OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!

Home : Blogs : Bob Hertzog Phoenix Short Sale Agent, Designated Broker : Bob Hertzog- Designated Broker, Summit Home Consultants

OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!

OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!

Kudos to Scott Reckard with the LA Times. He wrote an article today that is sure to open some eyes. The article, titled "OneWest Bank Profit: $1.6 Billion" does an excellent job of pointing out some very interesting observations.

According to the article, OneWest paid the FDIC $1.55 Billion for the failed IndyMac Bank, and turned a profit of $1.57 Billion in it's first year. The article specifically addresses the shared-loss agreement that was also put in place by the FDIC, which is expected to cost the FDIC nearly $11 Billion.

The reason I'm posting this article is that it dovetails perfectly into my blog titled "Is The FDIC Killing OneWest IndyMac Short Sales" in September/2009. The blog, which ended up being the basis of the recent video produced by Think Big Work Small (without my knowledge or consent, by the way) deals with a transaction I handled for one of my clients with OneWest Bank. Rather than go into all of the details of the FDIC OneWest Indymac blog you can read it here. But basically, it centered on shared-loss deals, and how they are creating a disadvantage for consumers trying to accomplish loan modifications or short sales.

The FDIC was so upset with the video that they decided to issue an official press release on Friday, February 12th. The LA Times article specifically states that the FDIC refused to comment today on the profit statement released by OneWest today.

So let me get this straight... The FDIC issues an official press release on a YouTube video, but doesn't want to talk to anyone about the profits OneWest just reported today, and the possible effects of the shared loss agreement they have in place with them? Interesting. Anyway, enjoy the article. This story is beginning to "grow legs", as they say. With 93 other loss share agreements in place, according to a recent Business Journal article, I'm sure this is something we will all hear more about in the very near future.

Oops, I spoke to soon! While writing this article, I just found out that the FDIC just issued ANOTHER press release, this time announcing that they just sold La Jolla Bank in La Jolla, CA to, guess who? You got it, OneWest Bank! And guess what? That's right, they signed yet another Loss Share Agreement with them as well. Well, that makes a total of 95 loss share agreements, and counting!

Folks, it's time to stop this madness. The LA Times article shows what this program is costing the American Taxpayer. Some, like the FDIC (and their banker buddies) will tell us time and time again that the FDIC receives no taxpayer dollars, and is funded wholly by the FDIC premiums charged to the banks. Think about it... When banks have to pay more for increased premiums, where do you think they get the money? Quite simply, they raise their rates to YOU, the consumer, to cover these additional expenses. And, when they finally run out of money, they have a nice little $500 Billion "Credit Card" they can use at the U.S. Treasury. Where do you think this money comes from? Correct... YOU, the taxpayer.

So do your part and help spread the word. It's time to stop asking questions, and start demanding answers from our fearless leaders in Washington. Don't just read this and get mad. Read this and share it with all you know.

Subscribe To My Blog Via Email

Bob Hertzog

Summit Home Consultants

www.forsalephoenixhomes.com

Bob Hertzog

Designated Broker-Summit Home Consultants

http://forsalephoenixhomes.com

Posted by Bob Hertzog Phoenix Short Sale Agent, Designated Broker on 02/19/2010 09:27 PM

Comments (112)

OneWest FDIC Shared Loss Agreement in the Real Estate Market Channel

onewest bank, onewest loss share agreement, fdic, onewest, indymac, short sales, foreclosure, loan modification scams

Originally posted at: THE HERTZOG BLOG: OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!

Generate short URL

This post has been included in Arizona Real Estate News Maricopa County, AZ Real Estate News
Post is included in group: Short Sale Support Group
Post is included in group: Short Sales Specialists
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sale REALTORS®
Post is included in group: Certified Distressed Property Expert

112 Comments on OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!

FEB

2010

Bob,

Thanks so much for keeping up on this and putting it out there for all to digest. I wonder when this madness will stop? I fear the National Debt is going to suffocate our country. We tell the consumer to save and do just the opposite with bailouts and loss agreements that are going to haunt us for generations.

