The Great Highway Robbery Continues: How The FDIC Is Legally Transferring Billions In Taxpayer Money To Hedge Funds

by Tyler Durden on 02/10/2010

It is not a secret to anyone who has been closely following the FDIC’s quasi criminal bank takeover practices over the past year, that acquirors of failed banks end up receiving a massive and risk-free gift in the form of taxpayer benefits via the FDIC when it comes to funding losses on a given bank acquisition. Should there be a short sale resulting in a loss to the full principal (not the cost basis mind you)? Not to worry, Sheila Bair is there to hand out taxpayer money to the hedge funds/banks owning the newly transferred assets. A recent example of this was the glaring insider trading which preceded the acquisition of failed AmTrust Bank by New York Community Bancorp, in which both NYB and those who bought calls in advance of information being made public, made massive illegal profits. And as the SEC continues to pretend like this episode never happened, we remind the intellectually subprime Mary Schapiro to finally pursue those involved, and will continue doing so for as long as it takes. But back to the FDIC: the folks at Think Big Work Small have compiled a terrific video detailing exactly how several hedge funds, currently owners of recently created shell holding company OneWest Bank, are picking apart the carcass of failed IndyMac, all the while encouraging short sales (instead of loan mods) as only that way do they get to benefit fully from the taxpayer funded FDIC loss-share arrangements which makes the IndyMac transaction an immediate slam dunk for everyone involved…except America’s taxpayers, and the FDIC’s ever depleting DIF reserve.

As the authors appropriately title the video, this is indeed a slap in our face. And this goes on every single bailout Friday when the FDIC continues handing out billions of dollars under the guise of “loss sharing” arrangements, which is simply a guaranteed profit from the acquirors’ cost basis to 90% of the original loan value: an instantaneous 30% risk free IRR.

Full must watch video after the link (click on the icon below).

Click Here for NY Times article.


Other articles and posts about the FDIC-OneWest agreement.
Click Here for actual consumer story.
Click Here for other consumer insights.
Why OneWest Always Forecloses
FDIC Pays Bank to Foreclose
The Great Highway Robbery

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The HUGE CRASH Predicted: by: Whitney Tilson

Listen carefully it’s not only the sub-prime …it’s now those who called everyone in foreclosure a dead beat. Those “who” were living in glass houses shouldn’t throw stones because one might come bouncing back to shatter. We are now in this together so I welcome you with open arms and into a hug because I know you will need one.

FORENSIC MORTGAGE AUDITS AS TOOLS TO SAVE FORECLOSURE HOMES

Author: nikoalexopoulos

I wanted to post this great info that I have found from the truth in lending auditors, about forensic mortgage audits and if used properly how they can help you save your home and get a total new reset of your loan at the terms you ask instead of the terms the banks want to force down your throat.

FORENSIC LOAN AUDIT

Why do you need forensics?

You’ve been denied a loan mod. You short sale has been denied. You’ve been told you do not qualify. Your lender has a policy against modifying. You can’t prove a hardship. You make too much money. You can’t hold on any longer waiting on your lender. Your lender refuses to modify your investment properties. You are still current on your payments and can’t get help. Your lender has claimed he can make more money foreclosing on your home.

What is a Predatory Loan?

A Predatory Loan put you on the road to foreclosure the moment you signed the loan documents. It consumes too much of your income. It can or it will wipe you out. Most sub-prime loans are predatory. Most stated income loans are predatory. Most adjustable rate loans are predatory. But that does not mean that a 30-year loan with a fixed rate where you provided documentation is not predatory.

Loan Modifications.

Loan mods where supposed to be the solution to helping homeowners stay in their homes. Billions of dollars were given to the banks by tax payers (that would be you) to “help” keep homeowners in their homes. Homeowners (you) are not getting the help they were promised. But there were some really nice bonuses paid to the Bankers.

Why Won’t Your Lender Help?

Lenders are Bankers. They are about making money-they are not about “help.” They will modify your loan if it will make them money. They will choose some other way to get their money, if you are too great of a risk. Foreclosure is a great way to get money. Selling your loan to another lender is a great way to get money. An insurance policy that may pay out if you default on your loan is a great way to get money.

The Lender Wants Money:

Does your home still have equity? Have you missed far too many payments? Can your loan be sold to another lender? Is your loan violation free? Is there an insurance premium to collect? Are you still current on your loan? A “YES” to any one or a combination of these means that you are not necessarily going to get a loan modification. After all, there is a much better chance of getting money if you are REMOVED FROM THE EQUATION or (if current) IGNORED.

