was formed by an investor group and is to be managed by Terry Laughlin, former Chairman and CEO of Merrill Lynch Bank and Trust is a division of Merrill Lynch, Inc., a brokerage bought by Bank of America at the first of the year after BofA had received some $45 billion in TARP bailout dollars.
In a story reminiscent of that currently involving black hole insurance monster AIG, though with considerably less media bombast, a judge Wednesday ordered the release of materials related to bonuses paid by bailed-out BofA to Merrill executives just before the January takeover. BofA had been sparring with New York Attorney General Andrew Cuomo as they sought to keep the documents private.
The OneWest group agreed last December to purchase the failed California lender for $13.9 billion after the FDIC had to take over the bank and issue partial refunds of depositors’ accounts up to what was then a $100,000 limit. Just weeks later in October of last year the FDIC announced an increase in its insurance limit on depositor accounts to $250,000, a move befuddling to many local Indymac depositors who have called for retroactive enforcement of the new limit or, in many cases, complete refurbishment of their former balances.
The group, IndyMacDepositors.com, blames failed government oversight as well as lack of full disclosure about insurance limits by Indymac workers when issuing new accounts to depositors. OneWest will assume all deposits of IndyMac’s 33 branches, which will reopen as branches of OneWest on Friday, with deposits continuing to be insured by the FDIC.
Following the Wednesday announcement of the sale’s finalization, an FDIC statement announced that it would issue no more capital repayments to Indymac depositors. Until then, it had been issuing payments of up to 50 cents on the dollar for every one above the insurance limit.
As of Jan. 31, IndyMac had total assets of $23.5 billion and total deposits of $6.4 billion, about half the company’s total at the time of its failure. OneWest has agreed to purchase all deposits and about $20.7 billion in assets at a discount of $4.7 billion.
No related posts.
I AM MAKING THIS BRIEF SINCE I HAVE NOT BEEN ABLE TO TRANSMIT TWO PREVIOUS LETTERS REGARDING MY BEING BARED FROM DEPOSITING FUNDS IN INDYMAC BANK IN TORRANCE, BY THE FEMALE MANAGER THERE. I CANNOT GET THE ATTENTION OF THE FDIC.
DR. WITT
Have you experienced problems like these with Indymac/OneWest? I’d like to hear about them as I’m currently doing a follow-up story for publication in our women’s tabloid newspaper up here in the Northeast. Please email your story and contact info. THANKS! Kim
hello my name is mike i brought a house in 2005 i was told it was a 30 year fix come to find out it was a 30 year fix intrest only, the alread got aolt of thousands from me just intrest i pay them 2,550.00 a month 1,900.00 goes towards intrest and the rest goes towards tax and insurance none goes towards principal,iam bein robbed, i had a heart attack and a stent put in my heart iam 39 age ,i put in for a modification i was denied, wow call me 203-685-6100 thank you mike
kim call me
I have an IndytMac Mortgage and have been unable to get hold of any officer or resposible executive to discuss reduction of my mortgage. Can you help !
Join the crowd, George (see the post I just wrote to Kim.
“Olinski, John” VP of Loss Mitigation…John.Olinski@owb.com..send him an email…they are vultures!!!!
Kikkadc,
Thanks for the email address. I’ve been working on a short sale on behalf of a borrower for months. The negotiator on this file (Kerry Necaise) has been extremely frustrating to work with. I just sent her another email copying John Olinski and I’m hoping for the best. Thanks again.
I have tried with letters/phone calls since April 2008—just heard from One West Bank at the end of November 2009–they are taking over my mortgage/debt to Indymac Bank. Just received my first mortgage statement since 2008 March…showed “late charges” and “escrow shortage” and that I paid $100 in late payment fees. I have never paid my mortgage late, nor should there be an escrow shortage…or an indication of a $100 late payment fee…I did not pay this? Because I have never been late??
I recently sent a letter to Congress and our Senator….In addition, I even sent a letter every month with my mortgage payments from April 2008 to December 2009….no replies from anyone to any of my correspondence!
Lori, any luck? Try:
terry.laughlin@owb.com or terrence.laughlin@owb.com as well as the vp of loss mitigation in charge of modifications:
John.Olinski@owb.com
Still fighting my own 5 loan mod requests…
Karin
Calameety57@aol.com
hi we are going to do a class action lawsuit please call attorney mitch at1-720-290-5212 he is only requiring us to give him a 200.00 filling fee you can check state bar to see he is ligit and talk to him about anything you question. thanks rebecca
818 426 9898
Don’t know if it is too late to reply, but my son and daughter-in-law have a home mortgage with IndyMac Mortgages Services (there has been no name change on the monthly statements to OneWest). They have tried repeatedly over the past 2 years to get help to reduce their monthly payments before they faced foreclosure and have received no response other than, “call us when you are more than 2 months behind”. Well, now they are 2 months behind, facing foreclosure and no place to turn. This company needs to be reported, here are two working adults not earning enough money to pay the exorbitant monthly payment, begging to work with the lender, and have gotten no where. Disgusting.
Hi Kim,
do you still need to hear from customers of Indymac/OneWest who’ve had problems? I have emails from other customers besides my own story I could forward.
IMB/OWB is being protected by the Obama Admin. I know this sounds like I am some kind of fanatic but rumor has it that because of the personal relationship between Obama and OneWest investor George Soros, Soros and other investors have appealed to the Obama Administration about blocking class action suits that are coming against this dysfunctional bank. Sounds interesting.
if you need the horror stories I’ve collected from other abused customers, let me know. I can forward them to you.
I too have a IMB/ONE WEST mortgage. It is a nightmare. I just this morning spoke to the office of the thrift to file a compaint against One West. I too understand the conspiracy behind IndyMac/One West and the FDIC and The Obama Administration. Please send me any compaints you have my email is flapebbles@charter.net.
This Bank is a crooked as they come. They are stealing peoples homes and with much pleasure. They have the backing of our government to do just that. Allmost all the investors that have their hands in One West were all from Goldman Sacs mmmmm. raises eyebrows! Its to late for me they are already foreclosing on my home after my husband and I both lost our jobs. I went back to work but One West would not help us with the 3 payments we were behind. I applied for loan Mods twice. They just ignore us and make excuses why they won’t work with us. I can only hope some attorney some where goes after them.
Hi Rebecca,
can you please email me all those info about IMB/OWB….I have this bank and they too told me the same as Caroline Goode…now facing the same situation.
Thank you
Rebecca, If anyone wants to follow up with direct contact MOVE FAST before July!!!I writing to all the VP and CEO until he leaves.
Here is the news…:
Laughlin Leaves OneWest for Bank of America
Bloomberg News | Thursday, June 24, 2010
OneWest Bank Chief Executive Terry Laughlin is stepping down to join Bank of America Corp., where he will be reunited with CEO Brian T. Moynihan and succeed mortgage executive Jack Schakett.
Laughlin announced his resignation from OneWest, of Pasadena, Calif., on Monday and will stay with the bank through the end of July, according to spokeswoman Diane Henry. Schakett announced his retirement last week, B of A spokesman Dan Frahm said.
OneWest is the successor to IndyMac Bancorp, which was seized by the Federal Deposit Insurance Corp. in 2008. The FDIC has since relied on OneWest to absorb other failed California lenders. Laughlin was on the executive committee at Fleet Bank at the same time as Moynihan and will be one of six executives reporting to Barbara Desoer, president of B of A’s home loan and insurance unit.
Laughlin will be in charge of limiting home loan losses and monitoring relations with mortgage investors, Frahm said. Schakett, a former Countrywide Financial Corp. executive, plans to pursue entrepreneurial ventures, Frahm said. B of A acquired Countrywide in 2008.
——–
Any suggestions, anyone?
Karin-Calameety57@aol.com
Hello Kim. After 10 months of trying to do loan modification with one west bank, we got a notice of sale of home taped on the door yesterday(1-6-10). Elizabeth at Adam Schiffs office faxed my paperwork to One west for me back in April and One West did not respond. We have only yet begun to fight!
James–I too experienced the same after paying IndyMac over $20,000. They promised a loan mod. and foreclosed with NO NOTIFICATION to me.
Finding someone to contact is impossible, if you want resolution. If you want verbal abuse, there is plenty coming from IndyMac.
Patricia Weber
Hello to anyone who can hear me!!! I have been trying to get a loan mod. since March or 2009 with IndyMac. I have sent paperwork 6 to 7 times returned receipt and they still tell me that they either don’t have it or they are still missing documents. LOL I have not been able in almost 12 months to SPEAK to anyone who is not just a phone rep.. Now I’m getting forclosure notices, man measuring my property taking pictures of my home while I am paying on a trial mod for the last 6months and find that they are not applying the proper dollar amount to my accouts, the beat just continues I can write about my situation until my arms fall off and your ears fall off. WE NEED TO DO SOMETHING. I have also contacted the FDIC senior Legal Attorney who has forwared my letter to the OMBUDSMAN division in the FDIC. Still not response. Please help me, I’m am totally at my witz end..
lets get together and protest/demonstrate outside onewest bank in pasadena or fox news or adam schiffs office. i believe mr. schiff is on our side. so if there is strength in numbers he may be able to rally the press and the troops…
JAMES,
I AM IN THE SAME BOAT…CBS 13 SACRAMENTO HAS DONE A FEW STORIES WITH ME, BUT NO ONE IS REALLY MOVING BIG AGAINST ONE WEST BANK.I SENT 4 MODIFICATION REQUESTS SO FAR, ONE MORE COMING UP! NO OUTCOME…
FEEL FREE TO BE IN TOUCH I AM HOPING FOR A REVOLUTION…ALL TOGETHER WE CAN!
CALAMEETY57@AOL.COM
I dont want to upset anyone but ONE WEST (and a lot of prayer)did finally modify my loan. Its not great but I am in my home. 40 years and 3%. Much better than the previous 5 year of interest only. I save $300 a month and now taxes are included, so its like saving $600 a month…
I am a borrower with Indymac (servicer only) I feel behind in Early 2008;
I hired a mod. company which took money (it was large reputable law firm in Cal)
that was closed by the FTC, Cal Attorney Gen, and has a FBI file; they caused me to
to into foreclosure since they did nothing; anyway I went on one year of a trial period
and tried to modify multiple times sending them everything they asked for;
I did not know and it was never disclosed that Deutchbank Asset Fund was
the investor, and always turned down the loan. I always did what the customer service loss mitigation dept. said, but Indymac/Deutchbank would not modify;
It took 6 months and a complaint to the FDIC/OTS/ to find out WHO this mistery
investor was; The orginial (copy) said I was to be notified when the loan was
sold or transfered within 30 days; any way to hold off the sale I had to file a chp
13, for now, but there are so many legal fees and defered interest that is is
over $90,000. of what I owed before. We need to file a class action; I am in Hawaii;
who can I turn to?
Dee, I am in the same boat…CBS 13 SACRAMENTO HAS DONE A FEW STORIES BUT NO ONE IS REALLY MOVING BIG AGAINST THEM.
FEEL FREE TO BE IN TOUCH i AM HOPING FOR A REVOLUTION…ALL TOGETHER WE CAN!
CALAMEETY57@AOL.COM
PLEASE E MAIL ME AT indymaccomplaints@gmail.com now
GO TO WEBSITE: http://www.indymaccomplaints.com
IF YOU WISH TO FIGHT INDYMAC BANK WITH US
WE NEED MORE PEOPLE
PLEASE GO TO WEBSITE www. Indymaccomplaints.com
ALL STATES
We are going to stop them please help!!!
follow directions at website!!!
Hello Dr. Witt,
Please contact me when you get a moment as I can update you on
the Indymac bank FSB, OTS,FDIC,OIG, Pierre Dufauchard Commissioner
of Corporations of California, et al does 1-1000, in my opinion of
the bank mortagage fraud i.e.Securities Exchange commission,
forced foreclosures, Illegal Mortgages and my one on one phone conversations with Michael Perry former CEO IndyMac Bank i.e. IndyMac
Bancorp and the corruption of all of our Mortage “tenacle” blood sucking
affiliates such as the FDIC” in my opinion again of course, and the FDIC
sheila Bair Illegal takeorver of foreclosures in violation of the
Federal Registry.