Wow ! 100% return on your investment (compliments of the FDIC) in one year! I Wonder the rates they charge on their credit cards. Do they offer free checking? Excuse me ... I feel ill.

If I need to sell my home for a loss, I'm going to draft my own shared-loss agreement and ask the FDIC to sign it! Seriously though, there seems to be a huge disconnect in how you portray the stop loss agreement and what the FDIC is aaying that 2.5b in losses must first be taken. I'm not taking sides here, just that it's hard to connect the dots on what is really happening.

Bob:

The more you peel the onion, the more it stinks!

Chris, you bring up a very valid point on the $2.5 Billion they have to "absorb" before the FDIC shared loss agreement kicks in. However (and don't quote me exactly on these numbers, as I am going from memory), the point of the article is that OneWest paid $1.55 Billion out of pocket for $13.5 Billion in assets, of which the difference is covered by an interest free loan from the FDIC. At the end of the day, the point of my blog was this... Why would OneWest work with homeowners, whether it be for a loan modification or short sale, when they can simply foreclose, get to the magical $2.5 Billion loss mark, and start reaping the rewards from the FDIC? One thing that my blog, or this article, for that matter, doesn't point out, is that once they get to a certain "threshold level" (very hard to determine what that level is when reading the FDIC agreements is), the FDIC starts paying 95% of the loss. Also, remember that the loss is based on the original principal balance, which is 30% higher than what OneWest paid for the loan. My example showed a conservative 80% of loss reimbursement.

Look, the bottom line is that, according to this article, loss share agreements will cost the FDIC $11 Billion. I'm not a math whiz, but obviously somebody smarter than all of us ran these numbers for the LA Times. At least I hope they're smarter than me (which wouldn't be saying much, by the way).

Another point I made in my original blog is also worth considering... When reminded of the loss share program, on FDIC documents/formula sheets, OneWest rescinded their request for the promissory note, and agreed to a short sale. Not just in this one isolated case, but every other case I've been involved with thus far. This tells me there is more to this than any of us may ever know.

Oh well. I noticed another Agent posting a blog about "strategic defaults" and moral responsibilites. I'm wondering if she's read anything about this.

I was discussing this very topic earlier today with somebody. It makes no sense at all and just furthers the country's debt load.

Kudos: Let it grow legs but let's hope it goes viral..........what other loss/share agreements are in place elsewhere? Remember the FDIC was putting one time charges etc. to small, well run banks to shore up the fund. Open the books. ~Doug

Hi Doug, I just wrote a blog yesterday that details all of the other banks that have loss share agreements in place. The list came from the WSJ. Enjoy!

Bob... thanx for staying on top of this... it is time we all do something about this mess... if our representatives in DC don't want to listen... get someone in there who will!

Wow, what a shame. We as Realtors, need to join together to make some change on top of the hill. Turning a profit, can't believe it.

Great job Robert. I came across your blog after seeing the story on TBWS. Even with the $2.5 billion loss mark this who loss share agreement setup is just a mess. It seems everyday there is something new that our government has done to make a deal that in the end costs the taxpayers. I really think it is time for a shakeup in our government on both sides of the aisle.

Does this stuff keep you awake at night? Chill out, go sell some homes, go on a picnic, ride a bike, see some friends and the world will all be ok. I hope the banks make a profit. They employee a lot of people, fill a lot of commercial office space, keep the money flow going and I have stock in many of them. Seriously, your going to blow a nut over this stuff and the world is not ending, and life is good. Go get yourself a puppy and a few new friends and leave the banks alone.

FEB

2010

Hi Andrew,

Yes, this "stuff" does keep me awake at night. After all, I'm all about looking out for the best interest of my family, my friends, and my clients, which I'm sure most of us are trying to do these days. But don't worry about me, as I sell plenty of homes, have a great family, and I know that the world is not ending. Not much into picnics, but I do have a bike! I have two dogs (one still acts like a puppy), and lots and lots of friends. I don't own stocks in any of these banks (that I know of), but I'm seriously thinking about buying shares in them, after learning about the profits they are making. And guess what? I haven't "blown a nut" yet! Now, go put your head back under the sand and sleep well tonight.

