Is The FDIC Killing Indymac OneWest Bank Short Sales & Loan Modifications?

FDIC IndyMac Blog

Please Note:  This is a re-post of a blog I wrote on September 17, 2009. In February/2010, the guys at Think Big Work Small decided to use this blog as the basis of their video that ended up “going viral”.  The title of their video was “The IndyMac Slap In Our Face”, and I’m sure many of you saw it.

As of the re-posting of this blog, the FDIC now has 167 Loss Share Agreements in place with various lenders.  At the end of 2009, there were 94.  Also, as of today, the FDIC reports that the Deposit Insurance Fund currently has a balance of NEGATIVE $15.2 BILLION.  As many of you know, the FDIC received its funding from it’s member banks, charging them annual premiums.  At the end of 2009, they forced all of the member banks to pre-pay their premiums for the next 3 years.  So, the FDIC is running $15.2 Billion in the red, and has already received its premiums for the next 3 years.  Where do you suppose they are going to get their money from now on?  Who do you think?  The U.S. Treasury. Where is the Treasury going to get their money?  By now, you should know the answer to that.  They’ll get it from the American Taxpayers.  Folks, this is just another bank bailout.  Don’t believe me?  Read on…

 

As some of you may already know, I specialize in helping homeowners avoid foreclosure through the use of short sales.  Recently, I dealt with a very interesting case involving Indymac/OneWest Bank, that I felt needed to be brought to the attention of all American taxpayers.

Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure.  For the life of me, I couldn't figure out why they were doing this.  The BPO came in at the contract price of $275k, with a net to IndyMac of $241k.  What advantage could there possibly be for them to proceed to foreclosure?

Yesterday, I figured it out.  You see, IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009.  Guess who the investors are behind OneWest?  George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire).  

Now, listen to the deal they got from the FDIC....

Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts).  They purchased all current HELOCS at 58% of Par Value!!!

Next, in order to "sweeten the pot", the FDIC stepped in and guaranteed the following:  For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss.  The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan.  Let's use my clients actual situation as an example:

Loan Amount is $478,000, plus 6 months of missed payments, for a grand total of $485,200

OneWest pays $334,600 for the loan

We have an all cash offer of $241,000, net to OneWest.

So, let's do the math, shall we?  The net loss, according to the FDIC formula is the ORIGINAL LOAN AMOUNT minus the amount of the offer.  In this case, $485,200-$241,000, or $244,200.  Next, the FDIC, according to their Loss Share Agreement, writes a check to OneWest for 80% of the so-called "net loss".  So, in this case, OneWest gets a check from Uncle Sam for $195,360 (.80 X $244,200).

Add the $195,360 to the sales price of $241,000, and you get a grand total of $436,360.  Remember, OneWest paid $334,600 for the loan.  So, OneWest puts $101,760 in their pocket, thanks to the FDIC.  Folks, that is over $100k of our hard-earned tax dollars!

So, you ask...Why does this program hurt short sales?  Because, our brilliant government offers this SAME PROGRAM FOR FORECLOSURES!  The only difference is, the government picks up 80% of the tab on all of the extra costs associated with a foreclosure (BPO's, upkeep, utilities/maintenance, legal fees, etc.)

So, If I'm OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure?  And we wonder why nobody can get a Loan Modification?  Why would OneWest approve a loan modification for this guy, when they can foreclose and make over $100k?  And, to add injury to insult, they have held this loan for 6 months!  Not a bad ROI, huh?

What infuriates me the most is that in my particular case mentioned above, they have the guts to hold my client hostage for a $75k promissory note, after they are already making more than $100k on the sale!!! This is his primary residence, 1st Position loan, and OneWest has NO RECOURSE!  Imagine if they could make $100k, then get a deficiency judgement!  Talk about making some big bucks!

Can you say "GREED"?

