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Indymac Loan Modification

Anger over Indymac loan modification efforts

by Moe Bedard

Some frustrated borrowers and housing counselors, however, say it’s anything but easy to deal with the institution, now known as OneWest Bank. They say the bank needs to do more for its troubled customers because of the perks it is receiving from the government.

“They’re less responsive, more difficult to get affordable workouts from, and their [...]

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When the FDIC is away, the new Indymac owners will play

by Moe Bedard

I wrote about this last month and it seems to be picking up steam in the media. Which is great for Indymac borrowers because a loan modification spot light needs to be shined on these new creeps who bought Indymac on the cheap from the FDIC after the bank failed in early 2008.
Here’s an excerpt [...]

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Now that the FDIC is gone, are the new owners of Indymac abusing homeowners?

by Moe Bedard

When the government leaves and Wall Street takes over, we have Main Street problems. Haven’t we already made this fantastic business discovery America?
The failed Indymac and subsequent takeover by the FDIC has garnished a lot of press, fan fare and accolades for the great Sheila Bair and her agency. They came in, shaped up the [...]

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IndyMac to Be Sold to Group of Equity, Hedge Funds, NYT Reports

by Moe Bedard

Dec. 28 (Bloomberg) — IndyMac Bancorp Inc., which failed in July after a run on its deposits, is close to being sold by the government to private equity and hedge fund firms, the New York Times reported, citing people briefed on the deal.
The buyers are J.C. Flowers & Co. and Dune Capital Management, New York-based [...]

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Polishing Mortgage Turds: The FDIC Loan Modification Plan Will Not Work Without Massive Principle Reductions

by Moe Bedard

Polishing a turd definition: The act of trying to make something hopelessly weak and unattractive appear strong and appealing. An impossible process that usually results in a larger, uglier turd.
Example: She tried to look more attractive by getting plastic surgery, but let’s face it, you can’t polish a turd.
“Bottom line America, thousands of homeowners are [...]

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Improving Terms on your Debt: Recent Loan Modification Programs

by Moe Bedard

If you’re having difficulty paying your existing home loan in the context of changes in your income or in the market generally, there are a number of options to consider. You should never assume that your only route out is to lose your home – there are a number of possible solutions to help you [...]

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FDIC Gives Indymac Pay Option ARM Borrowers Till Next Friday to Seek Mortgage Relief

by Moe Bedard

Paul Kielsel, an attorney and fellow blogger in Los Angeles, Ca. is reporting that the the FDIC is giving Indymac borrowers who have negative ammortization mortgages AKA Pay Option ARM’s till Friday October 24th to seek a loan modification or to take legal action against Indymac.

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Statement of Sheila C. Bair Chairman FDIC on A Review of Foreclosure Mitigation Efforts

by Moe Bedard

Applying workout procedures for troubled loans in a failed bank scenario is something the FDIC has been doing since the 1980s. Our experience has been that turning troubled loans into performing loans enhances overall value. In recent years, we have seen troubled loan portfolios yield about 32 percent of book value compared to our sales [...]

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Should the FDIC & Sheila Bair be in Charge of Cleaning Up the Toxic Mortgage Crisis?

by Moe Bedard

This blog and my life has been dedicated to following what lenders, servicers and our government have done and are doing to assist the millions of Americans that are facing foreclosure as a result of being sold defective credit instruments. AKA subprime and ALT A mortgages.
In my hundreds of hours of research and work, only one agency [...]

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Remarks by FDIC Chairman Sheila C. Bair on the IndyMac Loan Modification Announcement

by Moe Bedard

Good afternoon, thank you for taking the time to participate in this conference call. I would recognize John Bovenzi with IndyMac Federal, who is also on the line, and thank him for his contributions to today’s important announcement. John will provide brief remarks following mine.
I am pleased today to announce the implementation of a systematic [...]

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Loan Modification Program for Distressed Indymac Mortgage Loans

by Moe Bedard

From the FDIC: IndyMac Federal Bank, FSB (“Indymac Federal”) will implement a new program to systematically modify troubled mortgages.
The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. This in turn will maximize value for the FDIC, as well [...]

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IndyMac to reopen ’strong and safe,’ new boss says

by Moe Bedard

PASADENA, California (CNN) — California bank IndyMac will reopen as a “strong and safe institution” under federal management and a new name Monday, days after regulators closed it, the firm’s new CEO said Sunday.
“Come Monday morning, it will be business as usual for all insured customers,” said John Bovenzi, who was placed in charge of [...]

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