Thanks Robert for keeping visibility on this. We're all in this together so I find this information useful, especially as I have a One West loan.

Robert: Just made a "tongue in cheek" posting regarding a newly failed bank and FDIC takeover. Who got it? OneWest. ~Doug

You talk about profits like it's a bad word. The reason I'm still on my computer working (ok and a littlle bit of playing) tonight is to make some profits. Aren't we all trying to make a profit? Aren't the banks just made up of people doing a job? I'm thankfull for my bank that has provided me loans to buy the rental homes that I'm busy buying. If your not busy buying up properties and stocks, then in my opinion, you will be kicking yourself in 5 years.

Anyway, I need to put on my rose colored glasses and put my head in the sand and help my clients and myself. There's a lot of PROFIT in dem darn hills, and I'm trying to grab me some.

thanks robert, have a good evening. :)

Great insight! When will this madness stop? How much deeper are we digging this hole?

They sure are hiring a lot of people. FDIC Want Ads

Be sure to click "VIEW" on their website to see the salary ranges and job descriptions. Amazing that they are hiring so many people. It's FDIC takeover of the banking industry. I thought Monopoly was just a board game. They're just gobbling them up . . . hungry, hungry hippos. If I were a bank, I'd be very interested in the areas that they are hiring, and who they are hiring. Some of the duties would scare me if I was a bank manager. I'd say they're getting ready to swarm. And maybe they will on one of Andrew's 'investment' banks. I'm just saying . . . Examiners, Compliance Analysts. The FDIC can go into your bank and look up anything they want to.

Here's a job descriptin for Examiner:

"Major Duties:
Examines insured depository institutions for safety
and soundness and violations of laws and regulations,
which have affected or may affect the condition and
soundness of the institutions. This involves analyzing
and classifying assets; analyzing liabilities and
capital; reviewing dividend and charge-off policies,
earnings trends, and future prospects; evaluation of
management and the soundness of policies, procedures
and practices; analyzing liquidity and sensitivity to
market risks; reviewing Trust and Information Systems
department operations and policies; and determining
compliance with laws and regulations.

Meets with insured depository institution officials
and/or boards of directors to discuss findings of
examination, corrective programs, and commitments
for correction of deficiencies."

I emphasized the "or may affect" because I find that vague and ambiguous. It "may" happen . . . but their gonna check on it anyway?!?

Assest Management Specialist: Major Duties:
Monitors on behalf of agency management, the performance of entities that have acquired assets from failed financial institutions. The entities in many instances will enter into loss share or joint venture agreements with the agency that govern the management of the acquired assets. These assets may include loans, securities, real and personal property, and subsidiaries. Exercises this responsibility in accordance with the policies, procedures, goals and objectives, and delegations of authority specific to the Division and the Corporation.

I don't think banks are falling on their own. FDIC's motto: Today IndyMac . . . tomorrow the world.

Robert, you are a mover & a shaker! You even shook up the FDIC, wow that's some power! Thank you for keeping us updated.

Regina P. Brown

One last rebuttal...

I've noticed on AR that there are those that contribute, and those that try to get attention by finding fault in others' posts...

Mr. Andrew hasn't "contributed" by posting a blog since 5/2009.

When potential or current clients google his name, I can only hope that his diatribes that he's left on not only this blog, but others, will show them his true colors.

Great Job Bob of bringing this to our attention. I am interested to see what other banks have the agreement with the govt. and good job addressing some one who puts a pointless comment on your blog.

Carla- The FDIC is scary and yet the FED RESERVE is even scarier because they are even more secretive. They want the small banks to fail so that SOROS and his buddies can gobble all the 'failing' banks up while the big dogs, Chase and CitiMortgage get bail outs.

Andrew- I totally agree with you that profits are good and that we should all be profiting in any economy. Banks can make profits- I don't have a problem with that at all-

as long as profits are made in a free market capitalist system- which is not what they are doing and we have not had free markets for many years. Of course, the shareholders will get screwed at the end of the day. You see, the global bankers of the world don't care about shareholders, they don't even care about the profits. They care about control. I have investigated the history of the Fed Reserve and Thomas Jefferson warned us over 200 years ago about this very thing- banks mixing with government. Wisdom for the ages.