But wait, here's the best part...  I sent letters to Senators John McCain and Jon Kyl, with a cc to the CEO of OneWest, explaining the current loss-share agreement, as well as including the FDIC worksheets, with the actual numbers in this case, showing them that OneWest was making a profit of over $100,000 on this deal, thanks to the FDIC.  Within 24 hours, I received a response from the PR Firm representing OneWest, telling me that OneWest would dismiss the promissory note requirement, and the short sale was approved.  We closed escrow 3 weeks later.  My client not only avoided a $75,000 commitment, but also salvaged his credit by short-selling his home, versus handing it back to OneWest via foreclosure.

The scary thing is that at the end of 2009, the FDIC reported that they had agreed to 94 different loss-sharing agreements (totaling $122 BILLION).  Strangely enough, the only one that I could find on the FDiC website was the OneWest bank arrangement.

This entire agreement between the FDIC and OneWest can be found on the FDIC Website.  It's all there, for the world to see!  They have it all laid out.  All of the formulas, worksheets, etc.  

Now, it's up to us to bring it to the attention of our elected officials and the media.  Enough is Enough!

Wait, it gets better...The FDIC just announced that they are "considering" borrowing money from the U.S. Treasury in order to replenish it's deposit insurance fund (the same fund being used to pay all of these banks in the Loss Share Agreements).  Go Figure! Don't believe me?  Go read the article!

Update 2/16/10:  On a side note, many of you have sent emails, called, and/or commented on the recent video produced by TBWS.  The day the video was released, I began receiving emails, calls, etc. from folks, asking me if I had anything to do with the video.  While the numbers they quote in the video are the exact numbers in the blog post above, I had absolutely nothing to do with it's creation or production.  Apparently, someone sent them the blog, and they produced the video with the information contained therein.  While I'm happy that the video was able to get the story out to more people (which was my original intent in writing the blog), I must say that I was disappointed that TBWS made the conscious decision to not give credit to where they got the information, either in the "1st edition" that was released on 2/8/10, or the "revised edition" that came out on 2/16/10, in response to the FDIC Press Release.  I commend them for squeezing in an acknowledgement on their 2/9/10 video, after I called Brian and reminded him of where all of their information came from.  Despite numerous efforts to contact them, they have now chosen not to respond.  To each his own, I suppose.  Either way, please know that I had nothing to do with the video, and it was done without my knowledge.

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Summit Home Consultants

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Copyright © By Bob Hertzog 2010 *Is The FDIC Killing IndyMac OneWest Bank Short Sales & Loan Modifications?*


 

 

 

 

 

Bob Hertzog

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http://phoenixhomeseekers.com

           


 

 

 
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199 Comments on Is The FDIC Killing Indymac OneWest Bank Short Sales & Loan Modifications?

20 Most Recent Comments Displayed Show All

FEB
18
2010
224,164 Points 21 Featured Posts Outside Blog Attended Rain Camp

Angela, you bring up some great points.  There are so many questions that remain unanswered, and, in my opinion, the FDIC's press release fails to answer them as well.  Like I've said before, I'm still hoping that someone with a background in these types of agreement will pick the agreement apart, piece by piece, so that our questions can be answered.  The FDIC's response reminded me of a ticked-off 7th grader, and did little to address what was in the video or my blog.  

One other question I keep getting asked is, "Where is the NAR?  What is their response?"  Today, someone sent me their response:

Indy/Mac OneWest Internet Video

You may have received a video that was circulating recently on the internet alleging that FDIC’s loss sharing agreement with OneWest, the successor to IndyMac Bank, disadvantages short sales. Below is the response from the National Association of REALTORS® (NAR) to this allegation, which is false. 

FDIC Response to IndyMac/OneWest Internet Video

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.

