Original Indymac Video with FDIC Rebuttal | Personal Finance For Life / Jeff Underwood TV and Coaching

AlKaty: (June 13, 2010 5:38pm)

How do you know that the sweetheart deal that the FDIC is on the original loan? Your articles that you post are not from "strong News" sources. If this were actually true, ALL the regular news media outlets would be all over it. From reading the FDIC shared-loss agreement, I don't see what the video is stating at all! There are certain criteria's of the total loans. First 2.5 billion OneWest does not make anything. Then 80%, I believe, NOT from the original loan, but what they paid for the loan. AND only 7% of the loans are part of the shared agreement (probably the ones that were behind at the time of the buy out). ALSO, OneWest bought some loans for as low as 55% on the first mortgage and 37.5% on the second mtg (if they were 60 days delinquent). Those are most likely the loans that were not sold to investors. So tell me, why havent had seen this on "real" news sources? I honestly wish the video was true because OneWest would take my shortsale offer in a HEARTBEAT!!!!

sfletch: (June 13, 2010 7:41am)

FEDUP....I DO WORK HARD! 12 hours a day M-F and am a single mom! I got stuck in my mortgage due to a divorce from a husband who couldn't keep it in his pants!! Perhaps you should THINK BEFORE YOU SPEAK! I am sure there are MANY like me out there.

sfletch: (June 13, 2010 7:33am)

Add me to the thousands bieng jerked around by One West/Indy Mac. I had lost paperwork on first application & after 4 months was told I had to start over. Applied for second time and 4 months later, AFTER I sent a letter to corporate, was told I did not qualify because I was not behind in payments! My mortgage responsibilities are 60% of my income. I like many others was TOLD by OW/IM I needed to miss payments and re-apply. After additional income loss I did miss two payments & when I tried to set up a re-payment plan was DENIED that as well because "my income was negative each month"...NO KIDDING! They suggested I apply for a modification...CAN U BELIEVE THAT! Applied for THIRD time and have been on a "three month trial plan" now since Feb. w/no end in sight! They have RUINED my credit which was excellent!

angrytaxpayer: (June 07, 2010 7:02pm)

Thank you for finally making this public! In my case it is not Indimac Bank but Wells Fargo playing the exact same game. Mind you, when my loan modification was declined, based on lies, saying they never received my financial statements or other documentation, my case would have gone to "short sale status" immediately!!! At that point I had payed my mortgage on time every month!!! Had I not talked to them telling them NOT to initiate a short sale, they would have tried to do it, even though I had not been in default or late with my payments. Now I have a choice to re-start the process with them or with another bank. Knowing what I know now -- why would I do this? They have NO incentive to help the consumer, but EVERY incentive to let them fail. I regret, not being an attorney, because I smell class action lawsuit. This is not right, completely unethical, motivated only by greed, and was probably not intended to play out like this by our current administration.

LoanLawMan: (April 06, 2010 9:42pm)

Hey, Cipitiyo, we should talk. I work with a 30 year real estate and contract law firm, and I'd like to hear more about your situation. I'm currently helping several homeowners. and may have some options for you. LoanLawMan@hotmail.com

cipitiyo: (April 06, 2010 5:48pm)

I was negotiating with one west bank a loan modification and they are nothing but a bunch of liars! Point in case, after providing them with the documentation required, my modification was denied on 4/2/10 notwithstanding the fact; that I had provided every document that they asked for. Liars or thieves... you go ahead and figure it out!

realist1984: (April 05, 2010 1:04pm)

So "Conservative", what you're telling me is this. the bailout and healthcare are nothing more than a taxation without representation leveed upon the people without their consent and therefore should be if not totally illegal and only aid in making big business richer than they already are which means Obama is NO BETTER than George Bush of which the socialist democrats hate and have bad mouthed forever. Want the names of the 219 Congressman and 60 Senators that sold your butt down the road to Obama and his Comrades. Follow the directions at As An American Your Patriotic Mission Is To Blow The Hell Out Of Socialism And Here's Where To "Start" and Get-R-Done Listen to who pays. Did you hear the three ways you're going to get boned? You can find these two links are www.americagonestupid.com

Conservative: (March 12, 2010 4:26am)

Another Chicago organized crime of our world renowned National Insurance Salesman Mr. B.M. Obama (remember, it is about insurance, not health care).

nvrpc: (March 10, 2010 5:41pm)

Why isn't this on national TV for all to see how the American tax payer is getting the boner. Oh, I forgot, CBS, NBC, ABC and CNN are socailist and they'd never let this get out since it would show the true colors of the Obamanator, his klan and the fools that voted for him. http://www.americagonestupid, click on Grand Thief Homes

MCR: (March 05, 2010 8:19am)

Seafactor: A little fyi as you try and skew facts. Buffet owns Wells Fargo, not US Bank.