Forensics Save Homes There are many federal laws that lenders must follow when they issue loans. Predatory loans do not follow those laws. It is the lender’s responsibility to handle and resolve any violations of TILA, RESPA, HOEPA, ECOA and to address and resolve FRAUD when they are found in loan documents. Their licenses are at risk if they don’t address the matter.

FRAUD AND FEDERAL VIOLATIONS:

Think about it: Would you buy a loan from a lender if it had a report on file of fraud and federal violations? Nope. You’d stay away from that because you don’t want to inherit another man’s mess. How about that insurance premium? Forget that-it’s more than likely null and void now that the loan is fraudulent or violation heavy.

FORECLOSURE OFTEN ILLEGAL:

If the loan documents show fraud or violations of any of the federal laws, then that lender is going to have a very hard time making a foreclosure stick. If you are in a foreclosure the forensics can and have stopped it. If you’re headed toward foreclosure – the forensics can and have prevented it.

STILL CURRENT ON YOUR LOAN?

The facts: Lenders can’t afford to lose your revenue. It is in their best interest to keep collecting your monthly payment while you churn and burn in the system – hoping for help. More than likely, you’ll be denied because you don’t really have a hardship. You’ll be told that they are getting around to you, but first they have to handle the people with foreclosure auction dates. You’ll be told there is no help for you until you start missing payments.

INVESTMENT PROPERTIES CAN BE SAVED:

They are not exempt from federal laws. It is the in house policy of the lender that has you losing your investment properties. It is amazing how fast those policies can be changed when the lender is shown the laws that have been broken.

THE LAWS ARE ON YOUR SIDE:

Unfortunately, your lender is not going to call or write letting you know that your loan has violations. “Hello Joe. Hey GREAT news, we just found out we broke several federal laws when we issued you that loan. So we are going to fix this whole mess for you. Hey, you know, one of the laws we broke, well it turns out, you get free title of the place. Is that just terrific or what? So we’ve got that title coming to you in the next couple of weeks.” Sadly, you are never going to get that call – where’s the money making – in that?

IF YOU USE THE LAWS:

“Hello can you put me through to Mr. Loan Shark?” “Hello Mr. Loan Shark, this is Joe and I got some GREAT news. We just found out you broke several federal laws when you issued us that loan. So we just need you to fix this whole mess. Hey, you know, we still want our house and let’s just negotiate some new terms. We’ve got a truth in lending auditor (TILA) representative on the job – they’ll talk the talk with you. Is that terrific or what? So we are really looking forward to your offer now that we can all honestly come to the negotiations table together.

We are not a loan modifications company. We are not on the lenders payroll. We are not on the government’s payroll. We are an audit company. We investigate your loan.

We then use these forensics to negotiate any one of the following for you absolutely free.

Loan Mod/Loan Restructuring, Short Sale or Short Refi, Short Payoff, Deed In Lieu.

TRUST… Who can you trust?

Your lender tells you that he wants to help you and then denies you and sends you foreclosure papers…(it seems you paid him to take your home.) Boston Globe reports that lenders don’t want to modify loans; they find no profit in helping the distressed. The president tells you that your tax dollars, if given to the lenders will help save your home – only it turns out that same lender just send you the foreclosure papers… And a little web search shows news articles revealing the facts: the bailout was about keeping the lenders in business, not helping the homeowners.

THE ONLY GUARANTEE:

The only thing your lender guarantees is FORECLOSURE. Temp mods – don’t always result in permanent mods. The lenders have canceled permanent mods. Many mods raise the payments to astronomical levels – home goes back to the bank AFTER they collect a few more payments. Short sales have been denied – often after they were approved. Month after month the foreclosures rise to record – high numbers in cities across the nation.

“Yah, but my lender says…”

I don’t need anybody to help me…they will help me modify my loan for free, they even send me a letter in the mail to warn me away from professionals who may try to help me. I shouldn’t trust any professional that wants to charge me money to modify my loan…you know, ‘cuz they’ll do it for free. I’m not sure, but I don’t think they want me to investigate them either…they wouldn’t actually come right out and say….

WHO ISSUED THAT LOAN?

Why on earth would you trust or listen to a company that issued you an illegal loan while telling you how good it was…you know, the loan that is wiping you out now? Why on earth would you think they, who initiated the first lies, are not lying to you now?

WHY DO YOU NEED AN EXPERT?