Press Release

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 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.
"We believe their strong statement should put to rest the charges in the video".
Ok, I guess we'll just have to live with it.  The FDIC makes a "strong statement", and we all just go along with it.  Why wouldn't the NAR, with all of it's so-called "lobbying power", ask the FDIC to do a better job of explaining, rather than just bow down and agree with them?  Better yet, why doesn't someone at the NAR look into these agreements and determine if they are affecting loan modifications or short sales?  
10:09am • #191
210,730 Points 1 Featured Post

Thanks for posting!  I know that I ahve run into the same thing several time s and it can be very frustrating.
10:49am • #192
158,040 Points 2 Featured Posts Called Shot Master

"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."

They're right. They either get paid by extorting money from the banks or through the treasury, who gets their money from the federal reserve, who gets their money out of thin air. So we do end up paying it through inflation, not taxes.
1:38pm • #193

Well, I'm glad that is resolved.  This is how urban legends start.  People with a political ax to grind who start unsubstantiated rumors.

I knew this story didn't pass the smell test.  Next time leave your personal and political bias out of it and you might not have to eat so much crow.

Nevertheless, the damage is done and 95% of the people who have read this phony blog will believe the lie rather than the truth.

Seriously, you should work for Faux News...
3:36pm • #194
224,164 Points 21 Featured Posts Outside Blog Attended Rain Camp

Thanks for the input Jay...Now, scurry along and go read those FDIC documents.  Once you understand the agreement in it's entirety, come back and show us why 95% of us would rather believe the lie, as you say.  Oh, and by the way...  Try contributing to the AR community by posting your first blog before coming in and spewing your hate.
3:50pm • #195

I agree 1000% with the comment by Satar.

It is obvious - our banking system is concentrated in a few hands while the Federal Reserve is concerned with protecting these gigantic institutions even if it means using the middle class as a sacrificial lamb in this economic battle.  We all keep hearing how great rates are, but what about the destruction of the U.S. dollar to allow banks to borrow at near zero percent.  And this is sold to the public as good.  Why not let the average American borrow directly from the Federal Reserve and get the same terms at near zero percent? 

The bottom line is the big banks are getting bigger in this current structure. The fact that only few banks control over 55 percent of all banking assets is simply amazing. Banks that ran inefficiently and took on too much risk should fail.  That is the nature of business.  If you run a bad business you lose customers and ultimately fail.  With banking, as long as you serve enough crap throughout the system you will eventually rise to the top and then become part of the cartel that is somehow unable to fail.  This cartel has expanded while every other business (including small banks) has to compete with tougher restrictions.  Even a basic definition of capitalism is sufficient to show us that banking is operating in a socialistic handout from D.C. to Wall Street.  In the end it is the middle class that suffers from this concentration of power in a few banks as their risk gets transferred to the public. No wonder these big banks do whatever they want.
3:55pm • #196
3 Featured Posts

I was going to reblog this but it doesn't have the button anymore?
6:34pm • #197
237,041 Points 5 Featured Posts Called Shot Master

Banks never lose. It's always been that way. What a sweet deal they have!
11:06pm • #198
FEB
21
2010
316,859 Points 16 Featured Posts Localism Sponsor

Bob, thank you for keeping us updated, this is VERY interesting..... Hmmmmm, we taxpayers will be watching!!!
4:10pm • #199
FEB
22
2010

Robert, I believe this is very common with government and not just in our industry. I wrote a blog about a book you need to read called "Obamanomics" it shows several deals where big business and the government get together to smash the small guy!
2:48pm • #200
FEB
25
2010
115,846 Points 3 Featured Posts Outside Blog

Bob, I read this exact same post, nearly word for word, somewhere else about a month ago.  Did you re-post this or something or did you get your content from someone else?
7:59am • #201
224,164 Points 21 Featured Posts Outside Blog Attended Rain Camp

Matt, please scroll up and look at when this post was originally written (9/17/09).  If you're reading it somewhere else "word for word", then someone else is taking my content.  I've seen it copied several times, with others taking the credit for it.  If you find it again, kindly send me the link so I can follow up with them.

