Having trouble modifying your home loan?
You are not the only one.
Indymac used to be an independent bank till it filed for bankruptcy in 2008 and was bailed out by FDIC. Later, IndyMac was bought and transformed into One West Bank by a private equity firm called Dune Capital Management, a group that includes billionaire George Soros and Dell Inc. founder Michael Dell, who agreed to buy the failed bank for $13.9 billion. The bank’s assets at the beginning of this year (2009) totaled $23.5 billion so they made some billions immediately at the time of purchase.
Then, they struck a 20/80 loss share deal with FDIC. OneWest Bank agreed to pick up 20% of the loss whereas FDIC would pick up 80%. IndyMac would end up owning the property after foreclosure, making a sweet profit from the sale of the house. Hence, they have no reason to modify home loans and every reason to take over our homes. Many other banks have similar agreements with FDIC, so in effect, these banks are profiting on taxpayer dollars. Translation: People are becoming homeless on your dollars.
The system needs checks and balances, as well as transparency. Urge Congress to stop foreclosures, launch an investigation into the unfair lending and loan modification practices now and create clear transparent guidelines to help homeowners with their loans.
It’s also for a class action civil lawsuit in every state. If you have been screwed over by IndyMac and One West Bank or know anyone who has, see what you can do here.