We are the expert at forensic loan review. We work as your hired gun to show the lender all the violations in “his” loan. If you had a cavity, would you drill the hole yourself, or go to the dentist? If the Judge told you that didn’t need a lawyer, he would listen to your case for free, would you do it? How could you conduct your own investigation and get the lender to accept it as a professional review? Even attorneys get lawyer to represent them in court.

If you don’t get help…

You may be ok. You may be one of the very few who actually get a modification. Or you may be one of the thousands who loses their home, or continues to give the bank far more in monthly payments than you can honestly afford until the bank finally gets your home.

To date every single loan the bankers have issued and we have investigated has been full of violations; you don’t have to believe us, you don’t have to trust us, you only need to get your loan investigated.

 

MAJOR WIN FOR HOMEOWNERS IN NJ SUPREME COURT; SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-2634-08T2

02-01-10 COPY APPELLET RULING CFA2 022010. We hold that a series of standardized agreements to cure default between a non-debtor mortgagor and the mortgage servicer are covered by the Consumer Fraud Act, even when executed post-foreclosure.

 

 

 

From: nikoalexopoulos

As a lot of you have come to realize LOAN MODIFICATIONS have not solved anyone’s problems but to put more money into the bank’s pockets and have the homeowner eventually wind up back where they were before the loan mod, but this time with the bank arguing that although they tried to help the homeowner the homeowner fell behind again, therefore they need to finish the foreclosure. The bank also argues that if they were any discrepancies or infractions on the original loan, well by the homeowner agreeing to a LOAN MODIFICATION the original loan is null and void and the terms on the loan modifications are in effect. They also argue that the homeowner basically signed away their rights to the original loan and are bound by the loan mod terms. However the bank still maintains theirs and will seek to foreclose on the homeowner. Well, the judges are beginning to see what we have been saying all along. BE AWARE if fraud was committed in the original loan ti does not make it go away because the bank gave the homeowner a loan modification and it puts the homeowner in a position to seek legal and financial compensation from the bank. GOD BLESS
Here is the detail info:
SUPERIOR COURT OF NEW JERSEY
APPELLATE DIVISION
DOCKET NO. A-2634-08T2

This is why getting a Forensic Loan Audit is much needed. This is not something an amateur should attempt leave this to the professionals who have the keen eye for understanding complexities to address all applicable regulatory compliance requirements as well as any Federal and State violations. 

 

WANTED: Mortgage Assignments & Affidavits by FRAUD DIGEST

 

     !!HIGH IMPORTANCE!! GRANDE IMPORTANZA!!

GRAN IMPORTANCIA!! IMPORTÂNCIA DE ALTA!! HAUTE IMPORTANCE!!

 

 

MORTGAGE DOCUMENTS        

Action Date: March 12, 2010 
Location: WEST Palm Beach, FL 

CALL FOR MORTGAGE ASSIGNMENTS & AFFIDAVITS – March 12, 2010 – Researchers at Fraud Digest are comparing the job titles on Mortgage Assignments and Affidavits of the individuals listed below. If you have any Mortgage Assignment or Affidavit in Support of Summary Judgment in a Foreclosure action signed by any of the following individuals, please scan the document(s) and send it as a pdf. attachment to szymoniak@mac.com. This request is for research regarding mortgage-related documents. The individuals named below are not accused of wrong-doing or fraudulent activity: Christina Allen; Scott Anderson; Brent Bagley; China Brown; Eric Friedman; Linda Green; Ely Harless; Korell Harp; Laura Hescott; Erica Johnson-Seck; Dennis Kirkpatrick; Topako Love; Jessica Ohde; Shelly Scheffey; Keri Selman; Kathy Smith; Roger Stotts; Eric Tate; Tywanna Thomas; Linda Thoresen. 

Like these Go HERE, HERE, HERE, HERE, HERE, and HERE…See Video’s HERE

If you wish to remain anonymous please use any of the free email providers such as GMAIL.

Send documents to szymoniak@mac.com and cc: StopForeclosureFraud@gmail.com 

To find your Assignment of Mortgage you have to access your county public records.

TOPAKO LOVE; LAURA HESCOTT; CHRISTINA ALLEN; ERIC TATE …Officers of way, way too many banks Part Deux “The Twilight Zone”

First Lynn Szymoniak ESQ. presented “Compare these Titles & Signatures” & “Too Many Jobs”…Now the next of many of compare these signatures & titles series. “Officers of Way, Way too many banks”…Part Deux “The Twilight Zone”.

How can you be an OFFICER of all these banks and Why is your signature never signed the same??? Minnesota? LPS? Bueller? …anyone?…Bueller?