Randy: (March 04, 2010 7:32pm)

Why is anybody really surprised? The United States is run by criminals and outlaws. How do you get criminals to obey the constitution? Your really expecting that an organized crime racket to act honestly? Why are we so surprised? Have we been asleep for so long that we can't define what we are looking at? Now you know why they don't want the ten commandments on public land. People might suddenly realize that the law of God is being broken. Hey this is what happens when people separate the state from morality. Forget about separation of church and state. We have separation of state from morality. Short of some kind of social revolution we are all toast.

Southern Woman: (March 04, 2010 6:02pm)

Like so many others out there in financial hell, I was just turned down for a permanent HAMP by Chase after successfully completing 6 of 3 trial modification payments. My home is now about $300,000 underwater per the recent "appraisal" by a so-called qualified "appraiser." My payments are close to $8,000 a month and my income went down 35% in one year. Chase refuses to work with me and has treated with utmost cruelty and disdain. Go to www.musingsofasouthernwoman.blogspot.com to learn more.

LoanLawMan: (March 02, 2010 10:50am)

Ok, here I am again, ready to tell you all what we're doing here in California! Lenders are SCARED! We are taking back the leverage, and giving it to the homeowners! You might agree with me on this, but Lenders have made too much money preying on good people, and it stops now! If you, or someone you know, lives in CA, and is underwater in their home...was preyed upon by greedy brokers...was rushed to sign hastily written loan docs...was promised a low rate, only to have a much higher rate on the final docs...who's original loan was sold, maybe even several times, and now they pay someone different...IF YOU ARE IN FORECLOSURE, AND IN DANGER OF LOSING YOUR HOME...I CAN HELP!!!! Why just get mad, and rant on blogs, when you can GET EVEN! How would you like to have your principal reduced to FMV...interest rates fixed for 30yrs at par rate...potentially have your home free and clear? We are making wonderful things happen, and I want to help as many people as I can. tobismaximus at hotmail.

zman: (February 28, 2010 8:44am)

I'm upside down by 120,000. Only good thing is my adjustable rate is 2.25% above the 1 year libor. Hopefully I'm safe for a while. Lost my job and lived off of credit cards and lines of credit. Now forced to bankruptcy. Tried to work with every creditor but nay deal included a 50-60% pay back and still ruin my credit. Makes more sense to file bankruptcy and screw them all.

Randy: (February 28, 2010 2:21am)

The United States needs to be divided into Political Zones. We need a Zone for those of us who really believe in limited government and maximum freedoms to succeed or fail. We can have honest money and and honest banking system like state owned banks with the people being the owners. No paper money printing any longer. No more creation of credit out of thin air. Honest banking which of course is hard for us to imagine since we have never really seen honest banking in our lifetime. Look, the U.S. is toast. Every time you find a new scandal another pops up. Our financial system is bankrupt. Our political system is bankrupt. We are spiritually bankrupt. We are fragmented and there is no basis for political and social unity of purpose. Much more pain to come before the revolution occurs.

Bopbop: (February 27, 2010 6:44pm)

Seafactor! Throw us some links! If you're gonna tease us with some info, leave the source where you got it please...

Seafactor: (February 26, 2010 10:10am)

You guys should review the US Bank takeover of FBOP (Park National Bank) Holding Company in Chicago. Their deal is even better than the WestBank IndyMac deal. Who is the major shareholder of US Bank why none other than Barrack Obama's chief financial advisor and contributor Warren Buffet. Nice investment if you can get it. Thanks guys.