Long winded but any questions, please review the following:
Jayne Briseno v American Savings bank et al (became Washington Mutual)
I may be blonde, but I am not a quitter.
Brst regards and contact me if you wish,
Jayne Briseno
Hi Jayne: I’d love to hear your side of the story. I’m the editor of a woman’s tabloid here in the northeast. Please feel free to email me or give me a call at 978-655-1078. May be published in our nov. 09 issue. Thank you!
Dear Kim,
I am battle-weary at this point over IndyMac/OneWest’s unlawful antics that have now landed me in foreclosure. With what little sanity I have left I search the internet daily for anyone that may be able to publish my story and help me with this living nightmare. I found you. Can you please consider helping?
OneWest Bank is lawless and on a mission to steal homes from innocent, unsuspecting homeowners.
I am attaching two letters for your review written to Department of Consumer Affairs and Terry Lauglin CEO. My troubles with OneWest have been compounded since submitting these legitimate complaints.
Theresa of Vero Beach, FL March 11, 2009
IndyMac is my mortgage holder. I have never paid my monthly installment late throughout the history of our relationship. I contacted them several months ago and INQUIRED about a Loan Modification due to a sudden decrease in my salary. I was simply hoping to have my mortgage interest rate reduced (without points, fee’s or penalty) which would in turn reduce my monthly payment. My other mortgager (Ocwen) had given me the same consideration, without incident. I answered some financial questions and was advised that while my application was being reviewed, I should pay a new monthly amount ($532.31) instead of my former $739.56 monthly payment.
Likewise, the rep advised that my new due date would be the 16th of each month, rather than the 1st. I was advised that after three consecutive, on-time payments this new rate would become PERMANENTLY FIXED at 5% for a total of five years, and rate would never rise above my current 6.67 rate thereafter. Suddenly my creditors (all in excellent standing for over 20 years) bagan sending me letters explaining that derogatory information on my credit reports were causing them to lower my credit limits.
Indymac began sending me letters suggesting that my property was turned over to the Loss Mitigation Department, field reps began visiting my home and photographing it, they opened an escrow account, paid my property taxes and my statements all indicated that I was 90-120 delinquent on my loan. I diligently challenged these damaging discrepencies via their ONLINE SECURED MESSAGING service, only to receive brief, computer generated and eventually rude replies, offering sarcastic replies and refusals to correct the errors. A package the arrived in the mail giving me 5 days to sign a Home Savers Loan agreement, offering to give me an unsecured loan of $15,000 in which to assist me with saving my home from foreclosure, etc.
Again, I contacted them to advise that I DO NOT WANT AN ADDITIONAL LOAN OR ANY SUCH PROGRAM, AND THAT I HAVE NEVER MISSED A PAYMENT TO DATE. They advised me that their records indicate I have only made partial payments and therefore no acknowledgement of any payments from me have been posted since prior to December, 2008. They are DECEPTIVELY using my inquiry about a lower interest rate as a means to have me appear deliquent in an effort to either foreclose on my home or force me to borrow money that I do not need and did not ask for! They refuse to speak with me and I am prevented from making online payments due to the erroneous past due status on my account. Letters, calls and all correspondence to them falls on deaf ears. They indicated to me that they are being removed from FDIC and that they are uncertain who their CEO may be when I request this information.
PLEASE HELP ME. I simply want my credit repaired and someone to acknowledge that by following their instructions, not by negligence, etc…I was overlooked, deemed as a risk and now living with a stressful, expensive MESS! I want my original payments…NO HELP, NO LOAN, nothing but an internal investigation that will unequivocally prove that I am creditworthy, innocent of wrongful allegations (delinquencies, etc) and resolution! Please send me a copy of this complaint, as my printer is malfunctioning. Any assistance from you would be TREMENDOUSLY appreciated!
1)My longstanding excellent credit has been destroyed 2)I have been denied three loans and opportunities to have my home equity loan rate lowered 3)I was overlooked by a potential employer for a position I am qualified/educated to apply for due to my sudden derogatory credit 4)My nerves are shot and my stress level is causing physical illness. I am consumed with worry and fear of losing my hard earned motgage investment.
OneWest Bank (formerly Indymac FSB) May 29, 2009
Attention: Terry Laughlin, CEO
888 E Walnut Avenue
Pasadena, CA 91101
RE: Loan # 3002494348
Dear Mr. Laughlin,
My IndyMac mortgage account is a DISASTER. I am appealing to you to review the enclosed supporting documents (ie: complaint letter to Department of Consumer containing my own and dozens of other customer complaints with similar and even identical mortgage problems, copies of secured messaging via IndyMac website containing detailed concerns and unaddressed plea’s for assistance dating back over six months now, etc.)
I simply inquired about a Loan Modification in December 2008…and rather than receiving any bonafide assistance whatsoever I have instead suffered severe consequences (ie: damaged credit rating, erroneous billing errors reflecting serious incorrect delinquencies, unrelated creditors lowering my credit limits after twenty years of on-time payment history, etc.) Please review the aforementioned enclosed letter to Department of Consumer Affairs for complete details.
Calls and secured messaging to IndyMac/OneWest remain useless, therefore I am urging you to finally review my account history, correct my billing/statement errors, redeem my credit history (NEVER LATE ONCE) to Equifax, Experian, and TransUnion and grant me the deserved Loan Modification that was promised to me over six months ago. I was instead urged to accept a $15,000 loan added to my mortgage which deceptively masqueraded as “help” in my time of need. Additional debt will not help me or any other consumer. I need lower interest rate in order to continue keeping my mortgage current!!!!
I am forwarding you this letter in one last effort to receive the assistance that I need in the above matters. I need you, or a very knowledgeable representative to contact me. I prefer to work this out amicably between us, but please be advised that should this letter also fall on deaf ears I am fully prepared to aggressively seek resolution via the media, Better Business Bureau, FHA, and even a class action lawsuit against your company. Following is my contact information.
Sincerely,
Theresa Owen
I am a longtime homeowner in danger of losing my home.
I have tried to get a loan modification since Jan 2009. I have been steadily employed for 11 year. I love my home and do not want to lose it to the bankers that have gottem so much help from our government. I am fighting to save my home. I started this process in order to reduce my monthly payments to help during these hard times. My business is in the employment industry and my income has dropped and I have been plagued by medical bills due to an injury. I am on the road to recovery but due to the economy. I am still having a very difficult time in paying all my bills. The government has a wonderful plan to modify loans and lower payments for homeowners but I am not getting the benefits of that plan.
When I began applying for a loan modification, Indy Mac was owned by the FDIC. First, they sent me a modification that did not fit with the current % of income. Then they put me in review. Over the next few weeks paperwork was lost and I have been faxing multiple documents over and over to the bank to get the new modification. Back in January I hired a legal firm to help me because the process was so time consuming and confusing. The law firm required payment up front. The firm is not longer in business and they did nothing to help either. I decided to contact the bank again, each person I spoke to at the bank gave different stories and they were rude and not helpful.
Then One West Bank took over and it only got worse. More paperwork got lost and needing to be re-send again and again. Now the bank is charging me legal fees and paying my taxes as they put my home in foreclosure. In order to stop the foreclosure I set up a repayment plan, I had to take money from my 401K to pay these large sums. I finally received a modification which would have worked perfectly for me but the very same day they received my paperwork and check, they declined the loan. They sent out the decline letter the same day as the check arrived. Obviously they never intended to give me the loan. The bank only wants to extract payments from me, then foreclose anyway.
When I gave the bank the payment they wanted that was included with the modification ageement I had been declined again. The firm I hired didn’t fill in all required paperwork. My file has “disappeared” and when I figured out what was missing IndyMac/One Best Bank wouldn’t even talk to me about the one missing document. So I hired a new firm with the hope they will help me. I am back in review with the new numbers and have the now received a sale date on my home for 12/7. The same date I got the sale date in the mail, the bank representative said I was still in review and no sale date has been set.
I have made payments to Indy Mac, to One West Bank, and to a legal firm. And it seems that the bank never intended to grant me a loan modification. They took my money in bad faith. The law firm also took my money in bad faith.
Just in conclusion I spoke with Indymac this morning and they told me the only thing I could do was a repayment plan again to save my house from Sale. I asked why we have been calling every week a couple times a week and they didn’t even mention that the sale date was set. They told me that I couldn’t even short sale the house at this time. In fact I may not even have time to start a repayment plan due to the date. They never contacted me again after the decline and continued to lead me to believe I would be given a Loan modification. The Notice of Sale letter is dated 11/12/2009 Wasn’t posted till November 24 and a 12/7/2009 sale date. Not much time to do anything not to mention the Thanksgiving holiday in between. Why couldn’t or wouldn’t they just tell me 8 months ago they were never going to do this. It is well known the deal that IndyMac recieved from the FDIC and how much per dollar they paid for our loans. It is also well know how much they will gain by foreclosuring on my house verus helping me.
I have spent $5,000 in legal fees that has not giving me any result, I have made payments to the bank and I am about to lose my home. Please help me. This situation is unacceptable and unethical. The banks have benefited. The lawyers have benefited. Homeowners like me have continued to suffer.
Sincerely,
Nanci Kero
7025 Texhoma Ave.
Lake Balboa, ca. 91406
818-996-0364
Nancy,
When Michael Perry e-mailed me(former CEO) IndyMac
Bank his e-mail was Michael.Perry@imb.com.
You need to send a certified registered overnight letter registered to both: to receive a signed receipt.
Steven T. Mnuchin CEO @ HoldCo, Intermediiate HoldCo, Inc.
and Terrence P. Laughlin, CEO/President
Demand to speak to the CORPORATE CUSTOMER EXPERIENCE
Liason person to Terrence P. Laughlin, CEO/President.
It could still be Brandi York, as a transferred employee.from the former IndyMac , regardless they have a private e-mail
address that they send you a password to log on,
Don’t vbother paying a legal team, you can handle this yourself
without the legalese BS of paperwork applications for
Loan Modification.
If that does not work and it should get their attention,
Demand to speak to the Vice President under Terrence Laughlin.
Keep me posted!
Jayne
714457.457.1732
888 East Walnut St.
Pasadena, CA 91101-7211
Demanding a “STOP” BE PLACED ON YOUR LOAN NUMBER:
XXXX ADDRESS OF YOUR PROPERTY, ETC.
Demand a “Forebearance” and demand an investigation.
They can stop the foreclosure, sale or auction .
In addition, send the same information above to their lawyers:
Cleary, Gottlieb Steen & Hamilton, LLP
One Liberty Plaza
New York, N.Y.
T: 212.225.2000
F.212.225.3999
Attn: Paul E. Glotzer.
Purchaser : Hold co, Intermediate HoldCo, aka One West Bank et al, utilized “fax copies” for the Master Agreement on the
Sale Of IndyMac Federal Bank F.S.B. “Seller: and Joinder as a third party with the FDIC, on all Escrow docs,
Hi Nancy,
I am in your situation too, my husband and I have never been late with our mortgages. We had a great loss with our business and asked for a loan mod. unfortunately they have not accepted it and told us that in order for them to help us, we have to be two plus months late. We requested such help and no one could offer us anything. I wish we could ALL DO a class action against OneWest Bank. I have received a sale date on November 11 2009 but kept on postponing, due to trying to reconcile with the bank….I’m still in my home, I will fight till the end towards these hungry beast whom just lurks on our hard work mortgage. I believe theirs lots of fraud (mortgage fraud) involved. I too are trying ways to get them. I am learning a lot about Creditors in Commerce, should take a look at it. Also I’m learning a lot from MICKEY PAOLLETA (check his name online). About Money and Banking. We are facing lots of Fraud, through our mortgages, banks, credit cards, etc….
please feel free to call me i need some advise on my deal with indymack liars, call me 203-395-7324 mike thank you
Mike,
Sorry, I have been traveling, I will phone you tomorrow, read
my answer to Nancy above.
Thanks,
Jayne
Theresa .. I understand your pain.. but no will help!!! Trust me .. I contacted the Vp of Loss Mitigation and he was just as indifferent as customer service! Good luck dealing with them.. you are going to need it.