Many people think that Bush ended the free market because he said he was doing so temporarily- but what people fail to realize is that free markets ended a long time ago in the Hoover and then FDR days.

Free markets have to be allowed to work to get out of the crap our country is in right now.

When big banks, big corporations sleep in bed with Big government- that is not capitalism. That is what is called by definition- fascism. They make the rules and that is NOT how it was supposed to be.

Robert- We have been up and down the ladder with one west and fdic on short sales also. We do get them through. Keep up the good fight. The only way evil can prevail is when good men choose to do nothing. Katerina

Bob, I know first hand OneWest is killing SS deals. I had one on the table for $460k and they elected to buy it back at Auction. They then sold and closed it for $420k. Extrapolate and do the math.

Robert,

...the loss is based on the original principal balance, which is 30% higher than what OneWest paid for the loan. I wonder if I could do that? I need to talk to my CPA...

Mike in Tucson

a healthy bank, sure sounds like a problem to me.

everybody has the right and ability to stop doing business with this institution, if that happened there would be no profit, period.

Robert,

Thanks for the information. It is maddening how this works.

Cal

See Dennis Normans take, at stlouisrealestatenews.comdated Feb 15th.

I (Mike O'Hara) followed this news story pretty closely, and if I recall, the FDIC had a lot of problems selling IMB. No one was interested. When the Munchin, Soros, Paulsen and Flowers group (I think) showed interest, there had to be negotiations. These guys didn't get to where they are because they were lucky. They saw that there was little interest, so they held Bair over a barrel like good business men will, and took advantage. They got the best deal that they could. I'm thinking that the FDIC would have accepted a better deal, but they didn't have one in hand.

Robert, I love this forum because I get to experience both sides of the equation. .in one side, your efforts are startingto rumble. An avalanche always begins with the movement of a few grains of sand. .and the other side is Andrew, where he represents a lot of people acceptance . . nothing can be done.

I applaud you for this post and look forward seeing more posts from you in the future.

I'm also subscribing to your blog

Thanks,

Fernando

Good information. It seems like the only ones really hurt from the mortgage crisis is the general public. The heads of the banks are better off.

Every time that I've opined about this sort of stuff and the greed of the bankers I get jumped upon by the "that's how capitalism works" crowd here. NO, this isn't capitalism at its best this is just plain greed and it's wrong. Keep swinging away at them Robert. It makes for great TBWS features, too.

While I wish I could say I'm surprised I'm not. This whole bank bailout was sold to help the consumer but was designed to bail the banks. Moneys have been paid back just so CEO can now get bonuses

HUGE waste of taxpayer's/consumer's money. That is really amazing how much. That is alot of money, even by the government's standards. Great job with the post. I balme FDIC not OneWest. As a Business/Realtor you negotiate the best deals you can. That is what One West did. FDIC is that one at fault. Sorry, but the bad businesses should be allowed to fail. The taxpayer/consumer should not be on the hook to prop up a business. The only way to fix the "system" is to allow those that fail fail and those that succeed, continue to provide good services/products for the consumer. YES(IMHO), it is that simple.

Thank you

There are profits and there are honest profits. If this were done to an individual on a smaller scale it would be predatory lending or equity skimming. But when you get an inside deal with the government, it is capitalism. That isn't capitalism, it is profiteering with immunity from the rules the rest of us have to observe.

Just another story showing how the system is set up to enrich the few. Thanks for staying on top of it. Shiela Bair is a disgrace and should be fired.

Sounds like a good bank stock to buy. Thanks for the heads up.

In 1982 the FDIC took down Penn Square Bank in Oklahoma City for bad energy loans. Within a year this took down upstream banks including the biggest bank in Chicago and the second largest in seattle to name a few. Despite the bad loans they recovered almost all of the assets. Seems that history repeats inself.

Oink,Oink,oink ~!!! Where are the consumer watchdogs when you need them! The continued fleecing of America by amoral people !

Good Point from Jay: "...everybody has the right and ability to stop doing business with this institution, if that happened there would be no profit, period...." I'm heading over to my friendly credit uniion today ...