Kabbin Fever: (February 26, 2010 6:55am)

Excellent video... The only thing that I could add is the suggestion that everyone go out and get a copy of "The Creature from Jekyll Island" and read it. You'll have an even clearer picture of why this country is in the mess it is. In a nutshell, it is all the result of the creation of "The Fed" - essentially a cartel of Big Banks... and what is now happening seems to follow the book, chapter by chapter.

Gary: (February 25, 2010 12:38pm)

What about other lenders? Chase for example. Do they have a similar arrangement for a bail out?

olbluetoo: (February 25, 2010 12:12pm)

After 14 months, we finally gave up and let the house go into forclosure (Merry Christmas!). The week before the auction, a freind in the mortgage industry found out the truth and told us about the OneWest golden handshake. Make sense now. What was most interesting, we had been accepted for a modification in February last year. We signed the agreement and sent the first payment. In March, we received a notice that we no longer qualified. Now we know why. At least the Feds were willing to do something when they owned it.

madman: (February 23, 2010 6:46pm)

What, if any, recourse does a homeowner who was foreclosed on by One West have?

ch: (February 23, 2010 9:42am)

How about the Tax write off they have on the loss

Prez John: (February 22, 2010 5:55am)

I will be in touch to help get the word out on a massive scale. In the meantime, I will forward to many others. Thanks for the clarification. These *#@!$&!!'s don't even care.

Fed down: (February 21, 2010 11:04am)

It's true it took BOA 6 months to figure out that I didn't have a Freddie or Fanny for the "making home affordable" and are now trying an in house. if I knew that this was going to be such a joke I would have found a way to make up the 5 months i was in the rears... now i have to come up with 13 months of arrerages if this MOD fails and don't forget the lawyer fees and penalties in the tune of $10,000+. and for all you flip a burger mow a lawn people, i am a construction contractor and am looking for work, what do you need done at your house? prior to getting behind in 2009 i was behind in 2008. i made a deal with the bank and paid double payments for 4 months ($3,776.00)and got laid off the day i made my last double payment. that left me 0 savings for the next round want to see our 401 statement LOL. in closing monthly i have a auctioneer hear to divert potential bidders and he actually had told me the sweat heart deal the banks get prior to this video along with shortsale horrors.

Ren: (February 21, 2010 9:26am)

In July 2009 unfortunatly tried to modify my mortgage with IndyMac / OneWest bank and hade no luck. Now that i have heard your rarticle and this information on the profits that OneWest bank has reported. I just closed our Short Sale with IndyMac/ OneWest bank 12/30/2009 and did recieve a 1009c for the difference and who can help me with this transacton...

Brett in Colorado: (February 20, 2010 2:53pm)

@silent_ben_franklin. Awesome post. Thank you. I needed to hear that and my clients will be uplifted. That is the best sage advise ever.

Jeff: (February 20, 2010 2:24pm)

Have patience folks and hang on. Soon your wealth will be restored to you. Go to www.gotfr.org and check out the Restore America Plan. Click on the Media/Audio links and listen to January 31st call. Then log in via that site to a Sunday Night 2/21/20010 broadcast at 7pm central time.

Stack Jones: (February 20, 2010 3:20am)

a contract requires an offer, acceptance and consideration. consideration for the bank requires them to have some sort of monetary payment. they don't. they just push paper. therefore, no legal contact was ever entered into. don't believe me? check out the holding in the following case, which is still good law... first read this... http://www.webofdebt.com/articles/dollar-deception.php then the case. for all of you suffering over a loan. you legally are not contracted to anything because you don't have a valid contract. montgomery v. daly http://discharge-debt.com/id52.htm

Silent_Ben_Franklin: (February 19, 2010 8:12pm)

Robynlee & Zeitgeist - please don't let the bastards get you down. A couple decades ago I was where you are now. At a certain point you're better off sitting down with a notary, signing over the property, and mailing the keys. Tomorrow the sun will rise and sooner than you can believe you'll enjoy seeing it. Rediscover joy in simple things like your children, fall in love again, pursue a dream, write a book, volunteer for something inspirational, learn a new language, re-engage with people. .....That said, I still recommend a short sale. My understanding is that most banks will send out a 1099 for even a foreclosure. Chase and lenders like OneWest and Litton are completely obtuse. Don't let the bastards wear you down. ....Also, watch out for loan mod and other scams. HELP's note about forensic loan documentation is correct, but it's really long odds.