You have to communicate with them in writing; everything, including the dates and times you talked to them, keep a diary of everything; their telephone conversations are recorded; and send a cert. request in writing after calling who to send it to, and get a supervisors name; send a request for all the correspondence since the begining of the indicent; I wrote Terry LAUGHLIN ALSO, AND I THINK IT MADE THINGS WORSE; HAVE THE DOCUMENTS AND PAYMENT HISTORY READY, AND FILE A CHP, 13 ;
IT CAN BE LATER SUSPENDED, AND TAKE IT TO A BK JUDGE; THEY WILL OBJECT TO YOUR 13, AND THEN HAVE THE WHOLE CASE WITH ALL DOCUMENTS HEARD IN THE HEARING; ALSO GO TO FORECLOSUE FRAUD ON LINE, FLORIDA IS DOING ALOT IN BK AND COURT CASES CHALLENGING THEM; CALL HUD; WORK WITH A COUNSELOR ALSO;FOR A WITESSS HAVE A 3RD PARTY ON THE LINE;
Dear Kim,
thank you so much for your interest in my “Liar Loan aka, Illegal Mortgage” c/o
IndyMac Bank F.S.b. now One West Bank.
I am sure that you will be interested upon reading the (wonderful) decision
of Judge Jeffrey Spinner’s decision to remove the foreclosure action and
all recorded documents by IndyMac bank/One West bank against the following
court action in favor of the homewoners”
IndyMac bank v Yano-Horoski Justice has been served!
My story is about IndyMac Bank, Old and IndyMac bank F.S.B. regarding
non-licensed brokers processing Mortgages over the last several years
primarily Apex Mortgage aka Apex Financial, previous President of Apex
Roy Miller in my opinion as crooked as IndyMac Bank, and the FDIC was aware
of the fact that Apex brokers sat in IndyMac Bank branches and IndyMac
employees sat in the Apex financial offices, conducting “expressway fraud”.
Again, as I relayed in my phone message today, I am so sorry for the delay in
getting back to you, I have been traveling extensively but person’s such as yourself
are critical to the word getting out there.
I have law offices that I can refer to consumer’s to as even if you have lost your mortgage by bank fraud, it is time to stand up and have monies replaced…as there is no compensation for sleepless nights and frustration when it comes to banks
railroading unsuspecting consumers.
I addition if the forclosing bank such in my case as we will discuss at your convenience,
has filed and send Forclosure proceedings to be processed seved etc., and MERS
is on the Note keep in mind that whomever Deutsche Bank for example now
owns the note, IndyMc bank/One West has no jurisdiction, over the foreclosure
proceerdings, Bait & Switch is a favored tactic with IndyMac Bank F.S.B.
It does not matter one iota to me Old Indy Mac and the newly
named IndyMac Bank F.S.B. by Sheila Bair the director, a “protected status
entity” while they are trying to “sell” the bank, Bair, Frank Carsteel the director
of the OTC, the Omnbudsman and I could go on forever, are”ALL FRAUDING THE
PUBLIC CONSUMERS AND ARE STILL IN VIOLATION OF THE FEDERAL REGISTRY
RULINGS AND ORDERS.
Well enough said, thank you again and I would love toeet with you, my hubby
does laugh when I get on a mission but I lost over $150,000.000 with my
property in Yorba Linda, ruined credit (temporary) and while in Escrow
with all documents from proprietary e-mails from employees and managers at Indymac Bank (Old Indymac) in June of this year, with my buyer, real estate agents and an open Escrow, Indymac Bank cancelled the extension for the buyer to purchase
with good faith money, and not at yhe time a named manager of the FDIC Davidf Garrett
at IMB had the authority to cancel our 30 day Extension, well he cancelled
without notice, and escalated the foreclosure.
Thanks so much Kim, I will forward to Laura my attorney’s Personall injury
that work on contingency thank goodness.!
Hppy thanksgiving!
Best regards
Jayne Briseno
714 457.1732
760.904.8740 Palm Springs Office
Jayne,
I live in Florida and have been working in good faith with IndyMac on a loan modification. We went to mediation and were told that if my husband’s VA disability was approved that they would modify our loan. If we didn’t get a timely reply from the VA, they guaranteed that we would have 90 days after the foreclosure to move, if we agreed to sign a Consent to Judgment. I now believe that they never planned to modify our loan and used the 90 days as bait to get us to sign the consent to judgment.
My husbands VA disability was approved in September and we started the modification process. The court date was looming (12/10/2009) so I called the attorney and they said that the hearing would be canceled. They emailed the papers canceling the hearing and followed up with a hard copy of the cancellation of hearing dated 12/08/09. The next week I received papers showing that the attorney showed up for the hearing and the foreclosure took place. I received the Final Judgment of Foreclosure in the mail the next week. After the foreclosure, the attorney’s office stopped returning my calls and emails.
IndyMac played along and I kept sending documentation and they acted like they were working on the modification. The negotiator talked to me and assured me that I would hear something soon. On 1/23/09 I received a denial on the modification dated 1/8/09. They will not return my calls now.
My home will be auctioned on 3/9/10 if I can’t get IndyMac to modify my loan. I feel betrayed.
After reading your statements above, I feel that I may have another way of saving my home. I received this notice dated 12/2/09: IndyMac Mortgage Services, a division of OneWest Bank FSB, is currently servicing your loan on behalf of securitization trust INDX 2006-AR14 (LEHMAN) 10/31/06, DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee/Master Servicer and is sending you this important notice as required by federal law. As of the date of this letter you owe a balance of $******.**.
The plaintiff in the foreclosure is: INDYMAC FEDERAL, FSB.
SUCCESSOR IN INTEREST TO INDYMAC
BANK, F.S.B.
Can you help me?
Thanks,
Pat
Hello Pat,
I understand what you are going through…
I just helped a person named Jennifer who
is a Real Estate agent save her home from
an instant accelerated foreclosure and
I will give you the information that she used
to make them pay attention and stop the foreclosure.
I am not a lawyer but I have experienced the same
or similar situation with bank financial fraud with
these institutions. Please let me know if ( MERS ):
Mortgage Electronic Registration Systems is listed
on your original Note (which by the way if your
bank that supposedly “has physical original documents)
asks for YOUR copies call me…..
The MERS I.D. number will appear in this form:
MIN: 131000098765 (with of course your property
having a different number.
There is hope here,
I will be traveling today so please leave me a message
and I will get back to you when I return.
Thanks
Jayne
E-mail me at my home office
nutnboltchick@yahoo.com
Please tell me more Jayne- I am living a nightmare of my own at IndyMac/OneWests doing. They should be stopped from their continued illegal/fraudulent actions. They have harmed many Americans at great expense.
I’m blond too and certainly no quitter!
Laura
Hi Laura, read what I sent Nancy, and I will send more info…
Thanks,
Jayne
Too bad that One West Bank did not fire all the morons that came from Indymac. The name might be different, but thedhabits of the people have not changed.
I would love to speak to Terry Laughlin and tell him the story of a short sale, first hand, from the Realtor and authorized representative’s side. You would be disgusted and appalled to know how little your employees know…and how little they actually do all day. I will be glad to give you names, badge numbers, date/times…you name it.
I challenge you to call me so that we may have an honest conversation and hopefully, begin to get the job done right!
Thanks for this few minutes and forwarding my message to the man in charge!
Lynn Dernar 202.347.2370
P.S. I just live five blocks from the White House. Do you think President Obama would like to hear my story? I would be glad to give a copy of my letter to the Washington Post, LA Times and any other media that would like to hear from the people in the trenches!
We would also like to e-mail Mr. Laughlin do you have e-mail address.
we e-mailed Richard H. Wohl of Indymac/One west Bank we are waiting response.
anyone please let us know if you have the e-mail address for Mr. Laughlin.
Frances
Don’t hold your breath…
Will the Dell you buy for Christmas help fund your neighbors foreclosure?
“Dude You’re Getting A Dell” could have a whole new meaning. It could mean another process server has dropped the foreclosure bombshell on another American Family suffering from the subprime mortgage crisis and a lousy economy.
That’s right!!!
Michael Dell has joined forces with a few of the 21st Centuries newest Robber Barrons. MSD Capital, L.P. is part of the partnership formed to purchase Indymac from the FDIC. The new company is IMD Management Holdings and they are running One West Bank which is among the worst performing lenders/servicers when it comes to offering distressed borrowers assistance.
Calls to Dunes Capital and IMB Management Holdings are ignored as the new corporate philosophy of throw the deadbeats into the streets and tell them to go scratch has permeated the entire company.
Managers who under the supervision of Sheila Baird and the FDIC use to help borrowers with a true empathy now dish out the lies of their corporate masters. Customer service representatives now tow the company line and Deny, Deny, Deny is the new corporate motto.
In lawsuits, complaints and interviews, borrowers contend that Indymac (Now One West Bank) denied loan modifications because borrowers failed to submit unimportant paperwork; because Indymac phone log notes did not detail discussions correctly or at all; because paperwork sent had mysteriously disappeared and as such was deemed “never submitted”, borrowers have been told
Mike…
I think what you did here is called Plagiarism.
You copy and pasted a part of one of my articles.
Is there any way to report this type of activity to the moderators?
Hi Dan,
Can you provide a link to your original posting of the article Mike plagiarized? I have unapproved his comment for the time being. But perhaps you could post it here, or just a link, so that our readers will still have access.
Thanks,
John Stephens
Managing Editor
GEORGE SOROS–the supposed “protector” billionaire of the “little gu”y–is also a buyer/investor of the new One West. Since the Dell/Soros takeover, the new One West bank pulled a complete Jekyll and Hyde on unsuspecting borrowers doing loan mods, who were actually being helped previously, in measurable results, by the FDIC.
Does this help anyone get closer to getting some real discernment about the political leanings purported by the likes of GEORGE SOROS and MICHAEL DELL? The disguise of moveon.org (SOROS), all appearing to lean hard left for the poor and disadvantaged, is simply what I just called it earlier–a disguise to disorient and confuse. Not unlike the disguise they wore there for just a few weeks post-FDIC control to get you to THINK they actually cared about that roof over your family’s head.
Don’t ever expect billionaires, international bankers and real estate moguls, or political celebrities like SOROS or DELL to be “empathetic” to the little guy–as a whole, they prove over and over to eat the little guy and spit him out, too.
I am all for capitalism and profits, but this bunch from the New Greed Elite is tantamount to dealing with the godfathers of organized crime.
Just wait til’ after foreclosure–the extortion and swindling gets worse with illegal evictions of tenants, retaliatory lawsuits if you do not agree to cash for keys, and blatant, repeated violations of state and federal laws.
George Soros, the liberal, outspoken, self-appointed Dem savior of “the little guy”? Sure—as long as he owns them, literally. This Independent sees the gloss for what it really is, and I hope America starts waking up to the greatest property swindle in history.
Some judges in Ohio and New York are finally “getting it”. This is where the power will lie–in our courts–and judges need to understand what is happening NOW.
It’s truly a national emergency.
Frances,
The V.P. is JK.Huey@owb.com
Try Terry.Laughlin@owb,com
or
Terrance.Laughlin@owb.com
Demand a “Stop and or a Suspense” for investigation of your loan
a Foensic Audit of your Mortgage is an option,
to show bank fraud on your Mortgage.
Also demand they produce your “Original Deed of Trust”, they can’t as
it has already been sold over and over or swapped.
Jayne
As anyone who has tried to get assistance on their toxic predatory loan from Indymac knows, since the takeover by two former Goldman Sachs Blue Bloods the bank has been stonewalling and pulling out all the stops to prevent loan modifications.
While under the supervision of Sheila Baird the FDIC the modification flow was impressive and the corporate philosophy was geared towards actually helping borrowers.
In January 2009, the FDIC sold off the mortgage portfolio to a company called IMB Management Holdings, LP. After the sale Indymac emerged as One West Bank.
The deal included the purchase of $16 Billion in mortgages for $13.9 billion. The Goldman Blue Bloods from Dunes Capital were also able to get some other sweeteners for their efforts $7 Billion in assorted securities and more than 30 banking branches.
This sale is probably one of the most destructive moves against homeowners suffering from the burden of trying to make payments on their predatory subprime loans since the beginning of the mortgage meltdown. Any homeowner hoping to get help from the “tycoons” who bought this company are in serious trouble.