To this administration and the FDIC, rewarding political supporters(bribe payers) is not a waste of taxpayer money. It is the Chicago Way, something that Sheils Baird learned very quickly in order to keep her job as with the Obama administration. Not too many Bushies can sau that.

What makes me sick is that the NAR is all over this issue protecting and supporting the FDIC stop loss deals with press releases and bulletins to the members.

Movies will be made of this era of "Bankster Gangsters" and their partners in crime....

Bob, thanks for this eye opener. I know the comments are going to include valuable information as well. They certainly did in your earlier post. I'm bookmarking this for further reading.

This is infuriating.

And the rich get richer.........

Bob: Indymac has met their match in you, haven't they? Thanks for keeping us informed!

Unbelievable.

Thanks for keeping us informed of the drama. I wish that this would break in the news so taxpayers can be alerted to this. I know that I passed this out to people in my office and 'someone' put the FDIC rebuttal under my office door. I've been following this for quite some time so I know that this is not rumor only.

I love the give and take here, and all of the fabulous information! Thanks for the great post!

If the FDIC hadn't reacted to all of this, it would have died down very quickly. So there IS something here, and I have a feeling we haven't heard the last of it.

Bob, just want to say thanks for staying on top of this and reporting it to us. Keeping it in the open may force some changes to take place. And I'll leave it there before I get on a rant about some pretty stupid comments made on this article, which you handled far better than I would.

Bob,

Thanks for the heads up. Amazing!

Bob, thanks for this informative article. It would be interesting to see if anyone can dig further into this subject by interviewing the people who actually put these deals together. I would want to ask them a few questions: What were they thinking? Why did they think this was a good idea? Are they all friends who are taking advantage of the situation? Who's the mastermind behind all this? I'm baffled.

Bob: Thanks so much for such an excellent blog post. You really know your stuff. I am sure I will have to read it several times to let some of the nuances soak in... and click on the many links you provided to really get the most out of it.

Again, I see you really know your stuff... so of course I have just hit the "Subscribe to blog" link. I look forward to your future posts. Thanks again.

PS... congratulations on this being a "Featured Post... and your getting your Gold Star. Cool ! It's always nice to have your efforts recognized and appreciated.

Thanks for such a great forum and input here. This is good information. All the ways the Gov't is getting into our lives is not what was planned in the beginning.

This is just totally unbelievable...Thanks for keeping us all updated on this issue!

Bob: I want to "second" your thoughts about "Mr Andrew" in your comments # 14 and # 21. Hooray for you. You addressed what he had to say very well, and very professionally. There are many on Active Rain who give, who take, and who share... so it CAN be done. Then there are others... just as you have pointed out. Again... very well done. :)

I don't know what to say. Just unbelievable (which I have been saying a lot lately). Thanks for sharing.

This whole situation just boggles the mind. Thank you for the great information. I don't think I will even consider taking a short sale listing where OneWest is the lender.

as outrageous as this is, this should surprise no one. the bottom line is that the guys who were running Onewest cut the FDIC "negotiators" to shreds. it's the sort of stuff that happens whenever a bureaucrat does business with a businessman...the bureaucrat gets sliced thin and crapped out. can you just see the Onewest guys doing the old "don't throw me in the briar patch brer rabbit". and then snickering to themselves that the rubes pulled their own pants down.

anthony, #50, you can be sure that the guys at the FDIC who got their hat shirt and ass handed to them will be keeping a very low profile.

andrew, #17, your profits (hopefully) come from arms length transactions and as the result of bona fide services or goods delivered. your purchases are from the legitimate sellers who are also pursuing their own self interest...THAT IS THE ESSENCE OF A FREE MARKET. if you think the Onewest deal even slightly approximates that you need to rethink it. like you i am backing up the truck to buy everything i can get my hands on...but i do not buy stolen goods. or ones which have suspicious provenances. if i find a wallet with a drivers license in it...i send it home.

and after all is said and done...we would probably be willing to cut them a break IF THEY WEREN'T MAKING SUCH ASSES OF THEMSELVES AND ASKING FOR PERSONAL NOTES ON SALES!

