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Comment by John Accornero on February 25, 2010 at 3:51pm
Well our office got something going here with Wells Fargo. Basically they say because Wells Fargo bought Goldenwest Financial and Wachovia, I can now get a 7 day approval on a short sale and get the seller into a new home as well because they had a toxic loan "Pick A Payment". My broker now gave the Wells Fargo Rep a desk. To boot only 4 of offices in my franchise are doing this program. Let's see...a homeowner under water...new house...for them, with a possible cash payout...is America great or what?
This makes me ask if we are crossing the line here?
Comment by Garret Snyder on February 23, 2010 at 1:46pm
Wow!!! never thought of that
Comment by Gerald Maliszewski on February 23, 2010 at 1:41pm
Do not be surprised when it finally comes out that there are also some politicians with their private money buying up notes that the banks are offering staggering deals on. This is just one of my conspiracy theories!
Comment by Arvelyn Lewis on February 20, 2010 at 10:45am
I certainly hope the updates are as credible, but more important bring truth and clarity. It was very disturbing to think that I work so hard to get short sales accomplished, yet the bank earns more than the note. That changes the terminology of "SHORT" completely. I already have enough trouble explaining "short" does not mean "quick."
Comment by Steve Adkins on February 20, 2010 at 9:13am
Well, it appears that others are now starting to ask questions about this "deal".
http://www.latimes.com/business/la-fi-onewest20-2010feb20,0,880625....

The old saying "Where there is smoke, there is FIRE" I think comes to play here. I think there is still a lot more to this story then what's being told and now OneWest just got another Christmas present. Hummmm, wonder who has deep ties to this bank?
Comment by John Gordon on February 18, 2010 at 5:27pm
FDIC Response to IndyMac/OneWest Internet Video




Ladies and Gentlemen:

On Friday afternoon, NAR contacted the FDIC regarding the viral video circulating amongst the real estate community regarding the FDIC's loss sharing agreement with OneWest, the successor to IndyMac Bank. As many of you know, an earlier charge had been levied that the FDIC deal disadvantaged short sales. NAR contacted FDIC and they promptly debunked the charge. FDIC was equally quick to respond to NAR's request this time as well, issuing the statements below on friday evening and taking strong exception to the charges in the video. Furthermore, FDIC Chair Sheila Bair personally called NAR CEO Dale Stinton on friday to discuss the matter. We believe the strong statement should put to rest the charges levied in the video. Please feel to share with others in your firm and your agents.

If you have any questions or concerns, please do not hesitate to contact me.

Best regards,

Ken


FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank



February 12, 2010





FDIC Director of Public Affairs Andrew Gray said, "It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.

This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It's too bad that the creators of this video opted to premise it on falsehoods."

Supplemental Fact Sheet
Press Releases


--------------------------------------------------------------------------------


Supplemental Facts about the Sale of Indymac F.S.B. to OneWest Bank

IndyMac was competitively bid. After analysis, the acquisition by OneWest represented the least cost transaction to the Deposit Insurance Fund.
OneWest not only acquired assets, but also assumed the liabilities of the insured deposits, Federal Home Loan Bank Advances, and amounts owed the FDIC
OneWest has assumed a first loss position on a portfolio of qualifying loans where they take the first 20% of losses before any loss share payments are made. This is a first loss position of over $2.5 billion.
The FDIC has yet to make a single loss share payment to OneWest.
In its agreement with FDIC, OneWest is required to adhere to a loan modification protocol for single family loans that meets the approval of the FDIC. If the FDIC determines that OneWest is in violation of this agreement, then the FDIC can repudiate the loss share claims on the covered loans.
FDIC has authorized OneWest to service single family loans under the Home Affordable Modification Program. It applies to all owner-occupied homes and requires OneWest to:
follow HAMP procedures to develop affordable loan modification terms for the borrower
determine whether the recovery on a modified loan is higher than the recovery from a short sale or foreclosure
modify the loan using HAMP guidelines if the recovery of a modification is higher than the recovery of a short sale or foreclosur
Comment by Seb Frey on February 18, 2010 at 1:46pm
This is an old story, at least it seems it was weeks ago I read about it. Not surprising that many people are complaining about doing Loan Mods with OWB - people are complaining about doing loan mods with just about every bank. More on the kerfuffle here: http://dealbook.blogs.nytimes.com/2010/02/17/on-the-indymac-f-d-i-c...
Comment by Ruben Marron, Broker on February 18, 2010 at 1:23pm
Heres the link direct. If you also search for OneWest/IndyMac on Active Rain, you'll see similar postings and additional information on the FDIC/OneWest deal.
They actually updated the video post...
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1344478
Comment by Ruben Marron, Broker on February 18, 2010 at 1:14pm
There will always be people like this who get these sweet deals, while the other 97% suffer during these economic uncertainties. I've read nothing but bad things about OneWest and their terrible modification process.
The FDIC made a comment that OneWest needs to abide by the HAMP rules?? but they clearly are not.
The bottome live is that they gave these wall sreet guys a free pass when they struck this deal, and at the end of the day "All of Us" will pay the cost when the FDIC needs additional funding to cover these losses.
Comment by Terrence Cook on February 18, 2010 at 12:37pm
I watched the video earlier this morning and was going to forward it to an attorney who is handling foreclosure defense cases. Interestingly enough, the link provided below now crashes my web browser. Hmmmm........

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