Now that the Robber Barrons from Dunes Capital Dan Neidich and Steve Mnuchin are at the helm they have recruited Terry Laughlin, former Chairman and CEO of Merrill Lynch Bank who masterfully makes public statements that sound great on the surface but are loaded with qualifiers such as this one from August 11, 2009 “Going forward, One West will apply HAMP to all of the eligible loans that it owns as well as all eligible loans that it services for third parties”. He didn’t tell you that have figured out how to internally tweak the numbers to reduce the number of “eligible” loans. They have also taken a hard line on telling borrowers looking for assistance that their “investor” doesn’t allow for modification. Never mind the fact that under their pooling and servicing agreements they have broad latitude and authority in granting loan modifications.
I am reminded of the scene in the movie Wall Street when Gordon Gecco buys Bluestar Airlines and reveals his plan to crush the union and sell off the pieces. Welcome to a real life version of that story, starring the robber Barrons from Dunes Capital Dan Neidich and Steve Mnuchin.
They purchased Indymac for 40 cents on the dollar, now when they foreclose on a property if they can recover half of the loan amount, they will still make a 20 percent profit. This is why they are stonewalling, lying to customers and foreclosing on properties faster than bureaucrats waste money – PROFIT.
Immediately after taking over Indymac the slick characters at the top instituted a deceptive program where they offered up “phony modifications” to troubled homeowners that they had no intention of instituting. They duped thousands of homeowners with this scam, the modification terms appeared to be fantastic and the distressed homeowner’s believed that they had saved their homes. They signed the documents and sent along the required initial payment. Indymac then cashed the check, and promptly issued denial letters that stated upon “further review” you do not qualify for a modification, the funds you sent will be applied towards your arrears. Even worse they continued post haste with foreclosure activity on these files. What a great way to fill the coffers with cash immediately after buying the company. These guys got a better education at Goldman Sachs than they offer at Harvard Business School.
Suffice it to say that the newly emerged One West Bank does not operate in good faith when borrowers ask for assistance. Instead they use every trick in the book to screw their customers so that the Robber Barrons can continue to Raid the Corporation.
If you are an Indymac customer search for one of the many class actions that are beginning to pop up against Indymac and join the class.
Loanmodman,
I have been trying to find a group that has started a class action suit against IndyMac/One West Bank. Do you know where I could find them?
Just to name a few:
In Las Vegas there is a freeze on foreclosures due to this one…
Nevada Homeowners File Class Action Against Indymac
Attorneys:
Matthew Callister and Brooke Bohlke
823 Las Vegas Boulevard South
Suite 500
Las Vegas, Nevada 89101
702-385-3343
Then there is this list…
These lawsuits are made available online courtesy of the Center for Responsible Lending (“CRL”), and are all referenced in an investtigative report CRL recently issued on IndyMac.
Alleged Bait & Switch Tactics (among other allegations):
Ferguson v. IndyMac Bank, U.S. District Court for the Eastern District of New York, February 14, 2008;
Howard v. Countrywide Home Loans Inc., U.S. District Court for the District of Columbia, 2008;
Elouise Manuel v. American Residential Financing, Inc., et al, Superior Court of Gwinnett County, Georgia, 2008;
Zurawski v. Mortgage Funding Corp., U.S. District Court for the District of New Jersey, 2008;
Hartman v. Deutsche Bank National Trust Co., U.S. District Court for the Eastern District of Pennsylvania, 2007;
Mitchell v. IndyMac Bank, U.S. District Court for the Eastern District of Virginia, 2008;
Brannan v. IndyMac Bank, U.S. District Court for the District of Colorado, 2006;
Darling v. IndyMac Bancorp, U.S. District Court for the District of Maine, 2006;
Harris v. Vinson Mortgage Services, U.S. District Court for the Eastern District of Missouri, 2008;
George v. IndyMac Bank, U.S. District Court for the Central District of California, 2008;
Thomas v. DCI Mortgage Bankers, U.S. District Court for the District of New Jersey, 2007;
Glover v. Equity Source, U.S. District Court for the District of New Jersey, 2007;
Alleged Racial Discrimination:
Mables v. IndyMac Bank, (seeks class action status) U.S. District Court for the Northern District of Illinois, 2008;
Alleged Inflated Appraisals:
Cedeno v. IndyMac, U.S. District Court for the Southern District of New York, 2006;
Alleged Falsified Paperwork:
George v. IndyMac Bank, U.S. District Court for the Central District of California, 2008;
Ware v. IndyMac Bank, U.S. District Court for the Northern District of Illinois, 2007;
Alleged Funding of Loans For Developer in an Area Known as a Hotbed for Mortgage Fraud Without Proper Due Diligence:
Gaines v. Parisi, U.S. District Court for the Middle District of Pennsylvania, 2006;
Shareholder Class Action Lawsuit citing Alleged Questionable Lending Practices:
Tripp v. IndyMac Bancorp, Inc., U.S. District Court for the Central District of California, 2007.
is there any class action suit in ct, with indy, we need to go protest . somone lets put a protest so we can be heard maybe at his office thank you
hi loan mod can you call me 2036856100 thank you
The number above is a wrong number.
The owner of the number would like it removed !!
Never thought posting a telephone number on a blog was a good idea anyway.
Will the Dell you buy for Christmas help fund your neighbors foreclosure?
“Dude You’re Getting A Dell” could have a whole new meaning. It could mean another process server has dropped the foreclosure bombshell on another American Family suffering from the subprime mortgage crisis and a lousy economy.
That’s right!!!
Michael Dell has joined forces with a few of the 21st Centuries newest Robber Barrons. MSD Capital, L.P. is part of the partnership formed to purchase Indymac from the FDIC. The new company is IMD Management Holdings and they are running One West Bank which is among the worst performing lenders/servicers when it comes to offering distressed borrowers assistance.
Calls to Dunes Capital and IMB Management Holdings are ignored as the new corporate philosophy of throw the deadbeats into the streets and tell them to go scratch has permeated the entire company.
Managers who under the supervision of Sheila Baird and the FDIC use to help borrowers with a true empathy now dish out the lies of their corporate masters. Customer service representatives now tow the company line and Deny, Deny, Deny is the new corporate motto.
In lawsuits, complaints and interviews, borrowers contend that Indymac (Now One West Bank) denied loan modifications because borrowers failed to submit unimportant paperwork; because Indymac phone log notes did not detail discussions correctly or at all; because paperwork sent had mysteriously disappeared and as such was deemed “never submitted”, borrowers have been told routinely that “their investor doesn’t allow modifications”, borrowers have had “phony modifications” sent that were actually just a sleazy attempt at collecting arrears never intended to be really honored by the company and much, much more.
As I follow the exploits of borrowers who are unfortunate enough to have one of the Indymac Alt-A loans that were able to close within days of application because of lax underwriting guidelines and the knowledge that they could sell the “toxic paper” off their books before anyone would know the debt couldn’t be repaid, I am reminded of the Francis Ford Coppola Movie “The Rainmaker”.
Todays One West Bank follows the lead of the movies Great Benefit Insurance Company whose first, second and third courses of action are to deny a claim, hoping the people will give up or die. In one scene an insurance company employee reads a letter written to an insured “Dear Mrs. Black, On seven prior occasions this company has denied your claims in writing. We now deny it for the eighth and final time. You must be stupid, stupid, stupid.”
I have seen letters to Indymac borrowers along the same lines, their newest tactic is a letter that explains how complicated it is for the “stupid, stupid, stupid borrower” to understand who the “investor” in their loan is.
These tactics are apparently very good for mortgage company profits.
How a man like Michael Dell whose philanthropic efforts are to be commended could be dragged into investing with the kind of creatures who would treat people this way is beyond me.
But it certainly begs the question, does the phrase “Dude You’re Getting A Dell” now mean the same thing as “You’ve Been Served A Foreclosure Notice”?
Does Michael Dell actually subscribe to the philosophy of the Robber Barrons who deny, deny, deny in the hopes that suffering families will give up or die?
Who are you? It has taken me await to locate someone from IndyMac Bank/One West Bank. I am having a problem with the Loan Modification Department. IndyMac/One West Bank representatives are not who they say they are. I have lost a lot of trust with IMB/OWB in the last several months. It has come down to a Sale Date on my home because of IMB/OWB. these people who do not care about the customers. I will not give up I will save my home.
Going through HELL, because of IMB/OWB
Mary Jane,
Inwriting and sent by certified mail, you HAVE to request a “Forebearance”
and demand that they give you an extension aka forebearance, month to month,
ypou have to write a letter that if and it is the status that you are still unable to pay ANY MONIES
then they have to allow you a continued month to month “relief” and IMB/ONE WEST bank
has to have you in writing also request a “STOP” aka a STAY on your loan going to sale.
any questions call me at 760.904.-8740, and again, in my opinion IndyMac F.S.B. then and now One West Bank CANNOT deny you the above requested process., LOANMOD MAN is great
and we could dance the dance over these crooks, and I will…
Law Offices that handled my class Action, which I won, Nationwide against
American Savings Bank aka Washington Mutual Bank et al , is great reading material,
email me at nutnboltchick@yahoo.com and I will forward my case number.
Best regards and take a deep breath and breath out the stress slowly…
Jayne Briseno
and
Try these guys, they bought IndyMac for a cool 13.9 million and renamed it as One West Bank.
If you can get them on the phone or at least a letter to them they will put someone on it ASAP.
Steven Mnuchin Co-Chief Executive Officer
Dan Neidich is Co-Chief Executive Officer
Dune Capital Management
623 Fifth Avenue, 30th Floor
New York, NY 10022
Tel: 212-301-8400
Fax: 646-885-2468
Be warned these “Blue Bloods” from the scummy ranks of Goldman Sachs Elite couldn’t really care less about your life or problems, but if you cal, cal, call, and call some more you might ruin their 3 martini lunch dates and get their attention.
Making you go away could be in their best interest. Don’t be a squeeky wheel, be their WORST NIGHTMARE!!!
I persoinally think it’s time to park the rubber strike rat in front of their offices on Park Avenue and have thousands of Indymac Victims there with bullhorns.
Does anyone have the home addresses of either of these clowns?
Come join me at loanmodman.com
I got a construction loan w/ auto conversion to mortgage upon completion from Indymacbank June2007. Started to do a remodel July 2007. Through contractor/engineer/architect error, they torn down too much of original house, had to start a new house project. Took 7 months to get approval for new home. Finished house in 9 months. June 2008 needed a six month extension from Indymac as they were crashing and burning. Numerous VPs assured us that no terms of original loan conversion would change. Pais $28,000 to IMB for 6 month extension. By 9/08 started the conversion process with the then transformed IndyMac Federal Bank and their hordes of VPs.They told me my LIBOR realted interest only option was history that there was a very subtle clause in the extension which alowed them to wipe away all the promised option for an interst only loan and that I would have to take a 7 3/4% principal and interest loan or go somewhere else. Since we were broke after finishing the house we couldn’t search for another loan and the loan market was toast anyway. I had to take a loan with 36% more overhead per month then ever planned for or expected. Then IndyMac was sold and by July we were falling behind in payments after a 30% drop in income over the summer months. One West Bank has been hard as nails, refused modification, refused refi and threatens to foreclose. I have been given four months to sell our home October through January 15th of next year in a market which ***. I will be out on the street with my wife and two children with special educaton needs and I haven’t been able to find the CEO’s name (s) for One West yet. When I do find their names and emails I will send them notice that I will tie up this property in the bankruptcy courts for the next three years at least without making another payment after January. I want info on law suits against OWB, I want corportate board names and adresses, I will send notice to them and to the California Attorney General, Congresswoman Maxine Waters, Federal Trade Commission, etc notifying them of the breech truth in lending practices laws, egregious heavy handed treatment by IMB, IMFB and OWB and demanding justice both individually as well as for everyone else chewed, screwed and threwed by them in the last two years. In over thirty years as a home owner and mortgage holder I have never missed a payment until this bank did their number on me. No doubt there are many similar stories.
OneWest Bank and its Sweetheart Deal
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.
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!