Bob, I've appreciated you keeping us all up to date on this topic. I'm certainly not against anyone making a profit, but it seems like OneWest Bank got a deal much better than they should have.

thanks for gettingus these updaes. Amazing stuff, but not amazing grace...

Robert,

I think your taking my comments wrong. I can feel and appreciate your passion about the subject and your obviously very well versed on the subject. So NONE of what I said was meant as a slight to you in any way. Just with so much bad stuff in the news today, I try to find the positive things about our business and try to help my clients weed through the bad stuff and do what is good for them. There have always been times of "unjustified" profits, i.e. oil companies, drug companies, utility companies etc. etc. I think this is just one of those phases that will pass and we will all come out of it for the better on the other side. I do stick my head in the sand on the bad news as it gets me upset (as the rest of you) and it takes me off the focus of having a great life. That is really all I can control, and the banks and short sales and promissary notes and etc. etc. are more that I can control right now. Anyway, I can tell your very passionate about your feelings, and I guess I was just saying that the bank stuff just is what it is.

michael #57, I am the most ethical guy you would ever work with. And any and all profits I make are through hard work and due dilligence. I've returned many a wallet.

Have I mentioned lately that I'm not one of the bank's biggest fans. Ok, I'm not one of their biggest fans.

Robert,

Thanks for reminding all of us, what we are all about. Mr Andrew can only view himself atop the mountain above all of us. It is sad, because I have many clients that I have to listen to their desperate stories in losing their homes and others that can't seem to buy the home of their choice because it is on a short sale and the banks drag it out for up to a year. It's sad to see these buyers back out of a deal, just because they can't wait any longer. I don't think I need to feel sorry for the banks, when every other time an account is checked on, they say that it has been passed along to another negotiator and with further checking, nothing has been done since the last time I talked to them. If they could get their act together, then everyone could get a good nights sleep.

This whole country is about special interest and who you know. The little guy gets screwed and the big guys make billions.

Robert -

I've been following this story with interest and a bottle of Tums by my side. Geez. Any chance any of these people will be going to prison any time soon??

Very interesting. I was unaware of all the sordid details!

Good info ~ the ministry of misinformation is hard at work again...assuming the public is completely ignorant and helpless. 600 years ago in France, it took one 17 year old peasant girl just a couple of short years to revive an entire nation that had lost its hope, and repel their oppressors to the exits. The answer lies in the heart of the simple who long for truth, justice and freedom as much as God Himself longs for it. We need to change hearts, and laws may do well to follow our march for truth - that we will no longer be the servants of debt, corruption, and deceitful dealers masquerading as leaders.

How about this video?

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/964805

Rules?? We don't need no stinkin' rules!! OneWest & their sock puppets at the FDIC are singing in harmony!

Robert - keep on plugging away at this. It has the capacity to go viral, and it likely has already started to...

Once I saw the video on TBWS we were just amazed on how they keep letting the bad guys get away with robbery. How can we get our share of the american dream?

Let us know how can can spread the word to have this bull##it stopped.

Bob,

We have got to get united on this. As agents across the country and as tax payers!

I'm here in Phoenix and I've experienced the same nonsense with One West. I'll forward your blog to everyone I know. You just keep posting!

Appreciatively, Kim

Robert,

Just went back and read "Is the FDIC Killing OneWest IndyMac Short Sales?" It would be interesting to know if you ever received a response back from John McCain or Jon Kyl.

Any business transaction should run both way ... loss sharing should also be profit sharing. What happened to FDIC? Incompetence or fraud? Either way, it points to big problems. Shouldn't there be some kind of investigation?

Bob, Thank you for the informative post. I was watching the news last night with my husband and gasped outloud when I heard the news about OneWest taking over La Jolla Bank. Wow, they must be making some great money because it sounds like they are taking over! Beware!!

One of the agents in my office put in 20+ years in the banking industry, including several years with the FDIC. She keeps her money in Credit Unions and teaches all of her clients to do the same.

Thanks Bob for helping to keep this issue on the front page.

I have a blog about it here and on REOPros and NFSTI and links to the WSTB web site.

Everyone, in the industry or not, should be taking notice and then putting their voices together about these issues.

