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Tax on Abstracts in New York - Dan Zook/NY
9/2/2010 12:13:10 PM (3225 views)
Re: Tax on Abstracts in New York - Jessica Talley/NJ
9/2/2010 4:50:05 PM (3219 views)
Re: Tax on Abstracts in New York - William Pattison /CA
9/2/2010 6:21:43 PM (3222 views)
Re: Tax on Abstracts in New York - Michael Majkowski/NY
9/3/2010 4:46:00 PM (3250 views)
Re: Tax on Abstracts in New York - Jessica Talley/NJ
9/3/2010 5:56:55 PM (3191 views)
Re: Tax on Abstracts in New York - Michael Majkowski/NY
9/3/2010 8:58:28 PM (3094 views)
Re: Tax on Abstracts in New York - Jessica Talley/NJ
9/3/2010 11:54:55 PM (3125 views)
Re: Tax on Abstracts in New York - Michael Majkowski/NY
9/4/2010 10:08:51 AM (3176 views)
Re: Tax on Abstracts in New York - Denise Lippolis /NY
9/4/2010 11:24:50 AM (3159 views)
Re: Tax on Abstracts in New York - michael quinn/NY
9/5/2010 2:00:40 AM (3209 views)

City of Los Angeles using MERS as registry of foreclosures - Dave Pelligrinelli/GA
9/1/2010 10:03:55 PM (4567 views)
Re: City of Los Angeles using MERS as registry of foreclosures - Patrick Scott/IL
9/1/2010 11:45:34 PM (3038 views)
Re: City of Los Angeles using MERS as registry of foreclosures - Dave Pelligrinelli/GA
9/2/2010 9:21:01 AM (2927 views)

Foreign Languages - Al Dickerson/AL
9/1/2010 5:31:44 PM (3145 views)
Re: Foreign Languages - Jessica Talley/NJ
9/1/2010 5:46:49 PM (3200 views)
Re: Foreign Languages - CHARLENE  PERRY/MD
9/1/2010 9:38:46 PM (3202 views)
Re: Foreign Languages - Robert Franco/OH
9/2/2010 7:53:35 AM (3186 views)
Re: Foreign Languages - Jessica Talley/NJ
9/2/2010 4:52:39 PM (3053 views)
Re: Foreign Languages - William Pattison /CA
9/2/2010 1:11:05 PM (3012 views)
Re: Foreign Languages - Amy Jensen/OR
9/3/2010 2:24:07 PM (3132 views)

REO Listings - Shalawn Hildreth/HI
9/1/2010 4:27:44 AM (3009 views)
Re: REO Listings - CHARLENE  PERRY/MD
9/1/2010 9:40:04 PM (3089 views)
Re: REO Listings - Shalawn Hildreth/TX
9/2/2010 5:35:22 AM (3003 views)

What is a reasonable price for simple website design? - David Case/TN
8/31/2010 2:10:41 PM (3086 views)
Re: What is a reasonable price for simple website design? - George Booth/OH
8/31/2010 2:41:25 PM (6334 views)
Re: What is a reasonable price for simple website design? - Ryan/NJ
8/31/2010 2:51:42 PM (3167 views)
Re: What is a reasonable price for simple website design? - Dan Zook/NY
8/31/2010 3:27:17 PM (3242 views)
Re: What is a reasonable price for simple website design? - William Pattison /CA
8/31/2010 7:00:45 PM (3171 views)
Re: What is a reasonable price for simple website design? - Slade Smith/OH
9/1/2010 12:55:24 AM (3282 views)
Re: What is a reasonable price for simple website design? - Heather Seymour/IN
9/1/2010 11:12:26 AM (3134 views)
Re: What is a reasonable price for simple website design? - Garry P./WA
9/7/2010 5:51:18 PM (3025 views)




Advertisements on county appraisers website - Dave Pelligrinelli/GA
8/31/2010 12:20:14 PM (4505 views)
Re: Advertisements on county appraisers website - William Pattison /CA
8/31/2010 6:57:50 PM (3138 views)
Re: Advertisements on county appraisers website - Slade Smith/OH
9/1/2010 1:15:12 AM (3189 views)
Re: Advertisements on county appraisers website - Patrick Scott/IL
9/1/2010 11:31:59 PM (3014 views)

Comment on "The Rest of the Story About The Judge That Has Banks "Scared to Death"" - Source of Title/OH
8/30/2010 3:40:01 PM (3000 views)
whole new can of worms - Mark Pierson/FL
8/30/2010 3:40:01 PM (3030 views)
Re: whole new can of worms - Slade Smith/OH
8/30/2010 4:44:17 PM (2929 views)

Saw this on youtube. Why a bank loves a foreclosure - Marsha Fox/AL
8/28/2010 8:58:16 PM (4777 views)
Why a bank loves a foreclosure - STEVE MEINECKE/TN
8/29/2010 12:07:00 PM (3083 views)
Re: Saw this on youtube. Why a bank loves a foreclosure - Slade Smith/OH
8/30/2010 5:25:49 PM (6176 views)

I have seen this before, but this video is full of misconceptions and falsehoods and has no foundation in truth whatsoever. 