Success didn’t spoil me, I’ve always been insufferable.
indymac bank why forclosure help us save our homes not put us on the streets we have familys and love ones please start helping and stop foreclosing homes ,i see alot of people being denied for loan modification why, do you care ??
please contact dave garret he is anwsering call and questions for indymac bank
please any questions call dave garret he is anwsering calls for indymac bank 1 6265355402
Well I guess this is the last battle with Indymac, unfortunately I’m the one losing. I just became another victim of their cruel and demeaning ways. I wish all you people out there who are still fighting with them to keep up the good fight. It just really *** all the money and effort that was put into all of this was all for nothing. They are heartless people and hopefully one day something will be able to be done with them before it is too late. All the embarrasment and shame that they caused me and my family, i hope someday they share the same fate as they caused all these innocent other people as well as myself. I would also like to thank the federal government for saving these *** back in 2007 when they filed chapter 7 bankruptcy. Where’s our help Mr. President!!!!
Call your congressman or womens office tell them your story. also file a complaint with the better business bureua that helped me get one person to deal with. At least I get email address to one person and a phone number. My congresswomen Mary Bono Mack’s office took an interest in my case and I faxed all my documents thta I have from Indymac and emails from this one person and they have forwarded to a company that the government has to invesigate these loan modification so do it. I m not sure if its going to save my home but im going to fight the best way maybe the government will get this resolved.
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Judge blasts bad bank, erases 525G debt
Comments: 52
Judge KOs 525G mortgage to slap bank
By KIERAN CROWLEY, RICH WILNER and DAN MANGAN
Last Updated: 4:18 PM, November 25, 2009
Posted: 3:46 AM, November 25, 2009
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.
The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East Patchogue.
Spinner pulled no punches as he smacked down the bankers at OneWest — who took an $814.2 million federal bailout but have a record of coldbloodedly foreclosing on any homeowner owing money.
“The bank was so intransigent that he [the judge] decided to punish them,” Greg Horoski, 55, said about Spinner’s scathing ruling last Thursday against OneWest and its IndyMac mortgage division.
MORE NYPOST.COM COVERAGE
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It erased up to $291,000 in principal and $235,000 in interest and penalties.
The Horoskis — who had been paying only interest on their mortgage — had no equity in the home.
Horoski, who had begged the bankers to let him restructure the loan, said, “I think the judge felt it was almost a personal vendetta.” Dealing with the bank, he said, was “like dealing with organized crime.”
OneWest said, “We respectfully disagree with the lower court’s unprecedented ruling and we expect that it will be overturned on appeal.”
It claimed it “has been extremely active in working with consumers on home loan modifications through the Obama administration’s Home Affordable Modification Program and other loan modification initiatives.”
The bank is owned by a private equity group that purchased the failed IndyMac bank.
Yano-Horoski, a college professor of English and cognitive reason, and Horoski, who sells collectible dolls online, bought their 3,400-square-foot, one-level house 15 years ago for less than $200,000.
In 2004, court records show, they refinanced, paying off their original mortgage with part of a $292,500 sub-prime loan from Deutsche Bank. They used what was left for health care and for his business.
The loan carried an initial adjustable interest rate of 10.375 percent, which soared to 12.375 percent.
It eventually ended up being either owned or serviced by IndyMac, and the bank sued the couple in July 2005 when they began having trouble making payments because of Horoski’s health problems.
After a foreclosure was approved last January, Yano-Haroski successfully asked for a court settlement conference.
Spinner excoriated OneWest for repeatedly refusing to work out a deal, for misleading him about the dollar amounts at stake in the case, and for its treatment of the couple over months of hearings.
OneWest’s conduct was “inequitable, unconscionable, vexatious and opprobrious,” Spinner wrote.
He canceled the debt because the bank “must be appropriately sanctioned so as to deter it from imposing further mortifying abuse against [the couple].”
The bank is involved in a similar case in California, where it’s trying to foreclose on an 89-year-old woman, despite two court orders telling it to stop.
kieran.crowley@nypost.com
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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.
The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East Patchogue.
Spinner pulled no punches as he smacked down the bankers at OneWest — who took an $814.2 million federal bailout but have a record of coldbloodedly foreclosing on any homeowner owing money.
YOU OWN IT: Greg Horoski won his battle to keep his Patchogue one-level ranch home, as a judge called OneWest bank’s foreclosure efforts against Horoski and his wife “repulsive.”
“The bank was so intransigent that he [the judge] decided to punish them,” Greg Horoski, 55, said about Spinner’s scathing ruling last Thursday against OneWest and its IndyMac mortgage division.
MORE NYPOST.COM COVERAGE
LAMBERT DOESN’T APOLOGIZE FOR AMA SHOW
DOBBS CONSIDERING US SENATE RUN IN NJ
ESCORT TELLS ALL ABOUT NIGHT WITH ITALIAN PM
It erased up to $291,000 in principal and $235,000 in interest and penalties.
The Horoskis — who had been paying only interest on their mortgage — had no equity in the home.
Horoski, who had begged the bankers to let him restructure the loan, said, “I think the judge felt it was almost a personal vendetta.” Dealing with the bank, he said, was “like dealing with organized crime.”
OneWest said, “We respectfully disagree with the lower court’s unprecedented ruling and we expect that it will be overturned on appeal.”
It claimed it “has been extremely active in working with consumers on home loan modifications through the Obama administration’s Home Affordable Modification Program and other loan modification initiatives.”
The bank is owned by a private equity group that purchased the failed IndyMac bank.
Yano-Horoski, a college professor of English and cognitive reason, and Horoski, who sells collectible dolls online, bought their 3,400-square-foot, one-level house 15 years ago for less than $200,000.
In 2004, court records show, they refinanced, paying off their original mortgage with part of a $292,500 sub-prime loan from Deutsche Bank. They used what was left for health care and for his business.
The loan carried an initial adjustable interest rate of 10.375 percent, which soared to 12.375 percent.
It eventually ended up being either owned or serviced by IndyMac, and the bank sued the couple in July 2005 when they began having trouble making payments because of Horoski’s health problems.
Read more: http://www.nypost.com/p/news/local/judge_kos_mortgage_to_slap_bank_28ZS1oW8Y58z6gu1AQbWMI#ixzz0Z4Tti4Bm
From: escalations@hmpadmin.com
To: oldstuffone@optonline.net
Sent: Tuesday, November 24, 2009 9:50 AM
Subject: Re:Inquiry Regarding Non-Fannie Mae Mortgage
Thank you for your inquiry, however, the HAMP Support Center does not provide assistance directly to homeowners.
For further assistance please contact the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). The Homeowner’s HOPE Hotline provides free HUD-approved counseling and is available 24/7 in English and Spanish. Other languages are available by appointment. You can also find a HUD-approved housing counselor at http://www.hud.gov. These servicers are free.
Beware of Foreclosure Rescue Scams
· Assistance from a HUD-approved housing counselor is FREE. Beware of anyone who asks you to pay a fee in exchange for counseling or a loan modification.
· Beware of people who pressure you to sign papers immediately.
· Do not sign your deed over to anyone unless you are working directly with your mortgage lender to forgive your debt.
· Never make a mortgage payment to anyone other than your mortgage lender without their approval.
Thank you,
The HAMP Support Center
I am just so sick that these people are taking our homes from all of us , we leave in the USA , what in the hell is going on , I see people with cancer , people with out work , people wihout food people without health care and now they are taking homes right out from under us , We all need to write in to all the news channel , FOX ,CNN, CBS, NBC, ALL of them we need to get all the news people to hear us and hear us all , we are americans and what they are doing to us is flat out WRONG , we have never been late on our payments until a few months back and we a company doing our Loan Modifications we have 2 loans one with GMAC that is the second Mortgage and they gave us no problems at all they approved it and cut our payment in half , well that was 2 months ago and Indymac/One West is lying and say oh we did not get the paper work amd then we send it in and they say they did not get it , all they do is lie to us , well today someone knock at our door and is trying to take our house from us , they make more money if we are all on the streets this is American wow what a way to live , we did not ask for any of this to happen and neither did the rest of the American People and it is about time for SOMEONE TO HELP US ALL , EVERY STATE NEEDS TO PUT A FREZZE ON ALL FORECLOSURE , AND SHORT SALES DON’T WORK BECAUSE ONE WEST WILL NOT ACCEPT ANY OFFERS , I AM IN THE STATE OF FLORIDA AND THERE ARE SO MANY PEOPLE IN TROUBLE HERE . I AM NOT PROUD TO LEAVE IN A PLACE WERE THE BANKS ARE ALOUD TO STEAL FROM THE AMERICAN PEOPLE AND THEY ARE GETTING AWAY WITH IT . JUST MAKE ME SO SICK .
Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses
December 1st, 2009 • Related • Filed Under
Filed Under: Avoid Foreclosure • FDIC • HAMP • IndyMac/OneWest • facing foreclosure • featured • government-abetted fraud
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.
History
Indymac was a national bank in the U.S. It was insured by the FDIC. On July 11, 2008, Indymac failed and was taken over by the FDIC.
Indymac offered mortgage loans to homeowners. A large number of these loans were Option ARM mortgages using stated income programs. The loans were offered by Indymac retail, and also through Mortgage Bankers would fund the loans and then Indymac would buy them and reimburse the Mortgage Banker. Mortgage Brokers were also invited to the party to sell these loans.
During the height of the Housing Boom, Indymac gave these loans out like a homeowner gives out candy at Halloween. The loans were sold to homeowners by brokers who desired the large rebates that Indymac offered for the loans. The rebates were usually about three points. What is not commonly known is that when the Option ARM was sold to Wall Street, the lender would realize from four to six points, and the three point rebate to the broker was paid from these proceeds. So the lender “pocketed” three points themselves for each loan.
When the loans were sold to Wall Street, they were securitized through a Pooling and Servicing Agreement. This Agreement covered what could happen with the loans, and detailed how all parts of the loan process occurred.
Even though Indymac sold off most loans, they still held a large number of Option ARMs and other loans in their portfolio. As the Housing Crisis developed and deepened, the number of these loans going into default or being foreclosed upon increased dramatically. This reduced cash and reserves available to Indymac for operations.
In July, 2008, the FDIC came in and took over Indymac. The FDIC looked for someone to buy Indymac and after negotiations, sold Indymac to One West Bank.
OneWest Bank and its Sweetheart Deal
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.
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
OneWest Bank and its Sweetheart Deal
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.
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!
From: Lappos, Amy
To: oldstuffone@optonline.net
Sent: Thursday, December 10, 2009 9:30 AM
Subject: Out of Office AutoReply: please read so you can see whats going on!!!!
I will be out of the office until 12/14/09. I will not be checking my emails until then. You may seek immediate assistance by calling the office at 203-333-6600.
Thank you,
Amy
PLEASE ANY ONE THAT HAS A COMPLAINT RE indymac/one west FILE AN ONLINE COMPLAINT WITH THE OFFICE OF THRIFT SUPERVISION THIS IS THE FEDERAL AGENCY THATS REGULATES ONE WEST.
Comments to the president about indymac bank please call and tell the your comment thank you: 202-456-1111 tell him how onewest is frauding you!!!
this is why no modification!!!IndyMac or OneWest Bank Complaints – Loan Modification joke
Review all IndyMac or OneWest Bank complaints
IndyMac or OneWest Bank
Posted: 2009-12-12 by Rebecca
Loan Modification joke
Complaint Rating:
Company information:
IndyMac a division of OneWest Bank
151 N Lake Ave
Pasadena, California
United States
onewestbank.com
Exercise your 1st Admendment rights. TELL INDY MAC/ONE WEST BANK HOW YOU FEEL.
I am also a jerked around customer of IndyMac/OneWest.
They are the most dysfunctional, disorganized evil bank ever. I sent and resent and sent again documents. Each time they claimed to have “no record”. I was told by their own employees to STOP making my mortgage payments and would receive a loan modification “way before” any foreclosure. Well…jokes on me. IndyMac NEVER modifies anyone’s loan.
I have joined a group of other IndyMac customers in Southern CA.
We have a protest planned for January 4 2010 outside the corporate offices of IndyMac located in Pasadena, CA the address is: 151 N Lake Ave, Pasadena, CA. If you can join us around noon, that would be fantastic.
