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The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008. A Deutsche Bank spokesman declined to comment. Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United...

John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion Comment Now Follow Comments A gang made up of some of Wall Street’s biggest names and formed by former Goldman Sachs partner Steve Mnuchin is set to realize a big score from the sale of OneWest Bank to CIT Group CIT +11.19% for $3.4 billion. Hedge fund billionaires John Paulson and George Soros were part of the group that together with buyout baron Christopher Flowers and billionaire Michael Dell bought the assets in 2009 of the former IndyMac, one of the nation’s largest bank failures ever, from...

'Maybe you can start redeeming yourself by helping your fellow man' Kathleen Willey, the woman who courageously testified about being assaulted by President Clinton, is scheduled to lose her home in just three days in a bank auction – but, in a last-minute plea on behalf of millions of homeowners just like her, she has written to billionaire George Soros for help. Willey’s original home loan was issued by IndyMac Bank before the FDIC took receivership of the bank following the 2008 collapse. At the time of the FDIC takeover of IndyMac, it was the third-largest bank failure in U.S....

PANAMA CITY BEACH — Lindsay Hall took out a $200,000 loan in 2005 on her paid-off beach house with the understanding that her $600 monthly Social Security check would cover the mortgage payments. When her interest rate jumped more than a year ago, it raised her mortgage payments to $1,500. At that point, Hall started the fight to save her home. “I want to say I did my best to fight for the American dream,” said Hall, 70. Hall has negotiated with her loan servicer, IndyMac Mortgage Services, to modify her loan payments multiple times. Each time she negotiates payments...

In the summer of 2008 as McCain and Obama were in the midst of their campaigns to capture the presidency, a series of events dramatically changed the focus of the campaign from Iraq to the economy. From that point on, Obama took the lead and eventually won the presidency. Now, a full two years later, the Pentagon has issued a report on the series of events that led to the 2008 economic crash. Bill Gertz writes in the Washington Times: "Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or...

Angelo Mozilo The son of a butcher, Mozilo co-founded Countrywide in 1969 and built it into the largest mortgage lender in the U.S. Countrywide wasn't the first to offer exotic mortgages to borrowers with a questionable ability to repay them. In its all-out embrace of such sales, however, it did legitimize the notion that practically any adult could handle a big fat mortgage. In the wake of the housing bust, which toppled Countrywide and IndyMac Bank (another company Mozilo started), the executive's lavish pay package was criticized by many, including Congress. Mozilo left Countrywide last summer after its rescue-sale to...

Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...

If this Youtube is true we have some serious criminal elements running things.

Nineteen months after the catastrophic failure of one of Sacramento's top lenders, Pasadena-based IndyMac Bank, a flurry of local lawsuits alleges that the bank's successor – OneWest Bank – is systematically working to push home loan borrowers into foreclosure. The allegations filed in the Eastern District of U.S. Bankruptcy Court claim that OneWest can make more money by foreclosing than by keeping borrowers in their homes. That's due to its so-called "shared-loss" agreement with the Federal Deposit Insurance Corp., at least 10 local lawsuits allege. A video made in Fairfield and circulating widely on the Internet also alleges that OneWest...

Just in time for Valentine’s Day, the Federal Deposit Insurance Corp. has responded critically to a video that berates the sale of IndyMac Bank’s failed remains as a sweetheart deal. In the video “The Indymac Slap in our Face,” the website Thinkbigworksmall explains how the FDIC deal gave IndyMac’s buyers strong profit incentives to force foreclosures and short sales rather than to modify troubled mortgages. It’s a convincing tale and easy to follow.

This video walks you thru the Sweet-Heart Deal the FDIC gave to George Soros and his cronies when they purchased Indymac which then became OneWest Bank. Video Here

The latest insight on the foreclosure crisis — and help for those in need. Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses December 1st, 2009 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...

Meeting reporters after passage of the Democratic national health care bill, Sen. Charles Schumer seemed sensitive to the commentary pointing out that the Democratic legislation is overwhelmingly unpopular with the American people. "I don't believe that," Schumer said. "I believe that the negativity that Leader McConnell and others have continually displayed on the floor has peaked, and now, when people learn what's actually in the bill and all the good it does, it will become more and more popular."

**** Bank failures now total 140 in 2009 **** LOS ANGELES/NEW YORK, Dec 18 (Reuters) - OneWest Bank, formerly failed mortgage lender IndyMac, bought the assets of First Federal Bank after it was closed by U.S. regulators, in a deal that may bolster the case for private investment in banks. California's First Federal was one of seven U.S. lenders closed on Friday by regulators, bringing the total number of U.S. bank failures this year to 140. The 39 branches of First Federal -- formerly controlled by FirstFed Financial (FFED.PK) -- reopen on Saturday as OneWest Bank FSB. In addition to...

Wall Street has showered nearly $11 million on the Senate since the beginning of the year, and more than 15 percent of it has gone to a single senator: Democrat Chuck Schumer of New York. Schumer’s $1.65 million take from the financial services industry is nearly twice that of any other senator's — and more than five times what the industry gave to any single Republican senator.

Democrat's $1.65 million take from the financial services industry is nearly twice that of any other senator's Wall Street has showered nearly $11 million on the Senate since the beginning of the year, and more than 15 percent of it has gone to a single senator: Democrat Chuck Schumer of New York. Schumer’s $1.65 million take from the financial services industry is nearly twice that of any other senator's — and more than five times what the industry gave to any single Republican senator. While the industry has scaled back its political spending in the wake of last year’s economic...

In the current Pasadena Star News editorial “The Trouble with Indy-Mac” the editors seem certain they know why Pasadena-based Indy-Mac bank fell in July 2008. Link here: http://www.pasadenastarnews.com/ci_13413518 And the story the editors tell probably fits pretty well with what the person in the street believes, which, of course, they mainly get from newspapers and broadcast media. Newspapers always seem to gravitate to telling people what they want to hear. And the public, hearing only secular explanations of the financial crisis in the mainstream media, tend to embrace that paradigm. Round and round it goes, but nobody seems to really...

One year after bank's failure, depositors fight on. BY ERIKA CHAVEZ Dozens of IndyMac Federal Bank customers who lost uninsured deposits after the bank's sudden failure last year rallied Monday to draw attention to their continuing plight. Members of the group, which organized online and numbers 250 people throughout California, gathered in front of the Federal Deposit Insurance Corporation's West Coast satellite office in Irvine, braving the heat to make their voices heard. The goal: to persuade FDIC officials to reimburse their lost money and let consumers know that their savings might not be safe, despite the fact that the...

IndyMac died a year ago Saturday, the first major thrift to fail in the financial crisis. Its burial, marked by confusion, chaos, and a relatively sweet deal for a group of private equity titans, is unlikely to happen in the same manner today. The aftermath of IndyMac, since renamed OneWest Bank, is telling, and provides a stark illustration of how much things have changed in the course of a year.

Report says mortgage lenders helped fuel global economic crisisBy Kevin Smith, Staff Writer Posted: 05/06/2009 06:10:29 PM PDT PASADENA - A new report places failed mortgage lender IndyMac Bancorp Inc. among the top 25 lenders whose subprime loans are largely blamed for triggering the global economic meltdown. In a study released Wednesday by the Center For Public Integrity, IndyMac ranked 14th on the list, with at least $26.4 billion in subprime loans issued. Collectively, the top 25 lenders were responsible for nearly $1 trillion in subprime loans, according to the report entitled "Who's Behind the Financial Meltdown." John Dunbar, project...