The video was so popular, however, that the FDIC took the rare step of refuting the claims by releasing the following statement:

 

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."

 

The FDIC also issued this statement, which represents terms of the sale which contradict statements in the video, and should clear up some of the confusion fostered by the various inaccuracies in the video:

 

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 foreclosure
    • loss share coverage cannot be factored into any recovery calculation for loan modification, short sale or foreclosure.
  • The FDIC monitors OneWest's compliance with their adherence to the FDIC Mortgage Loan Modification Program and OneWest's commitments under the asset sale agreement.
  • Only 7% of loans OneWest services are owned by OneWest and covered under loss share. Other institutions own the remaining 93% of loans OneWest services. These loans are required to be serviced in accordance with the owner institutions' agreements with OneWest.

 

 

So what I think is that this is just another lesson that teaches us that you can't always believe what you see or read on the internet!  The makers of this video either did not understand the terms of the transaction due to misreading it or just made up lies, but since they appear confident about what they are talking about, people believed it.

(If you are not inclined to believe the FDIC, fair-minded financial blogger Calcualted Risk called this video "obviously inaccurate" and praised the FDIC for shedding light on the falsehoods in this video.)

 

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Re: Saw this on youtube. Why a bank loves a foreclosure - Robert Franco/OH
8/30/2010 7:45:28 PM (3132 views)

Comment on "Mortgage Refinance Applications Increase " - Source of Title/OH
8/28/2010 1:26:48 AM (3187 views)
Loan Rates - ronald martin/IN
8/28/2010 1:26:48 AM (7586 views)

Prison Scammers? - Helene /GA
8/27/2010 11:36:24 PM (2502 views)

Interesting Article - jrd/MO
8/27/2010 8:42:47 PM (4647 views)
Re: Interesting Article - Donna McCullough/SC
9/2/2010 8:09:02 PM (2811 views)

NALTEA Conference 2010 - Dallas - Patrick Scott/IL
8/27/2010 6:44:09 PM (4768 views)
NALTEA Conference 2010 - Dallas - Jeanine Johnson/MN
8/29/2010 6:15:16 PM (3017 views)
Re: NALTEA Conference 2010 - Dallas - Janis Talbot/SC
8/30/2010 7:53:59 AM (2986 views)
Re: NALTEA Conference 2010 - Dallas - Patrick Scott/IL
8/30/2010 11:59:03 AM (2984 views)
Re: NALTEA Conference 2010 - Dallas - Robert Franco/OH
8/30/2010 1:36:21 PM (6198 views)

Stealing Houses with Fake Bonds - Robert Franco/OH
8/27/2010 9:04:42 AM (4762 views)
Re: Stealing Houses with Fake Bonds - Julia Scott-Douglas/OR
8/27/2010 2:52:40 PM (3033 views)
Re: Stealing Houses with Fake Bonds - Helene /GA
8/27/2010 11:53:31 PM (3006 views)
Re: Stealing Houses with Fake Bonds - Jessica Talley/NJ
8/28/2010 1:43:34 PM (3032 views)
Other records? - William Pattison /CA
8/30/2010 11:12:14 AM (2964 views)
Re: Other records? - Patrick Scott/IL
8/30/2010 7:58:42 PM (2974 views)
Re: Other records? - William Pattison /CA
8/31/2010 7:07:17 PM (2977 views)
Re: Stealing Houses with Fake Bonds - H. A./GA
8/31/2010 8:57:42 AM (3097 views)
Re: Stealing Houses with Fake Bonds - Karen Hurley/KY
8/31/2010 3:08:42 PM (3094 views)
Re: Stealing Houses with Fake Bonds - Helene/GA
9/1/2010 10:58:15 PM (3001 views)

Litle Levity - Sam Rosenberg/FL
8/26/2010 4:45:53 PM (3186 views)
Re: Little Levity - Julia Scott-Douglas/OR
8/27/2010 2:56:30 PM (2960 views)

Jason Sheppard TruClose Indicted - David Bloys/TX
8/26/2010 11:43:38 AM (11553 views)
Re: Jason Sheppard TruClose Indicted - Sheila Sten/PA
8/26/2010 4:09:03 PM (4095 views)
Re: Jason Sheppard TruClose Indicted - Jessica Talley/NJ
8/26/2010 4:27:53 PM (4010 views)
Re: Jason Sheppard TruClose Indicted - David Bloys/TX
8/26/2010 8:52:13 PM (4030 views)
Re: Jason Sheppard TruClose Indicted - Robert Franco/OH
8/27/2010 11:33:02 AM (3694 views)


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