If cannot join you could email me your protest and I will hand deliver it. You may reach me at: becly@aol.com. My name is Rebecca Boyle.
Also send your comments to moveon.org the organization George Soros supports. Soros is one of the MAJOR investors in IndyMac and is increasing his already billions by screwing around taxpayers and IndyMac investors.
More Good News For Indymac and Bankers in General – Bad news For Taxpayers and Homeowners
U.S. House Rejects Mortgage “Cramdown” Measure
WASHINGTON (Reuters) 12-11-09 – In a win for the banking industry, the U.S. House of Representatives voted on Friday to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distressed homeowners.
What does this mean to the average homeowner?
My opinion follows:
Yet again the powerful banking lobby with plenty of taxpayer cash available has defeated the interest of the taxpayer by lobbying hard and fast against a bill that would allow bankruptcy judges the ability to use their discretion when discharging 2nd mortgage debt.
As long as politicians fear losing elections the will and best interest of the people will never prevail.
Our government has become the possession of the special interest and corporations. One only need look at the debate and progression of this issue as an indication of what happens when politicians have the ability to give back money to their campaign contributors in the form of a bailout unabated by rules prohibiting the use of these same funds for campaign contributions.
I have spoken to many, many homeowners who have tried unsuccessfully to get assistance from the same Congressmen and Senators who have thrown this bone to their banking industry benefactors.
IF YOU BELIEVE WHAT THEY HAVE DONE HERE IS A SHAME….
Write, email and/or call your politicians TODAY!!!
Find your Congressperson here:
https://writerep.house.gov/writerep/welcome.shtml
Find your Senator here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
If you are in trouble and fear you might lose your home Bankruptcy may be the answer. In order to determine if this is the best course of action for you, seek out a GOOD Bankruptcy attorney who has a lot of experience with not only Bankruptcy, but also Foreclosures, and Debtors Rights.
You can get FREE advice and assistance information here:
http://www.loanmodman.com
by:
Dan Harris
If you are battling with Indymac for assistance on your primary residence, you should know everything there is to know about HAMP. Do your homework it will come in quite handy when Indymac gives you a problem.
6 Things Every Struggling Homeowner Should Know About The Obama Home Affordable Modification Plan
When 1st announced the HAMP program was touted as the be all and end all that would solve the ills of the mortgage meltdown. To homeowners caught up in the worst housing collapse in recent history it was a welcome piece of good news.
I am in the camp that believes that loan modifications need to be properly designed to work. At risk homeowners needed some help and hope, the Obama administrations plan to restructure loans gone bad is suppose to help four million home owners prevent foreclosure.
These are the 6 things you should know about the program.
1. Value: To qualify for HAMP a loan servicer will perform what is called a Net Present Value Test. This test simply compares the expected cash flow that the loan would generate after modification to the expected income if the loan is not modified. This means that if it makes more sense to modify economically the servicer is supposed to make that choice. To further entice servicers to modify loans the government has instituted subsidy payments to them for modified loans.
2. Payment Reduction: HAMP counts on the idea that struggling homeowners will keep their homes regardless of current value if they can make their monthly payments. Homeowners who are upside down when given the choice will keep there homes as long as they can afford to make their payments. Most people will not “walk away” from their primary residence because it’s worth less than they owe. Rather, people “walk away” from their homes when they can’t afford to keep up with the payments. HAMP is designed to achieve lower payments in comparison with loan modifications early on in the mortgage meltdown which brought mortgages current but left payments alone or even increased payments.
3. Debt-to-Income: The Obama administration’s plan forces servicers who have signed on to reduce monthly payments to between 31 percent and 38 percent of the borrower’s gross monthly income. The servicer is required to get the payments down to 38 percent and then the government subsidizes a further reduction down to 31 percent. The steps of the program guide the servicer to begin the payment reduction by first reducing the interest rate to as low as 2 percent. If that does not bring the payment down to a debt-to-income ratio of 31 percent the next step in the process is to extend the amortization up to 480 months. The last step in the process is completely voluntary and as of the date of writing this article most servicers have resisted it. This step in the process asks servicers to reduce the principal balance of the loan in one hundred dollar increments until the 31 percent threshold is met. I believe that making this part of the program voluntary has slowed the effectiveness of HAMP in slowing foreclosures and hampered efforts to help at risk homeowners.
4. Valid Hardship: HAMP is designed to help homeowners who have been hurt by the recession. Only primary residences are eligible for participation in the program. Investors and speculators can’t take advantage of HAMP. Some of the hardships considered to be valid are loss of income due to job loss, illness, divorce, military service etc.
5. Income Verification: Many borrowers who were able to obtain mortgages during the housing boom without having to provide income documentation may be surprised by the level of income verification that comes along with HAMP. Banks that wrote sign and drive or liar loans without as much as a job listed on the loan application now require complete documentation for a HAMP payment reduction. Some of the items an at risk borrower will need are pay stubs, bank statements, tax returns, profit and loss statements, SSN statements, pension statements etc.
6. Trial Period: One part of the plan that has caused problems and unnecessary delays is the trial payment period. The trial payments are designed to “train” borrowers to make on time payments. There is a strict requirement that payments being made during the trial period must be on time. There is no “grace period” for the borrower to stretch out the payment date. A borrower who plays games during this phase is playing with fire. If you are one day late with a payment the servicer can cancel your modification with no questions asked. Many servicers have been unable to submit the paperwork and process HAMP modifications efficiently enough to complete the modification during the trial period. Many homeowners have had to make 6 or 7 trial period payments while waiting for their modification to go permanent. If you are in the trial period make absolutely sure you make very single payment on time and comply with every request for documents.
Homeowners who are able to qualify for and obtain a HAMP payment reduction will be rewarded by saving hundreds of thousands of dollars in interest over the life of the loan, along with being able to continue living in the home for years to come.
For more information on HAMP visit: http://makinghomeaffordable.gov/
Homeowners looking for advice can contact the author at: http://www.loanmodbook.com
Dan Harris – All Rights Reserved
7 STEPS TO MODIFYING YOOUR MORTGAGE
If You Are A Homeowner looking to modify your mortgage being prepared is the key to success.
These 7 helpful hints will put you well on your way to gettiing it done.
HOW TO SEQUENCE THE NEGOTIATION PROCESS
1. Call your lender and ask them to send you a mortgage payoff statement, this is a letter that tells you how much you would need to give the lender to completely pay off your loan, this letter also includes other details, like a breakdown of all monies owed, arrears, late fees, legal fees, etc… This will help you when you are figuring out what you owe the lender, and calculating payments for your proposal. Many lenders will take a few days to get this to you, so order it right away.
2. Determine The Properties Value:
The following are some of the sources available for doing this…
http://www.comps.com
http://www.cyberhomes.com
http://www.zillow.com
http://www.propertyshark.com
- Get a Local Realtor CMA
3. Get info on Loan Mod Policy of your lender:
- Call your lender and ask about their policies for loan modification
- Call a few times so you get different people on the phone
- Get their documentation requirements
4. Gather necessary documentation:
- Mortgage Payoff Statement
- 1 Month of Paystubs
- 2 months bank statements
- IRA, 401K, or other retirement fund statements
- Stocks, bonds and other assets
- ALL of your MONTHLY bills
5. Prepare Monthly Income and Expense Letter:
See samples in FORMS section of this book
6. Write Hardship / Loan Modification Proposal Letter:
See samples in FORMS section of this book
7. Send out your RESPA 6 document request letter:
See samples in FORMS section of this book
- By fax and certified mail and e-mail
- Get every fax number at your lender known to man, yes, in every
department,office, nook and cranny in their company.
- Get every e-mail address you can find at your lender
- GOOGLE search for this info (your not sleeping at night anyway)
Now that you have a complete package it’s time to plan your attack.
If you followed my instructions above you are already light years ahead of most people who try to negotiate their own loan modification. Once you get your negotiator on the phone you must be polite, but firm. They have the ability to help you get the best deal available.
You’re almost there now, buckle in and get ready for the ride.
Homeowners looking for advice can contact the author at: http://www.loanmodbook.com
Dan Harris – All Rights Reserved
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Get Email Alerts from this Reporter Obama Administration To Shame Lenders That Don’t Offer To Modify Mortgages
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First Posted: 11-30-09 04:57 PM | Updated: 11-30-09 05:11 PM
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Read More: Bailout, Bailout Bandits, Barack Obama, Congressional Oversight Panel, Elizabeth Warren, Financial Crisis, Foreclosure, Foreclosure Crisis, Hamp, Home Affordable Modification, Homeowners, Loan Modifications, Making Home Affordable, Mha, Mortgage Servicers, Mortgages, Business News Get Breaking News Alerts
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CommentsIts signature foreclosure-prevention plan having definitively failed to actually help very many homeowners, the Obama administration today announced its new strategy to get balky lenders to the table: Nagging.
The U.S. government will start to publicly identify those companies that are failing to give troubled homeowners permanent loan modifications, and hound them daily to monitor their progress, the Treasury Department declared.
Top servicers will be required to submit a schedule demonstrating their plans to reach a decision on each loan for which they have documentation and to communicate either a modification agreement or denial letter to those borrowers. Treasury/Fannie Mae “account liaisons” are being assigned to these servicers and will follow up daily as necessary to monitor progress against the servicer’s plan. Daily progress will be aggregated by the end of each business day and reported to the Administration.
The Home Affordable Modification Program (HAMP) was launched in March to much fanfare as the administration’s main response to a growing foreclosure problem. The government would provide cash incentives to mortgage servicers that reduced monthly payments for distressed homeowners, and that way those who were facing higher payments or lower incomes could stay in their homes.
But the program, which the administration refers to as “a primary focus of financial stability efforts,” has been a disaster according to consumer advocates, economists, housing experts and government watchdogs. It does nothing for those who have lost their jobs, because they have too little income to qualify, and could make things even worse in the long run for those homeowners who owe more on their mortgage than their homes are worth, because the plan does not require principal reductions.
Furthermore, only a tiny proportion of the relatively few homeowners in the program have obtained permanent relief. As of Sept. 1, only 1,711 homeowners, or less than two percent of those who received a temporary modification under Obama’s plan, ended up with a permanent fix, according to a report by the Elizabeth Warren-led Congressional Oversight Panel.
And yet, the plan has cost taxpayers about $27 billion so far.
Meanwhile, as many as 3.4 million homes are expected to enter foreclosure by year’s end, with some experts estimating that next year will be even worse.
The administration’s latest push — shaming the mortgage companies — is “certainly a step forward after six months of operation,” says Alan White, a law professor at Valparaiso University who has written extensively on mortgages and foreclosures. “But it’s not going to help by itself.”
Story continues below
I think no matter what we want the best credit score at all times. Writing dispute letters and sending them to the creditors can be frustrating. My FICO never changed until I finally found a non profit that had lawyer style credit dispute letters. They ahve inquiry removal letters which always boost even the best credit scores. BestCreditRepairLetters.com is a site ran by volunteer credit repair experts that offers credit dispute letters for credit inquires, late comments, collections, charge-offs, etc. They have examples on the website that show their letters work.
AN EMAIL SENT TO ME FROM JOHN OLINSKI, VP LOSS MITIGATION ONEWEST BANK
Olinski, John
to Corporate, me, tami.luhby
show details 12/7/09
Ms. Jackson,
I will check the status of your request and make sure you get a response later today or first thing tomorrow morning. I apologize for the difficulty you have encountered, but can assure you no one is lying or stalling. We have completed thousands of loan modifications for borrowers experiencing financial hardship and have strong incentives to provide modifications for all eligible borrowers. If you are eligible, we will provide a HAMP loan modification. If you are not, we will clearly explain the reasons and offer alternatives.
Sincerely,
John Olinski
P.S. For whatever it is worth, the Bank did not receive a bailout. It was taken over by the FDIC in July 2008 and a portion of its assets were sold to investors.
