OneWest Bank accused of pushing home loan borrowers into foreclosure (Chuckie's IndyMac 'Bride')

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 stands to earn millions from taxpayers by foreclosing on borrowers as a result of its shared-loss agreement with the FDIC.

The FDIC declined to comment on the Sacramento lawsuits, but it recently denounced the video's "blatantly false claims." The agency told The Bee that its agreement with OneWest contains provisions to make sure the lender is taking adequate steps to modify loans.

The FDIC, which seized IndyMac in July 2008, sold the failed institution to Pasadena-based OneWest in March 2009.

As part of the deal, the FDIC agreed to absorb some losses from the troubled loan portfolio. That's after OneWest absorbs the first $2.5 billion in losses, the FDIC said.

But Sacramento bankruptcy lawyer Peter Macaluso claims the shared-loss agreement will reward OneWest for foreclosing on homes. Here's how, he said: The company bought IndyMac's troubled portfolio at a 30 percent discount. It can count on the FDIC eventually reimbursing 80 percent or more of its losses – and also can keep proceeds from the foreclosure sales.

"They're deliberately blowing people out in a systematic pattern," said Macaluso.

One West Bank owns IndymacBank and is Riddled with Corruption Relating to Mortgage Foreclosures. The Bleeding of America Continues!

One West Bank is the new name for Indymac Federal Bank, which was recently sold to a consortium of investors. The consortium is headed by Goldman Sachs VP Steven Mnuchin (also of Dune Capital Management in New York) and also includes hedge fund operator J. Christopher Flowers, who has specialized in distressed bank purchases, and hedge fund operators, big time Goldman Sachs investors, and billionaires George Soros and John Paulson.

MUST SEE VIDEO!

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/964766

Crux of the Video:

One West Bank was sold IndymacBank by the FDIC in march 2009. Now, One West Bank is benefiting from forced “short sales” of properties with foreclosed mortgages BECAUSE in addition to receiving the reduced sale price from the new property owner, it also receives 80% of the difference between the original sale price and the discounted sale price from the FDIC and it receives payment on a promisary note from the original property owner. This makes it IMPOSSIBLE for One West Bank to EVER lose ANYTHING on any real estate sale it finances.