Posted on 01/12/2011 2:59:25 PM PST by longtermmemmory
http://www.youtube.com/watch?v=ssl5yb7FewA
Those Indymac boys were given deal by the FDIC, and borrowers were strong-armed.
Banks make a profit on short sales. They do not lose money. The taxpayers are proping up the banks with absurd loss coverage. Make note of the circle of insiders. One source for all the players.
[yes I know the date but it is still current information and is why things are getting WORSE not better.]
No they don't.
The taxpayers are proping up the banks with absurd loss coverage.
No they aren't.
yes I know the date but it is still current information
It's bad information, from the day they shot the video.
They confuse the FDIC (funded by the banks) with the taxpayer.
The banks that survive will be paying higher fees for years to pay back these losses.
Agree.
Banks/investors get tanked on short sales, although the losses on SS are often less than foreclosure losses.
Bump
no you are wrong.
This is a simplistic version but there is a federal agreement to have taxpayers cover the losses at the ORIGINAL LOAN AMOUNT.
Onewest answers to the investors and the investors are making a full profit at the expense of the taxpayer and there is ZERO incentive to do modifications under this payout system.
Nope. In this case the FDIC may be covering losses. Not the taxpayer.
I saw this video months ago at foreclosurehamlet.
I wish there were a way to get all the states’ atty generals to see it.
This is very real, IndyMac (OneWest) refused to accept a short sale for $305,000 cash - they foreclosed and sold it at auction for $290,300.
The FDIC bailout of IndyMac cost it anywhere from 10% to 20% of its entire reserves. That was just one of many more since then.
Congress will back up the FDIC if the FDIC ever (1) runs out of T-bills to sell (2) to raise money (3) to pay off depositors of insolvent banks. But where does Congress get this money? From the Federal Reserve System, if lenders will not fork over the money.
The government re-capitalized the FDIC. Raising fees from what lenders are currently left across this country wasn’t going to cover the losses to the FDIC fund. No freaking way.
And the banks (FDIC) will pay it back.
Raising fees from what lenders are currently left across this country wasn’t going to cover the losses to the FDIC fund. No freaking way.
Yes freaking way.
unless a person is in a cabin next to a hermit, anyone whho uses a bank will be paying this. The banks will give low interest which means taxpayes still pay if we accept your premise. Assuming there is an ecconomy in 2013
Yes, banks will be paying higher rates to the FDIC for years, if the claims in the video are true, not the taxpayer. Glad you understand.
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