******************************************************************************************************
This is the response I received back from the VP of Loss Mitigation at One West Bank. I received a notice of my property’s sale date shortly thereafter. The problem that we all face is the fact that OneWest Bank has numerous loans underwater; and, they simply do not care! I have a pending sale date of January 11th, 2010 and just recieved a HAMP package which is due to them by 01/24/10. A date which is clearly after the sale date. I have spoken to 30 customer service representatives who all give me a different answer to the same fundamental question, “Will my sale date be delayed pending review of my financials?” The answer is no, yes, and maybe every time. There is no oversight and the ship is on autopilot. I will have to file chapter 13 and continue to fight with them. My income dropped by 57,000 dollars to 39,853 a yearbut the HAMP program payment is just 200 dollars less than the original mortgage.
John,
I have filed Chapter 13 and they say they cannot do a loan modification when in BK. Have you contacted http://www.naca.com They seem to be the only ones to stop sales. Also contact your congressman and senator’s office. See if they can do anything.
Let me know if you have anyother information on BK.
Thanks in advance.
did you try to contacy Mr. Olinski again concerning this?
JK.Huey@owb.com
felicia.washington@imb.com
bart.vincemt@owb.com
terry.laughlin@owb.com
aka terrance.laughlin@owb.com
OneWest Bank 1901 W. Braker Ln. Austin, Texas 78756
Correction that;s felicia.washington@owb.com
Hi Jayne!
Thanks to your postings here I have actually got in touch with a few people at OWB! I have been talking with Felicia Washington, Dan Mandick, and received a reply email today from John Olinsky! As of now, my file is with Dan in the “escallation dept.” being reviewed again. I should know something by tomorrow or Friday Dan told me.
What do you think of all this? Do you think they will approve me if I keep fighting, because I will, I am not giving up!! I made all of my trial payments on time and my income is enough to cover the new trial payment, even a bit more. I do not understand the delay but this has been the single biggest stress I have had in my life and I can’t wait for this to be done, if ever. I will fight this to the death if I have to!!!
Thank you for all your info on OWB, truly, you have helped me greatly and I am seriously surprised at how fast of a response I have received from all these people at OWB.
Thank you,
Aaron Kuhl
Aaron, keep fighting, There is a Great book by Iris martin”Mortgage Wars”
and for people like myself who have been illegally foreclosed upon and
lost their property through the Indymac Bank/IndyMac Federal Bank F.s.B. under the receivership
B.S. by the FDIC and the OneWest Bank Sweetheat deal,
there is an option to sue the banks, officers and employees for post eviction monetary awards
and damages, attorney fees etc.
don’t forget that OneWest Bank paid $18 million dollars for their new corporate
building on West Braker Lane in Austin Texas with all of our foreclosed property dollars
in my opinion.
Good luck,
Jayne
I have used equifax in the past and found the service to be quite accectable. Most of the credit rating companies are fairly similar anyway
CLASS ACTIONS SUITS NOW BEING FORMED AGAINST INDYMAC ONE WEST BANK. FOR MORE INFORMATION REPLY.
Can somebody on here please help me? I have a foreclosure sale date of 02/26/10. I am currently awaiting a decision from IndyMac Bank/ One West Bank whether I will be approved for a permanent loan modification.
I recently became a member of NACA and started the process with them. I also had a loan forensic audit completed via NACA’s company for their members. They found violations on IndyMac.
What else can I do? Can anybody here help me out? I have unsuccessfully been able to find attorneys in the Phoenix area who deal with this kind of thing.
Hi Melody,
I am associated with a national group that has filed two class action suits in the past months against lenders. They are intending to file many more. In addition to being part of a class action suit, they will negotiate with your lender and guide you through using tactics if nothing more to stall any action against you.. It has become quite obvious that Indy Mac/One West Bank is more interested in foreclosing than modifying which is more profitable to them I too am an Indy Mac victim. It is only when they are threatened legally that they start crunching the numbers and it makes sense for them to negotiate. If you are pleased with NACA then I cannot give you any other advice except, I myself, again being a victim of the Indy Mac/One West criminals, am starting a grassroots base of people like yourself. I invite you to join this base, to share ideas, information, tactics, names, etc, I invite all Indy Mac One West borrowers. Knowledge is power. Kudos to you for reaching out. If you care please reply. I hope to hear from you.
Robert
Robert,
Does this class action lawsuit group include homeowners in Phoenix? I am interested in more information in the event NACA is unable to help.
The calss action suits are being filed in different states and jurisdictions. Much is focused on predatory lending, errors, etc
The suits are beling filed by a national group against many lenders.They just completed California districts. Soon they will be filing in AZ. This group also helps struggling borrowers in many ways.I will send you more information later…a link to their program. Please send me you email or make up a private one wher I can send you the information. YO can view the programs, the lawsuits, videos,etc.
Robert,
You can email me at mbowdell@hotmail.com.
Mel
Robert,
What is NCAC? They are foreclosing on me Jan. 4, 2011. They told me to stop payments last Dec. 2009 which I did…in order for them to talk to me about a modification. We have been sending them papers for a year, then I received this letter at the beginning of Dec. I’m a realtor and have a closing Jan. 3th, but they don’t care…they only want income in the last 90 days. Yet they asked for my 2009 Tax Returns, which I provided. They said they are required to ask for them. It’s like they have their mind made up. Is there a class action law suit and would my case be helped by it? Thanks for your time.
Vennie
I am interested in a class action suit in Florida ASAP Thank you so much for any help. I have been going through this hell for almost 1 1/2 years now
I am counter claiming against OneWest on the grounds that they did not meet the requirements under FDCPA 15 U.S,C, 1692g and I am going to attempt to prove that the Shared Loss aggreement is illegal and an unfair business practise in that it violates the FTC act of 1914 in that it has remove there need to compete due to the profits gained through our loss.. If you have anything you could provide to help please do.
PLEASE GO TO WEBSITE FOR HELP
http://www.indymaccomplaints.com
WE ARE READY TO FIGHT THEM
YOU HAVE NOTHING TO LOSE IN JOINING
ALL STATES CAN JOIN
WE WANT TO SAVE OUR HOMES
AND PUNISH INDYMAC
FOLLOW DIRECTIONS AT WEBSITE
AFTER YOU GIVE THE INFORMATION ASKED FOR
YOU WILL BE CONTACTED WITH INFORMATION
EMAIL ADDRESS IS indymaccomplaints@g mail.com
you have nothing to lose this is the start of the process
THANKS PLEASE TELL MORE PEOPLE SO WE CAN PRCEED QUICKLY AS SOON AS WE GET ENOUGH PEOPLE WE CAN GO!!!-
Robert, Any class action suits in California. I am pushed out. They added such a huge escrow account on my account that I wasn’t able to make payments in a chapter 13. So becasue of this I had to file Chapter 7 and guess what I got in the mail…a delinquent tax notice…tell me this is legal!!!
Sale date June 24.
To all victims of Indy Mac and One West Bank, we are organizing a base to file class actions suits. Please describe your situation in a brief paragraph.
Please reply if interested.
I am in a trial plan with IMB/OWB for the past 5 months and was recently denied yet still in a “escallation dept. review” but have no confidence it will go through. I have emailed everyone at that GD bank and will fight to the death if I have to!! They denied me because my home value is “too low”!!! WHO’S ISN’T LOW IN THIS MARKET??? It’s BS!!
I WILL DO WHATEVER TO SAVE MY HOME SO CONTACT ME AND LET ME KNOW WHAT I CAN DO OR HOW I CAN HELP!
THANKS!
AARON KUHL
AXMXKX@MAC.COM
HI Aaron.
I hear this everyday and I hope we have a solution for you. I searched several months and found Home Protection Group seemed to have the answers I needed. I presume you property is in California. What city?
Please read the below letter…and outline of Indy Mac One West tactics and contact me. The letter has a link to our website.
Thank you for contacting me. My name is Robert. I am affiliated with a nationwide agency, Home Protection Group (HPG), to work with people like yourself in fighting to keep your home and properties.
As a representative of HPG, I specifically concentrate on the IndyMac One West Bank borrowers. I believe HPG can be a tremendous information source and personally guide you through a successful process of keeping your home and properties.
HPG is a several month old national organization that has of this date filed two class action suits against different lenders. More suits in different jurisdictions are coming. In addition to class action suits, HPG assists people in all stages from being current to eviction and provides other financial servcies.
Why do I personally focus on IndyMac/One West Bank? Every lender is different. Because of the collapse of IndyMac Bank and the following takeover by Michael Dell and George Soros, as the new One West Bank, a sweetheart deal (see below) was made for them with the blessings of the FDIC. This deal has left many people in what appears to be a hopeless state of trying to modify their loan or even short sell their property.
In addition to representing HPG, I am creating a base of Indy Mac/One West borrowers for several reasons. One to share with others, information, developments, successful tactics, contacts and other information. Secondly, this base group will be valuable politically and legally in fighting IndyMac/ One West Bank. I would like to keep you in the loop of members and keep you updated and informed. Also information you provide us on your situation may be helpful to others.
For now you probably need HELP NOW. Please visit the website:
http://www.HomeOwnerProtectionGroup.com.
Take ten minutes to review the information, the existing class action suits, the help we can provide you, etc. For many people this has been the only avenue to fight and try and save their homes and properties.
Don’t lose hope, there are tools to help you. You are not alone. Feel free to contact me anytime at the email below.
Sincerely.
Robert
homefighter@yahoo.com
AS A FORCE OF MANY WE CAN BE MOST EFFECTIVE THAN FIGHTING ALONE.
What happened with the IndyMac situation:
About the Author
Patrick Pulatie is the CEO for Loan Fraud Investigations (LFI). LFI is a Forensic/Predatory Lending Audit company in Antioch CA , and has been doing homeowner audits since Nov 07. LFI works daily with Attorneys throughout California , assisting homeowners in the fight to save their homes. He and Attorneys are constantly developing new strategies to counter foreclosure efforts by lenders.
See All Posts by This Author
Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses
December 1st, 2009 • Related • Filed Under
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.
History
Indymac was a national bank in the U.S. It was insured by the FDIC. On July 11, 2008 , Indymac failed and was taken over by the FDIC.
Indymac offered mortgage loans to homeowners. A large number of these loans were Option ARM mortgages using stated income programs. The loans were offered by Indymac retail, and also through Mortgage Bankers would fund the loans and then Indymac would buy them and reimburse the Mortgage Banker. Mortgage Brokers were also invited to the party to sell these loans.
During the height of the Housing Boom, Indymac gave these loans out like a homeowner gives out candy at Halloween. The loans were sold to homeowners by brokers who desired the large rebates that Indymac offered for the loans. The rebates were usually about three points. What is not commonly known is that when the Option ARM was sold to Wall Street, the lender would realize from four to six points, and the three point rebate to the broker was paid from these proceeds. So the lender “pocketed” three points themselves for each loan.
When the loans were sold to Wall Street, they were securitized through a Pooling and Servicing Agreement. This Agreement covered what could happen with the loans, and detailed how all parts of the loan process occurred.
Even though Indymac sold off most loans, they still held a large number of Option ARMs and other loans in their portfolio. As the Housing Crisis developed and deepened, the number of these loans going into default or being foreclosed upon increased dramatically. This reduced cash and reserves available to Indymac for operations.
In July, 2008, the FDIC came in and took over Indymac. The FDIC looked for someone to buy Indymac and after negotiations, sold Indymac to One West Bank.
OneWest Bank and its Sweetheart Deal
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.
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!
Pooling And Servicing Agreement
When OneWest has been asked about why loan modifications are not being done, they are responding that their Pooling and Servicing Agreements do not allow for loan modifications. Sheila Bair, head of the FDIC has also stated the same. This sounds like a plausible explanation, since few people understand the Pooling and Servicing Agreement. But…
Parties Involved
Here is the”dirty little secret” regarding Indymac and the Pooling and Servicing Agreement. The parties involved in the Agreement are:
• The Sponsor for the Trust was…………Indymac
• The Seller for the Trust was……………Indymac
• The Depositor for the Trust was………..you guessed it………….Indymac
• The Issuing Entity for the Trust was……………….(drumroll)……………….Indymac
• The Master Servicer for the Trust was……..once again………Indymac
In other words, Indymac was the only party involved in the Pooling and Servicing Agreement other than the Ratings Agency who rated these loans as `AAA’ products.