HELP: (February 19, 2010 6:57pm)

I am contesting my original loan documents with US Loan Auditors in Sacramento. My loan is fraught with illegality. My 8 months of attempting to get IndyMac Mtg. Svs. to modify my loan failed. I am current for now and I hope to make payments during this Federal case. Take up your right to justice in our country and sue them. It's called a forensic loan audit and it takes about a month with 6mo - a year of litigation. It's not going to be fun, but it's necessary to keep my home.

WordofMouth: (February 19, 2010 6:30pm)

Nice work guys! I've been waiting for someone official to start laying into you for the things you have been saying that have been cutting close to the corporate and governmental bone. Accurate reporting is more needed than ever. Keep up the passion, and looking after the mortgage broking industry. And catch you round Frank!

Chuck: (February 19, 2010 3:40pm)

In the olden people who acted in this manner were tarred and feathered.Now they are held up in great esteem by Uncle Sam, and other insiders,with the taxpayers left holding the bag.Goverment of the corporation,by the corporation, for the corporation.All this outrage at Washington.I'm not saying they aren't culpable,but people need to look at some of these jackals on Wall Street.

Bob: (February 19, 2010 2:25pm)

Anyone upside down by more than 25% needs to know about a new way to reverse it. This is a smoking deal. My friend just got his principal reduced 157,000 dollars. Wow! boblee747@cox.net

boblee747: (February 19, 2010 2:18pm)

I think I found a way out for most home owners. give me an email I will send over the information. boblee747@cox.net

robynlee57ny: (February 19, 2010 1:21pm)

Zeitgeist: I know exactly how you are feeling! I am so close to just walking away from it all. I have tried so hard to do the right thing by everyone that I am so far in debt I can't see the way out anymore. But hold on for a bit, we know we are right, and hopefully we will get what we are working for.

mortgageking: (February 19, 2010 11:57am)

You think that is amazing!! Indymac didn't care about how much they lent in certain areas and didn't even debt out the investment customer to build a house on the land they were buying.Then they realized they were over extended in an area and blamed me and other people and asked why they lent so much? I don't know you should know that. To big to fail, unregulated, and blaming others for what greed their top brass created.

Zeitgeist: (February 19, 2010 11:35am)

Thanks for the kind words, Silent Ben. Suffice it to state that I have looked into how the IRS code is interpreted and applied in my state. Your post is quite correct. In my case if I can not win the deal currently proposed to Chase then I will likely go to short sale in which case I will choose foreclosure over a short sale with a deficiency judgment. We'll see what happens in the end. At the rate I am receiving responses (not) I figure I could possible perish before Chase responds, anyway. Regarding the 2005 BAPCPA; you mean I'm not the only one who found this act to bear a striking resemblance to Swiss cheese? LOL...if I failed to laugh over the irony of the situation I'd probably be considering suicide at this point. PS - Robynlee57ny: My situation is the end result of very similar circumstances to yours and I am equally as fed up with people like FedUp, too.

robynlee57ny: (February 19, 2010 9:53am)

Why do so many people think like fedup does...everyone in my position deserves what they are getting. That everyone in my position went out and bought a house they couldn't afford and that they are all lazy and don't work. I've got news for you fedup, I've been in my home for 16 years. I refinanced when my abusive marriage ended and I had to pay the man off. I am a single mother, I work fulltime and I am a fulltime student. The broker who sold me this mortgage was paid $10,000 to tell me anything to get the deal done in 3 days. The mortgage papers were so conviluded that it took a lawyer 2 weeks to figure out what the terms actually were. The broker outright lied, so how is that my fault or the fault of any of IndyMac's other victims...we are victims as are the American people who are going to keep suffering if OneWest isn't made to do the right thing.

Silent_Ben_Franklin: (February 19, 2010 9:30am)

Zeitgeist, " IRS code deems the deficiencies “income” to the borrowers making their only hope of salvage (no sure thing) personal bankruptcy." Not necessarily. Under recent acts of congress, The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, if it's your primary residence, and the loss was the result of original loan and not a HELOC or cash-out refinancing, the IRS will forgive the income on a Form 1099. See form 4861 for details. Not all state tax agencies will do this, though. ............. A bankruptcy may not eliminate back taxes these days thanks to the Bankruptcy Abuse Prevention and Consumer Protection Act (sic) of 2005. This is not the most fallaciously labeled piece of %^&*( I've ever seen in my half century.

momyewest: (February 19, 2010 9:01am)

You bet other banks are also involved - not just One West Bank!