Great Job!

Linda McKissick, Broker, EXIT Realty Bend

Bob - I reblogged and will br printing this out and reading it at our Tuesday office meeting to our non-web friendly agents. I also sent off my nastygram to Terry yesterday. I'll let you know if I have any 'movement' Monday...

the video blog on the fdic I sent out to everone on my list blogged it myself and it never ceases to amaze me how many people including those in the business are totally clueless about it ,,, to this day

This is just mind boggling. I watched the video and cannot believe more people are not up in arms about this.

Thanks to everyone for the support and feedback. I, like the rest of you, am hoping that it gets to one of the major news networks, and all Americans can be made aware of what is going on. Keep spreading the word!

Bob

Bob,

I have been reposting everything on this. This makes me sick and shows what is wrong with this country. This cronie capitalism is coming from the left and the right.

Great information! I am re-blogging it and sending it on to my database. This has GOT to STOP!! We need to let nature take its course at this point forward.

Bob, at least someone is making money. Gobs of it.

#23 - yes, the Imperial Stormtroopers regulators are massing. FDIC was not pro-active when this was brewing, and with the cracks in the surface they are certainly gunning hiring for what seems to be a real onslaught. FDIC "Careers"

This is a list of failed" banks (so far) seized by FDIC, courtesy of FDIC (originally posted on another of Robert Hertzog's posts). So put the states that don't have many (to date) bank seizures, and look at where the FDIC is hiring, and viola . . .

I wonder if the FDIC new hires will get to wear these cute little outfits:

Just goes to show why the government should NOT be in the middle of business!

Robert

I have been following your Blogs for a few days now, and quite frankly I am beyond speachless.

Hope with the help of others this gets a Prime Time airing for all Americans to see.

Thanks for the all the work you have done on this.

86 comments on this post. amazing. AR has a LOT of good back n' forth discussion. Love it! Thanks for the post and the info keeping us all abreast of this and other important issues.

Bob,

Just when I thought my blood pressure couldn't go any higher...................

Remember a few years ago with the "Teamster's Pension Fund" and Organized Crime?

That's tame compared to this............ What's it gonna take to put a stop to this crap?

FEB

2010

The banks have us all by the balls. And they are squeezing. It hurts. And soon we are going to get p^&*^ed and do something about it. I deal with banks all day every day and it's getting old very fast.

The greedy get greedier! My only thought is they'll fall some day. Thanks for the post. It's pretty outrageous how the bottom feeders can get away with this stuff!

Maybe it's time to change who is running the show in Washington....starting from the top. Keep on exposing the greed at the bank level which gets created when the elected folks in Washington set up policys that set the playing field....seems like old times that got us here in the first place.

Thank you for posting more info on this ongoing issue with SS. Everytime I read the record profits being posted by the banking industry, I am sick to my stomach. The average consumer continues to suffer in many ways to come....and the Fed and Banks play the taxpayers for fools.

Putting the party politics aside, this kind of crud is exactly why the Tea Party Movement was formed: people are sick of the crap that is being perpetrated on the American public. It really now has to come down to choices. If you are part of the solution, we American's should want those people as leaders. If you are part of the problem, get the hell out. The One West sham is an example of the "fleecing" of America, and is an example of how this generation is sticking it to future generations - because we don't want to take the painful steps necessary to correct the economic mess that is our economy.

Hello everyone, I just wrote a new blog, based on a Sacramento Bee article that was just published today. It appears that homeowners are filing lawsuits against OneWest, claiming that loss share agreements create an incentive to disapprove/ignore loan modifications, and move to foreclosure. To read the blog and article, click here.

Bob

Hi Robert, This kind of stuff is just so maddening ! Most folks work their butts off to keep it all together and then have to sit through this kind of insider deal making !

These type of sweetheart deals piss me off, but on the other hand, who else is standing in line with liquidity to purchase these assets?

Great Blog. Thank You for being a Watchdog in our Industry. I'm glad you show the integrity and honesty needed in both the Industry and presenting it on Activerain . Thank You very much

Bob: You rock for continuing to follow this and encouraging others to do the same.