To make matters worse, Indymac wrote the Agreement in order to protect itself from liability for these garbage loans. By creating separate Indymac Corporations — which the Depositor, Sponsor, and other entities were — Indymac created a bankruptcy-remote vehicle that could not come back to them in terms of liability. However, they did not count on certain MBS securities and portfolio loans coming back to bite them and force them under.
Now, the questions become:
• If Indymac was responsible for Securitization at every step in the Process, and was responsible for writing the Pooling and Servicing Agreement, can they be held accountable for the loans that they are foreclosing on?
• Since Indymac was the Issuing Entity, can they actually modify loans, but refuse to do so because they can make money for OneWest Bank by refusing to do so?
• Does Indymac have to “buy back” the loan from the Indymac Trust in order to do a loan modification?
These are questions that I have no answer for. All I know is that at every step of the way, Indymac was involved in the process, and have taken steps to protect themselves from liability for loans that should never have been made.
Loan Modifications
As referred to earlier, the Agreement covers all aspects of the Securitization Process. With respect to Loan Modifications, the Agreement for Indymac INDA Mortgage Loan Trust 2007 – AR5, states on Page S-67:
Certain Modifications and Refinancings
The Servicer may modify any Mortgage Loan at the request of the related mortgagor, provided that the Servicer purchases the Mortgage Loan from the issuing entity immediately preceding the modification.
Page S-12 states the same “policy”:
The servicer is permitted to modify any mortgage loan in lieu of refinancing at the request of the related mortgagor, provided that the servicer purchases the mortgage loan from the issuing entity immediately preceding the modification. In addition, under limited circumstances, the servicer will repurchase certain mortgage loans that experience an early payment default (default in the first three months following origination). See “Servicing of the Mortgage Loans—Certain Modifications and Refinancings” and “Risk Factors—Risks Related To Newly Originated Mortgage Loans and Servicer’s Repurchase Obligation Related to Early Payment Default” in this prospectus supplement.
These sections would appear to suggest that the only way that OneWest could modify the loan would be as a result of buying the loan back from the Issuing Trust. However, there may be an out. Page S-12 also states:
Required Repurchases, Substitutions or Purchases of Mortgage Loans
The seller will make certain representations and warranties relating to the mortgage loans pursuant to the pooling and servicing agreement. If with respect to any mortgage loan any of the representations and warranties are breached in any material respect as of the date made, or an uncured material document defect exists, the seller will be obligated to repurchase or substitute for the mortgage loan as further described in this prospectus supplement under “Description of the Certificates—Representations and Warranties Relating to Mortgage Loans” and “—Delivery of Mortgage Loan Documents .”
The above section may be the key for litigating attorneys to fight Indymac. If fraud or other issues can be raised that will show a violation of the Representations and Warranties, then this could potentially force Indymac to modify the loan.
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.
One Final Question
It now becomes incumbent upon me to ask one final question. The Shared-Loss Agreement states the following:
2.1 Shared-Loss Arrangement.
(a) Loss Mitigation and Consideration of Alternatives. For each Shared-Loss Loan in default or for which a default is reasonably foreseeable, the Purchaser shall undertake, or shall use reasonable best efforts to cause third-party servicers to undertake, reasonable and customary loss mitigation efforts in compliance with the Guidelines and Customary Servicing Procedures. The Purchaser shall document its consideration of foreclosure, loan restructuring (if available), charge-off and short-sale (if a short-sale is a viable option and is proposed to the Purchaser) alternatives and shall select the alternative that is reasonably estimated by the Purchaser to result in the least Loss. The Purchaser shall retain all analyses of the considered alternatives and servicing records and allow the Receiver to inspect them upon reasonable notice.
Such agreements are usually considered to be interpreted to the benefit of the homeowner, as with HAMP and other programs. In legalese, it is called “Intent”.
What was the “Intent” of the Shared-Loss Agreement? Was the intent to provide OneWest Bank solely with a profitable incentive to take over Indymac Bank? If so, then OneWest has been truly successful in every manner.
Or was the intent to offer to OneWest Bank a way to be compensated for losses for foreclosures, but with the primary goal to assist homeowners in trouble? If this was the intent, then OneWest has failed miserably in its actions. And if so, could OneWest be actionable by the Federal Government for fraud?
In fact the true “Intent” was to limit losses to the Treasury Department. Each and every loan modification done would save the Treasury, and the tax payer, from 80-95 cents on every dollar.
Since, technically, One West would get 5-20 cents of any savings, it should have been an incentive to use foreclosure alternatives. But the reality is that the quick turnaround on foreclosure seems to give OneWest a better return. As a result, OneWest appears to simply ignore the intent and just foreclose (as far as I can tell).
So, OneWest’s failure to modify loans may actually amount to fraud on the Treasury and US taxpayers.
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.
Hello Aaron,
Look for your email from me. Trying to work with Indy Mac One West is most likely a hopeless waste of time and energy. It is quite clear that the deal they struck with the FDIC makes it more profitable to them to foreclose than make any other arrangement.
Robert, is the firm charging for the services? No one should ever have to pay money
to fight for their U.S. Constitutional rights.
Jayne
After my fathers death on August 19, 2009 my sister and I found our father was behind on his mortgage. We had to cut a huge check to bring the account current. I was checking on the principal account balance today 01-30-10 that we thought was a 30 year fix Mortgage come to find out it was a 30 year fix interest only, we thought we were paying $2,135.60 toward the principle BUT we are actually paying $1,796.88 that goes towards the interest and the rest goes towards the escrow tax and insurance $338.72 none goes towards principal. Looking for help asap…
I’m representing the seller on a ‘short sale’ located in Gardena California. We’ve had a ready/willing/able buyer going on 6 month. The MAJOR problem is your original BPO being about $80,000 to high-which has stalled everything. The negotiator has the buyers lender appraisal. Thats what it’s worth in todays market. The sellers does not want a foreclosure on thir record. The CEO of ONE WEST BANK should put an end to this nonsense. On behalf of the buyer and seller this transaction needs to close. Can’t anyone help? Why can’t a ‘resedintial appraisal’ be enough evidence of value. I’ve been in REAL ESTATE since 1989 and havn’t seen such a circus as this!
My husband and I were with IndyMac for the past 3yrs with our (80/20) ARM. We found out about the loan modification almost a year ago. We were told that we had to be behind 1 month to quailify. We submitted all the information 3-5 times but was told that I needed to send them a profit and loss statement because I had a home based business. About two weeks ago I received a letter from One West stating that they need a audtied profit and loss statement or a audited year-to-date income statement signed by a Certified Public Account. I have sspoken to reps before and let them know that I have a very small business and I prepare my own taxes and I only make about $3000 dollars a year. I was told to resubmit my profit and loss statement frome my income taxes. Two days ago I was contacted by a rep from One West (Darla) and she wanted to know if I was going to send in the audited profit and loss statement or the audited year -to-date income statement or did i want to close my application. She was very rude and was more like a bill collector than someone calling to help me with my situation. It will cost me around $200 to get the information they are asking for and I can’t afford it so I don’t know what to do or what my options are and who’[s to say it will be approved.
I lost my house to OneWest last August (2009). I wasn’t behind when I called them. They gave me a preliminary modification which was about $1,000.00 less a month. They said to make these payments why they tried to figure out my modification. I made those payments for 6 months then they filed a default notice stating that I was behind on payments. Technically I had been short paying my mortgage but it was per their agreement.
Once OWB filed the default notice they stated I had to catch up the arrears before they would accept any further payments. The arrears plus their late fees were over $10,000.00, I didn’t have the money to catch up, so the house ended up going to foreclosure. They wouldn’t let me short sale, they wouldn’t mod the loan.
Basically the sweet deal they made with the FDIC benefits them more by foreclosing. For selling my house for 50% less than I owed they made $152,000.00 profit. Why would they mod if the FDIC is going to cover 80-95% of their losses.. Some people deserve to lose their homes due to the fact they purchased more house then they could have ever afforded. A lot of people just need a little help to get back on their feet due to the bad economy. OneWest is a crooked financial instituion that doesn’t care about their borrowers or their situations. The bigger the loss they can show the more money they make.
Thanks Obama!! Your doing a great job! Keep up the great work with your transparent administration! Can’t wait for your healthcare plan! Hopefully it works as good as your mortgage bailout plan!
I am counter claiming against OneWest/Indy Mac in that they did not meet the law and requirements under the FDCPA 15 U.S.C. 1692g rule by not providing me with proper notice and terms when they took over IndyMac and my morgage. I also seek to prove that the sweetheart deal is illegal and an unfair business practise in that it remove the need to compete, rather to have fail our morgages in order to profit thereby putting us at an unfair and unreasonible disadvantage. I am repersenting myself Pro SE and would apperciate any thing anybody could offer to help in my defense.
Tuesday, April 20, 2010
To whom it may concern,
The abbreviated true story, when I originally got this loan I was a single mother with 6 children. So in June 2009 my home went in to foreclosure I was unaware of the RESPA and TILA laws and felt confident that (IndyMac-One West) bank would work with us. Well we tried to work with the bank they said they would send us the paperwork, well they did after several calls however the application arrived late, and when we spoke with the bank we were told there wasn’t enough time, to modify the loan so foreclosure proceedings continued. We went to a HUD councilor that told us we had no options but to file bankruptcy so in September 2009, we hired an attorney that sounded very honest and forthright he never mentioned TILA or RESPA laws as another option (which we asked for) he said the only way to stop this was to file chapter 13 bankruptcy. Once we had our court hearing (where he failed to file paperwork properly) he told us he would handle everything and he would be in touch, we ran into a problem where a couple of years of state taxes were missing and we need to find them or re-file, we got the documents need and sent them to the attorney and asked multiple questions on several occasions and never received so much as an email response from the lawyer if this isn’t lack of communication I don’t know what is. Well we had missed a couple payments and we called the attorney to see if we could work something out we never heard anything back and before the next month payment was due our chapter 13 was dismissed. Because of the dismissal our house was sold by the trustee of Weld County we were not notified of the sale and the bank bought it for 50,000 less than fair market value. I have been told it is legal for them to do this. We feel the bankruptcy lawyer to be at fault as well. We have to go to court on Monday the 26th of April 20, 2010 for the eviction hearing. What are we to do at this point?
After reading all of the negative IndyMac comments I see I am not alone. I will be gathering volunteer protesters to join me in Pasadena very soon to bring additional awareness to these terrible issues.
I have faxed 3 times, completed the online app (which has been terminated because I am now in default), and the sent certified mail (this was the most frustrating). The rep stated they actually can see that someone signed for the documents Aug 9th but they are unable to locate them. I was asked to fax to a different number but I am hesitant because IndyMac never received any of the previous faxes. If a company loses the certified mail then what chance do I have of ensuring the documents are received except for delivering them personally to Austin, TX. I am looking into contacting news stations to see if anyone will listen to my experience. This is terrible; the rep told my husband that notes indicate the documents were signed for but they have not been added to our file then he asked my husband, “What else do you want me to do?” IndyMac must have seminars for its employees to to have “Worst Practice” tactics!!!!!
CLASS ACTION PENDING AGAINST INDYMAC
WE ARE ASSEMBLING A CLASS ACTION SUIT AGAINST THE INDYMAC BANK.
ARE YOU AN INDYMAC BANK CUSTOMER WHO HAS BEEN TREATED UNFAIRLY?
WE ARE TAKING THEM TO COURT FOR DECEPTIVE TRADE PRATICES AND DECEPTIVE BUSINESS PRATICES. THE LAWSUIT IS ALSO FOR PEOPLE IN ALL STATES WITH PENDING JUDGEMENTS, FORCLSURES, PROBLEMS WITH MODIFICATIONS AND FORCIBLE EVICTIONS. TELL US HOW YOU’VE BEEN HURT, OR HOW THIS HAS EFFECTED YOUR SITUATION..MENTALLY, OR PHYSICALLY AND HOW YOU WERE TREATED BY THIS BANK. IF YOU ARE INTERESTED IN JOINING PLEASE GO TO indymaccomplaints@gmail.com WE WILL RETURN YOUR EMAIL WITH MORE INFORMATION.
YOU CAN ALSO FIND US ON FACEBOOK AT INDYMACCOMPLAINTS
TOGETHER WE CAN MAKE A DIFFERENCE