StephenV: (February 19, 2010 3:05am)

I am curious as to whether or not the arrangement presented in the video is only with One West Bank or also with other banks.

Zeitgeist: (February 18, 2010 12:37pm)

FedUp: Do you have "I voted for George Bush" or “I practice to contempt prior to investigation,” stamped on your forehead? If you don’t, please take some of the “hard earned” money you have and get one or both tatooed ASAP. You might want to pop your head out of the unmentionable location it is stuck in, at the present time, and make good use of your computer by researching "Central Banking System." As your second assignment I highly recommend watching Zeitgeist 1 and 2, which can also be found on the net. Although I don’t personally agree with all of Zeitgeist’s content, the information on the central banking system and the dumbing down of America are things you NEED to watch. You must bear a terrible burden being solely responsible for judging the entire US population's financial histories and portfolios. It gives me pause to wonder how you have time to work at all, hard or otherwise, given the monumental task of reviewing and judging the financial histories of an entire nation.

Franky: (February 18, 2010 8:37am)

My dear fellow Americans, Let me give you my advice. Take all your money out of these unscrupulous banks. Lets not feed them anymore. They are thieves with licenses. Put your money in your home, spend it wisely and lets not use banks anymore. It might be a little more complicated but at the end it will be beneficial to us.

AJAX: (February 18, 2010 6:26am)

FedUp - You are as blind as they come. This ONE video is one example that I just stumbled on today, which I already read about a month ago, is exactly about the money that YOU pay through your income taxes! You must not have children because that Federal Reserve and big banks are treating us like them. The reckless consumption is from our Government. Honestly open your eyes and spend one hours time and research the history of the Federal Reserve and our monetary system.

Woody: (February 18, 2010 4:37am)

"FedUp" - you are an idiot - go dig your ditch and let Goldman Sachs and the thieves in Washington rob you blind - you deserve how they treat you - WE DON'T!

Jim: (February 17, 2010 8:39pm)

How do we take the country back, they are stealing everything,

FedUp: (February 17, 2010 7:47pm)

Here's an idea: instead of watching this video go out and work. Shovel snow, mow a lawn, dig a ditch, wait a table, or flip a burger...unless you are one of the many Americans above a hard days work. But, if you are up for working hard, go and do one of those jobs and SAVE your money. Next, rent or purchase a home you can afford (not necessarily the one you think you DESERVE, but it'll do). You will then be able to pay your rent/mortgage and stop crying about rich people stealing your money. Americans spent more than we had for two decades. It's not the bankers, it's not the banks, it wasn't Freddie, Fannie, or Uncle Sam -- the problem is our nations insatiable appetite for stuff and reckless consumption. Enough whining already and get on with the business of moving forward.

Robynlee57ny: (February 17, 2010 1:57pm)

2 and 1/2 years ago I received an illegal mortgage from IndyMac. My lawyer was going to file a lawsuit, but before we could (a matter of hours) IndyMac went under and the FDIC took over. So my lawyer tried to find out who to talk to, didn't happen. Now OneWest started the modification process, but we are stalled because they want proof of my ex-husband's income. When my lawyer called to find out why, the person we have been dealing with, no longer there. So here we go again. Oh, I forgot to mention the $30,000 that has already been added to my mortgage because my payments were only paying for 1/2 the interest. I am wondering if this will ever end...I hope the "gentleman" who sold me my illegal mortgage suffers everyday for the rest of his life.

Concerned Citizen: (February 17, 2010 12:28pm)

Don't you love democracy - government by the people, of the people and I'm sorry did somebody say for the people??? Yeah for the "rich" and the "powerful" people maybe!

