The Indymac Slap In Our Face: A Fantastic, Succinct Video by THINKBIGWORKSMALL.com

Posted by Lisa on February 8, 2010 · View Comments 

Hey Barney Frank,

Here’s to you from us here at indymacdepositors.com for your urge to vote down the Honorable Congresswoman Jane Harman’s amendments that would quietly reimburse us to the tune of the new legislation, keep you from FURTHER embarrassment for robbing the LITTLE people, (then again maybe nothing embarrasses you).

Take a gander at this video, PLEASE. We know you will all agree with it, and have asked the creators for a copy which will allow us to post it in its purest form right on the web site, eliminating the need to click on a link. But for now, click here to view it in its pure, unadulterated truth:

Please comment on the site for these guys, they did an excellent job of explaining and simplifying the WINDFALL created by the FDIC for OneWest Bank.

What I really want to know boys and girls, is besides the investors at OneWest, is WHO else benefited or continues to benefit from this OUTRAGEOUS transaction that only a fool would enter into without benefit to his or herself.

Thank you from Lisa Marshall

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About Lisa

  • Sandy
    The latest from Family Security Matters : February 22, 2010

    Exclusive: OneWest Bank Releases First Year Profit Statement – You Won’t Believe This One!Bob Hertzog

    Kudos to Scott Reckard with the LA Times. He wrote an article 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 its 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 writing this article is that it dovetails perfectly into my piece titled "Is The FDIC Killing OneWest IndyMac Short Sales" written in September 2009. The piece, 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. 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 on the profit statement released by OneWest.

    So let me get this straight: The FDIC issues an official press release about a YouTube video, but doesn't want to talk to anyone about the profits OneWest just reported 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.

    Hold the presses! While in the midst of writing this article, I discovered that the FDIC 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. That makes a total of 95 loss share agreements, and counting.

    Folks, it's time to stop this madness. The LA Times article linked above 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 everyone you know.

    FamilySecurityMatters.org Contributing Editor Bob Hertzog is the founder of Summit Land Consultants, and co-founder of Summit Home Consultants in Phoenix, Arizona. His website is www.foreclosureuturn.com.
  • keithbrown
    Great video - well done and easy to understand the "slap in our face" What corruption at high levels.

    I would like to send to my congressmen as followup to my many letters, but am having trouble posting to their websites.
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