And, Andrew (#60,#21,#14): The fact that you are benefiting from the misery of so many....and feeling good about it....speaks volumes about your core values.

Another great post and follow up! The same lack of transparency that took us into this mess is being used by the same banks. Only now with the government assistance. As of this they none of the regulations approved established high standands.

Bob, the upsetting issue here is the fact that this no shock at all. I disagree with anyone finding this unbelievable. Keep up the good work all the same, and maybe at some point our leadership will realize it is time to clean up our act ~ Brad

Very, very englightening post. I was unaware of all these details! Someone needs to really look at the FDIC...

Robert,

I just want to mention that I did see TBWS's clip on this topic, which after reading I started to research more about. I am disgusted that the FDIC would this. I can understand that the Government wanted to sweeten the purchase of IndyMAC for some investors in order to persuade them to buy this failing bank, but they have gone to far. It is crazy to think that One West Bank's investors can make so much money in return in just one year on the backs of regular tax payers.

Thanks for sharing this with us.

Robert,

I also applaud you for shining the light on big banks and government duping us, yet again. I do feel that Americans as a whole are really getting fed up with all these shenanigans and it is people like you that help us really look at things that we should be looking at and VOTING as informed citizens. And I don't understand Andrew's rant. Was he joking??????

Keep up the good work, Robert and thank you!

Robert, thanks for the update! This just makes me ill... What other "behind the scenes" tactics are taking place with government involvement? Has FOX talked about this yet?

FEB

2010

Bob,

I re-blogged your posts including the recent post on the Sac Bee article. This is information that needs to be shared. I am now a loyal subscriber to your blog!

Your work on this money paper trail which is close to a shell game is extraordinary. The more things change the more they stay the same. Thank you for making a difference.

Great blog Bob. It is unfortunate that we are forced to pay for any banks profits directly or indirectly. I saw you blog on TBWS. BTW, they reach over 100,000 subscribers.

We have developed a Short Sale tool that automatically determines the value of a short sale on your listing. This software is not a pipeline management software like most you see today. It is very affordable and each report is analyzed by one of our team before you sent it in to the bank/servicer for review. I would love to send you or any of your blog followers a pdf of the report or you can sign up for one our daily webinars. Thanks.

Dan / dan@qualifytomodify.com

I tried ignoring this blog post for 2 days. Curiousity killed the cat?

The Fed, The FDIC, & The Big Banks Killed the Real Estate Market.

UGH!

Robert

BTW I thought you might like to know, or then again maybe you do already.

One West just got another sweetheart deal from the FDIC this weekend as it was announced that the FDIC took over LaJolla Bank here in San Diego with OneWest taking over.

They sure must have the connections

FEB

2010

Wow, this is very interesting. Its interesting how I often learn so much more 'news' through reading Active Rain than what we see on television. Thank you for the informative post.

FEB

2010

I'm glad you're shedding some light on these shady, backroom deals. I hope this administration pays the price at the polls in November for all of this absolute madness.

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.

APR

2010

The bankster conspiracy seems to be run by just a couple thousand guys on Wall ST, K ST and Capitol ST.

This blog does not allow anonymous comments

Bob Hertzog Phoenix Short Sale Agent, Designated Broker

Phoenix, AZ

More about me…

Summit Home Consultants

Address: 7702 E Doubletree Ranch Rd., Suite 300, Scottsdale, AZ, 85258

Office Phone: (602) 957-1583 x 5

Cell Phone: (602) 909-5994

Email Me

Testimonials

Bob recently helped my family purchase a short sale condo property in Scottsdale. Since we live in Colorado, we were glad to have a local expert like ... more

5.0/5.0

by LRWolfgang

Bob Hertzog represented me as a buyer in a short sale transaction. I have been involved in many real estate transactions over the years and Bob ... more

5.0/5.0

by Mike Arizona

No words will describe how grateful my family and I are for Bob Hertzog's expertise during a complicated short sale of investment property. After ... more

5.0/5.0

by ronaldabidog

My homes for sale in Phoenix

Listings

Links

Archives

Find AZ real estate agents and Phoenix real estate on ActiveRain.

Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.