Natalee/ Realtor®: (February 17, 2010 12:05pm)

On Wed, Feb 17, 2010 at 11:43 AM, ThinkBigWorkSmall <tbwsdaily@thinkbigworksmall.com> wrote: New Discussion Post for Video Original Indymac Video with FDIC Rebuttal Author : ThinkBigWorkSmall doubter.don says: (Feb 17, 2010 11:42am) Does anyone know why the banks are ignoring the "Market Forces'? As a Realtor, my buyers are frustrated with the lack of quality resale homes available. Since most buyers can not live with the indefinite dates when dealing with a short sale, they end up buying new. We see where new home sales went up last month. Builders have the reputation of delivering on time, lenders in a short sale do not! Why do lenders cost themselves money by making short sales difficlt for buyers? They buyer will pay more if the home is in good condtion and THE BUYER KNOWS A DATE CERTAIN! a6april says: (Feb 17, 2010 09:06am) I totally agree with every1, and Paul is only 1/2 right, well maybe not even. People are upset, clearly.Blaming banks is not the way to go, if you crawl around on your hands and knees, only because you never thought to stand and walk and you see someone else do it, you say what a great idea! If you own a business &am

doubter.don: (February 17, 2010 11:42am)

Does anyone know why the banks are ignoring the "Market Forces'? As a Realtor, my buyers are frustrated with the lack of quality resale homes available. Since most buyers can not live with the indefinite dates when dealing with a short sale, they end up buying new. We see where new home sales went up last month. Builders have the reputation of delivering on time, lenders in a short sale do not! Why do lenders cost themselves money by making short sales difficlt for buyers? They buyer will pay more if the home is in good condtion and THE BUYER KNOWS A DATE CERTAIN!

a6april: (February 17, 2010 9:06am)

I totally agree with every1, and Paul is only 1/2 right, well maybe not even. People are upset, clearly.Blaming banks is not the way to go, if you crawl around on your hands and knees, only because you never thought to stand and walk and you see someone else do it, you say what a great idea! If you own a business & about to go bankrupt and you hire a small team & two quarters later your business is earning 800 mill giving them each a 10 mil bonus would seem petty, but you would give them that bonus without a 2nd thought. Why not pay the smart people, they can't catch a football or drive a race car but they thought of way to make you money.Problem is now every1 is going to do it which will eventually create a whole bunch of new problems.I shutter to think, but rest assured some smart guys are gonna find a way to manipulate that too. So here in lies the problem. As soon as it is profitable for homeowners instead of mortgages, it won't help all but would surely help some, maybe most.

timrwall: (February 16, 2010 7:42pm)

I actually had an IndyMac/OneWest negotiator tell me "it doesn't have to make sense, we can do whatever we want." Pretty ballsy I'd say. If I could pull my money out of all the banks and deal in nothing but cash I sure as heck would, but they've got us by the....well, you know what they've got us by.

Banker Boy :( : (February 16, 2010 7:40pm)

I work for a bank. It sucks but I need a job. The banks are even turning down people who have made their payments on time who are trying to get a better rate. Why? Unknown to me until I watched this video.

Jamie: (February 16, 2010 6:45pm)

I was a depositor of IndyMac and in 2008 I have lost more than 25K since it went bankrupt. In September 2008 they have passed a new law to increase the FDIC insured amount to 250K from 100K. We want this law to be retroactive and cover us--Indymac depositors whose had earned money was taken away from them-since the whole reason this law came into play was Indymac bankruptcy to begin with! And now seeing all these sweet heart deals FDIC giving to those big boys in Wall Street is just a slap in the face to all of us!

Zeitgeist: (February 16, 2010 5:14pm)

Am with U Pissed Off in Oregon & Frogger! My neighbor xperienced similar 2 U, Frogger. She requested modification/payment deferment thru an attorney & paid them $600 per month 4 more than a year. She still can not reach them by fone & was ultimately & quite summarily refused modification by BOA. Forced in2 short sale; 1 month ago she received firm CA$H offer but BOA refused it citing the offer was $50K less than bank mandated ask price. In our region there is a considerable gap between “ask” and “sold” price. Just 2day my neighbor received notice from BOA requiring her 2 reduce the ask price by $50K. She contacted the prospects from 1 month ago but they r now in the process of closing on a home 4 the $ame offer they presented 2 my neighbor just a month ago – the offer BOA refused to accept. Yo! PAUL! My neighbor is in her situation due 2 double unemployment & out of control/uninsured medical bills. WE MUST EDUCATE COLLEGE YOUTH – THEY R THE FUTURE & NEED GUIDANCE!

