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.
See also “One West Bank”
http://www.bestcashcow.com/banks/article/bankman/one-west-bank
Investors have injected $1.5 billion into the bank on top of the $10.5 billion paid by the FDIC. That raises the banks tangible common equity to over 9% versus an industry average of 4-6% range. The government will also share in future loan losses.
See also “Indymac Purchased by Mnuchin, Paulson & Co. and Others “
Look at the mess IndyMac and Countrywide made. Throw WAMU in there too!
Look at this guy’s presentation of the housing and mortgage markets.
http://mason.gmu.edu/~asander7/
Its under “Update on Housing and Commercial Real Estate and Mortgage Markets”
The Left Coast is a disaster thanks to these banks. They loaned money, a bubble formed and popped. And now they want to foreclose AND send a huge bill to the borrowers!!!
Beware the short sale scam. They want you to pay hundred of thousands of dollars on top of losing your house. And they still collected their fees.