 
9:03am • #202
FEB
28
2010
224,164 Points 21 Featured Posts Outside Blog Attended Rain Camp

I'd like to thank EVERYONE for their comments thus far on all of the blogs I've written regarding OneWest and the FDIC.  It appears that the story might be starting to "grow legs", and many in America are now aware of it.  I am working diligently to get the information to someone who can get the specifics into "mainstream media", but, as you can imagine, it's been very difficult.  I'm learning that the very same people that make the decisions in Washington are the same people that have control of what gets reported in the media (and yes, this includes Fox News)  If nothing else, this has been a HUGE eye-opener for me.

To give you a little background, I'm definitely not a "Political Activist".  I simply ran across a client that needed help, and stumbled across this whole loss share agreement thing.  At the end of the day, it helped my client avoid foreclosure, and for that, I'm very happy.

This particular deal is a microcosm of the "back-room deals" being cut in Washington, and I can only hope that if nothing else, it forces people like you and me to simply ask questions of the people in Washington that are not only making the rules, but also ignoring the results that come of these decisions.  

Like I've told many friends, family, and acquaintances, I think this deal is an "unintended consequence" of the FDIC, but it still needs to be brought to the attention of all of us that are in "survival mode" right now (and, more importantly, the clients we serve).  The FDIC cannot go back and change the deals they have cut with their existing clients.  My goal is to keep them from cutting anymore of these deals, as they will only hamper an already defunct real estate market.  By the way, the FDIC closed two banks this past Friday, and both of them had loss share agreements in place as part of their "deal".

The point of my blogs on loss share agreements is this:  The only way we are going to get out of this mess is by letting the market dictate sales.  As long as the FDIC (or any other government entity for that matter) tries to interfere with the real estate market, we are all in for a very very long haul.  As long as the FDIC rewards lenders for foreclosing with financial incentives, true capitalism dies.

If there is one thing to take from my blogs, remember this...  Make your clients very aware of the fact that lenders/banks DO NOT CARE about them.  They are only interested in one thing, and that is making money, regardless of your client's financial/personal situation

There is not enough room in this blog to share stories of absolute cold-heartedness from lenders that I have received in recent weeks regarding our present situation.  Suffice it to say, we are all up against "people" that are pre-programmed, in order to keep getting their weekly paychecks.  The only way to fight this attitude is through spreading the word, and making the public aware of it.

Keep spreading the word, and keep fighting the fight.  We may not win, but we will all go down swinging.

 
10:51pm • #203
APR
21
2010
466,170 Points 50 Featured Posts Called Shot Master

Like you need any more comments.  I am steaming mad at this state of affairs!  My short sale with Indymac is going down because negotiator is telling me investor guidelines are seller's net for approval.  The only problem is we want to negotiate purchase price up $5000 to cover seller's costs, but negotiator tells me that will change seller's net.  So it's a moot point to do so.  Buyers are getting a FHA loan and not only have to pay their own closing costs, but an additional $5000 to pay for seller's costs that Indymac should be paying anyway.  There are delinquent taxes on this property and borrowers have absolutely no money (that's why they asked me to short sale their home in the first place).  Indymac (One West) won't budge at all.  They used to be more cooperative when problems would come up.  Maybe writing a letter to One West CEO will help -- I don't know, but there's no point for me trying to get another buyer if seller's net is tied to purchase price and they refuse to pay their own costs.  I guess they want it to go to foreclosure.
1:11pm • #204
141,806 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

I read this blog because Pamela above was kind enough to keep it going, and I will do the same. Thank you for exposing the greed! Tiffany
1:24pm • #205
JUN
03
2010
3 Featured Posts

Thank you so much for your post. I've been processing short sales exclusively for the past 3 years and it's rare to stumble upon posts like this one that actually teach each us what needs to be done to get these deals closed. I have been out of the blogging game for quite some time but started back up today (long story). I aim to post similar messages with specific examples and facts that will help all of us implement ideas that work. Thanks again for the post.
1:15pm • #206
AUG
13
2010

No wonder Indymac is so quick to foreclose...
2:03pm • #207
JAN
26
2011
136,440 Points 2 Featured Posts Localism Sponsor