Pissed off in Oregon: (February 16, 2010 4:11pm)

Lets Get our Pitch Forks and Go poke these rats out from behind their Bales of money. We grow closer to a revolution in this country everyday. We were pushed over the edge somewhere back around the time of 911. The time for words is over. The time for action is now. Who is with me???

Frogger: (February 16, 2010 3:47pm)

Just lost a short sale to Indy/One after 8 months of negotiations. They had 2 good solid offers above reo values but still chose to foreclose. So I thought they would lose with that decision MMMMMMM. Class action suit anyone?

Zeitgeist: (February 16, 2010 3:17pm)

PAUL: A real estate broker for nearly 25 years I’ve seen a lot but nothing as profane as the current world economic situation. With short sales & foreclosures lenders sue, secure & record deficiency judgments against the borrowers for uncollected sums plus "costs." IRS code deems the deficiencies “income” to the borrowers making their only hope of salvage (no sure thing) personal bankruptcy. There are also scores of attorneys charging rip-off monthly fees to "defend" against foreclosure, who ultimately fail (surprise!) & then charge even more to file for borrower personal bankruptcy leading to another deficiency judgment to collect legal fees. Borrowers who are married couples are likely heading for divorce court, due to the unbearable emotional strain of chasing “the American Dream,” or, worse yet, remaining in toxic marriages because they can’t afford divorce; adding angry, toxic fall out kids to the mess. There are so many blatantly obvious pigs scrambling to feed at this trough the situation is nothing short of obscene. FYI PAUL: MOST HOME OWNERS upside down in their mortgages landed there trying to make ends mee

Bill: (February 16, 2010 1:18pm)

This all makes sense to me now. I am currently going through a short sale with another bank after trying unsuccessfully to get a loan modification approved. I doubt if OneWest is the only bank profiting from these policies. Now I understand what their real motivation was. Someone should forward these clips to 60 Minutes...maybe they would do a story on this.

Nat: (February 16, 2010 1:11pm)

This makes me sick and it is so true!

hitekcwby: (February 16, 2010 12:51pm)

Thanks for PAINTING the TRUE picture... If tha FACTS weren't right this video would be GONE !!

Brett in Colorado: (February 16, 2010 11:38am)

Does 'Paul" work for Goldman Sachs? Hey, this Blog has been more up front and honest than any main stream media I have followed. The sad fact is we little people have no voice and no lobby.

Beejay: (February 16, 2010 11:17am)

Keep it comin fellas, you are on the right trail, used to be in banking know the game! Oh and the game is bigger than you think.

Anonymous: (February 16, 2010 9:23am)

What is Paul even talking about? Are you just attempting to regurgitate something you heard another uniformed friend talking about?

It's all Crooked.: (February 16, 2010 9:09am)

Paul...you can't even form sentences that make sense. This is adult swim....get out of the pool. Go rip another tube and watch the Smurf's or something. Dingleberry.

Doug: (February 16, 2010 8:56am)

Shine the light of full disclosure and watch the cockroaches scramble! Thank god for the new media because the current lamestream media refuses to produce hard hitting investigative reports like yours. Excellent work fellas.

Deb: (February 16, 2010 8:04am)

I get it now! As a listing agent and a selling agent currently working short sale contracts, it makes "sense". Dollars and "cents" to the Big Banks! However, I have also currently modified my primary and HELOC, AND GET THIS, one of my investment properties! Still working on my others with numerous obstacles set by the banks. BTW, I'm forwarding this to my Congressman who assisted me by pointing me in the right direction for obtaining my modification.

Paul: (February 16, 2010 7:35am)

If homeowners don't have to pay back their loans to the bank, they why does the bank have to give me my back the money i put on deposit? After all, that's the same money the bank used to lend to the homeowner when he came in for a loan... All this populist pandering is a joke. The is no doubt a good-ol-boys club among the rich and powerful, there always has been... but it's not a conspiracy, it's just group think and reality. You guys are good marketers, but you are not intellectually honest. Go learn about something more than just mortgages before you go yelling 'Fire' and shooting your mouths off.

Rod: (February 16, 2010 5:40am)

Your story hit home. I am one of those homeowners fighting with OneWest.

Brett in Colorado: (February 16, 2010 5:36am)

You guys rock. Thank you!

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