I am in the middle of a last ditch effort to get a short sale approved - was able to get an offer that was $15K higher than the 1st offer and IndyMac/One West still denied it without any explanation despite telling them that the BPO was way out of line - BPO was for homes in perfect condition, great square footage and higher end models - ours is in fair condition - needs total carpet replacement, no finished basement, needs complete interior painting, new kitchen countertops and much more but this just to make it livable and tenants were smokers.  All the comps they are looking at are over 9 months old and in perfect move in condition.  Nothing has sold in the immediate are but similar sq. footage within 1 mi.

No way to escalate and no way to get answers and the sale is tomorrow.  What a waste.  Wish I had come across this original blog months ago and perhaps I would have been able to do something.

Thanks Bob for uncovering the truth!
3:37pm • #208
FEB
17
2011

Bob,

I'm dealing with a similar situation w/ OWB. Where can I find the CEO info to contact him regarding my situation? Thaaaaaaaaaaank you!

Jennifer Horton

Realtor/Short Sale Coordinator Lic:01390614

Full Service Realtor Since 2003

Trin Hong Real Estate

Cell: 415.599.6789 or 530.864.2677

(both go to same phone)

Fax: 415.814.5745

Jen@JenniferHortonSells.com
12:11pm • #209
FEB
24
2011

I'd like to share that I had a very similar situation with Indymac/OWB, and unfortunantly our home was foreclosed on anyways last week. I wrote Congress and this is the response I received (generic and obvious that they are not grasping the magnitude of the situation):

Jennifer-

 Thank you for contacting Congressman Herger's office regarding the trouble your clients are having with their mortgages.  I understand that the home has already been foreclosed and auctioned, but for future reference I have provided some contacts you may provide to your clients.

 During these difficult economic times, I know that the threat of losing a home is one of the most stressful and heartbreaking situations to deal with. Unfortunately, mortgage problems must be worked out on a case by case basis with the lender or servicer, which I know has been a very difficult process for most homeowners. The unprecedented number of homeowners that are struggling to stay in their home and trying to contact their lenders to work out a solution has slowed homeownership preservation efforts. The good news is that there are resources available that could help with the lender. 

 The Department of Treasury and Department of Housing and Urban Development came together and assembled a private-sector group called the HOPE NOW Alliance to assist at-risk homeowners. HOPE NOW provides a free hotline that is available 24-hours a day to provide mortgage counseling and assist homeowners in working with lenders to avoid foreclosure. You can call 1-888-995-HOPE to get assistance from an independent, non-profit counselor who can help you understand the situation, identify the options and work with the servicer to hopefully find an alternative to foreclosure. You may also wish to visit their website at http://www.hopenow.com/index.html to find more information or additional resources.

 As you may also know, the Administration has established the Making Homes Affordable program (http://makinghomeaffordable.gov/) to help struggling homeowners modify their mortgage or refinance if their loan is guaranteed by Fannie Mae or Freddie Mac. Many banks have received temporary funding from the federal government and are required to participate in this program if the funding has not yet been repaid. If you are concerned that your lender is not acting in accordance with this program, you can contact the lender's government regulator. The regulator can open a case on your behalf and work with your lender to ensure that it is properly handling your mortgage. I have enclosed information that should help you identify the proper regulator, as well as information on how to contact the entity and file a complaint. 

            Again, thank you for taking the time to share your concerns, and I hope this information is useful to you. 

Claire S Geisse

Constituent Services Representative

Representative Wally Herger, CA-02

2635 Forest Ave Suite 100

Chico, CA 95928

(530) 893 8363

  

 

Jennifer Horton

Realtor/Short Sale Coordinator Lic:01390614

Full Service Realtor Since 2003

Trin Hong Real Estate

Cell: 415.599.6789 or 530.864.2677

(both go to same phone)

Fax: 415.814.5745

Jen@JenniferHortonSells.com
11:42am • #210

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