Comments on: Think Big Work Small?s Line by Line Response to The FDIC?s Accusations http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/ A magazine for real estate, mortgage and finance agents, brokers and professionals Sat, 04 Feb 2012 02:28:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: stopGOVTwaste http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-68 stopGOVTwaste Thu, 17 Jun 2010 14:23:16 +0000 http://www.thenichereport.com/?p=5297#comment-68 Chase bought WAMU in September of 08 for $1.9 billion dollars. They got a bank with almost $310 billion in assets and $188 billion of it bank deposits. Chase will tell you that the deal wasn?t that great as they had to absorb a hemorrhaging mortgage portfolio of $176 billion that they immediately wrote down by $31 billion. That?s true, but hides what really is going on. If you ignore all the other debt and assets, Chase got $176 billion in home loans for $1.9 billion. That?s just over 1% of face value. Assuming an average loan balance of around $300,000, that?s almost 600,000 mortgages and corresponding homes. That means they paid an average of only $3,000 for each of those loans. Even if they foreclose on the ENTIRE portfolio, do you think they can make money by reselling houses they got for $3,000 each? In January of 2008, Bank of America paid $4 billion for Countrywide. Countrywide serviced about 9 million loans valued at $1.5 trillion dollars. Run the numbers! Chase bought WAMU in September of 08 for $1.9 billion dollars. They got a bank with almost $310 billion in assets and $188 billion of it bank deposits. Chase will tell you that the deal wasn?t that great as they had to absorb a hemorrhaging mortgage portfolio of $176 billion that they immediately wrote down by $31 billion. That?s true, but hides what really is going on.

If you ignore all the other debt and assets, Chase got $176 billion in home loans for $1.9 billion. That?s just over 1% of face value. Assuming an average loan balance of around $300,000, that?s almost 600,000 mortgages and corresponding homes. That means they paid an average of only $3,000 for each of those loans. Even if they foreclose on the ENTIRE portfolio, do you think they can make money by reselling houses they got for $3,000 each? In January of 2008, Bank of America paid $4 billion for Countrywide. Countrywide serviced about 9 million loans valued at $1.5 trillion dollars. Run the numbers!

]]> By: stopGOVTwaste http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-69 stopGOVTwaste Thu, 17 Jun 2010 14:23:16 +0000 http://www.thenichereport.com/?p=5297#comment-69 Chase bought WAMU in September of 08 for $1.9 billion dollars. They got a bank with almost $310 billion in assets and $188 billion of it bank deposits. Chase will tell you that the deal wasn?t that great as they had to absorb a hemorrhaging mortgage portfolio of $176 billion that they immediately wrote down by $31 billion. That?s true, but hides what really is going on. If you ignore all the other debt and assets, Chase got $176 billion in home loans for $1.9 billion. That?s just over 1% of face value. Assuming an average loan balance of around $300,000, that?s almost 600,000 mortgages and corresponding homes. That means they paid an average of only $3,000 for each of those loans. Even if they foreclose on the ENTIRE portfolio, do you think they can make money by reselling houses they got for $3,000 each? In January of 2008, Bank of America paid $4 billion for Countrywide. Countrywide serviced about 9 million loans valued at $1.5 trillion dollars. Run the numbers! Chase bought WAMU in September of 08 for $1.9 billion dollars. They got a bank with almost $310 billion in assets and $188 billion of it bank deposits. Chase will tell you that the deal wasn?t that great as they had to absorb a hemorrhaging mortgage portfolio of $176 billion that they immediately wrote down by $31 billion. That?s true, but hides what really is going on.

If you ignore all the other debt and assets, Chase got $176 billion in home loans for $1.9 billion. That?s just over 1% of face value. Assuming an average loan balance of around $300,000, that?s almost 600,000 mortgages and corresponding homes. That means they paid an average of only $3,000 for each of those loans. Even if they foreclose on the ENTIRE portfolio, do you think they can make money by reselling houses they got for $3,000 each? In January of 2008, Bank of America paid $4 billion for Countrywide. Countrywide serviced about 9 million loans valued at $1.5 trillion dollars. Run the numbers!

]]> By: Lamarr Banks http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-67 Lamarr Banks Sun, 28 Feb 2010 00:54:57 +0000 http://www.thenichereport.com/?p=5297#comment-67 Mr. Donovan, All I can say is "Wow"! I can see how the electronic age can help us all get the story on all that is going on in the Banking industry. I am not one to say all homeowners need a break, but we as a nation cannot allow a system that put together the bad loan products to hide behind the idea that Brokers, Realtors and Appraisers caused the fall. Lets expose where the major faults lie and fix it. Mr. Donovan, All I can say is “Wow”!
I can see how the electronic age can help us all get the story on all that is going on in the Banking industry.

I am not one to say all homeowners need a break, but we as a nation cannot allow a system that put together the bad loan products to hide behind the idea that Brokers, Realtors and Appraisers caused the fall. Lets expose where the major faults lie and fix it.

]]> By: James J. Donovan http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-66 James J. Donovan Sat, 27 Feb 2010 23:17:24 +0000 http://www.thenichereport.com/?p=5297#comment-66 One last question that needs to be answered. If the FDIC wants to stake claim to its PRIVATE STATUS funded by member banks why do the taxpayers have to offer the implicit insurance backing? Is it that depositiors truly would not accept the insurance if the government does not back it? Ask the Chinese about their Freddie and Fannie Securities, see if they would continue with these holdings if Uncle Sam would not back the tab on default. Ask Goldman how many derivatives they issues on behalf of the soveriegn debt for the United States. We need to go back to these united states, or the several states. One last question that needs to be answered. If the FDIC wants to stake claim to its PRIVATE STATUS funded by member banks why do the taxpayers have to offer the implicit insurance backing? Is it that depositiors truly would not accept the insurance if the government does not back it? Ask the Chinese about their Freddie and Fannie Securities, see if they would continue with these holdings if Uncle Sam would not back the tab on default. Ask Goldman how many derivatives they issues on behalf of the soveriegn debt for the United States. We need to go back to these united states, or the several states.

]]> By: James J. Donovan http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-65 James J. Donovan Sat, 27 Feb 2010 22:58:13 +0000 http://www.thenichereport.com/?p=5297#comment-65 Here's the story and you make the decision. On July 11, 2008 the Office of Thrift Supervision seizes IndyMac Bank, FSB and strips the assets from IndyMac Bancorp Inc. (This, after knowingly and willfully allowing the Officers of IndyMac to commit fraud related to reserve requirements.) At the same moment FDIC is named "conservator" and establishes IndyMac Federal Bank, FSB. The shareholders of IndyMac Bancorp are wiped out in bankruptcy and can make no claim to the assets of the failed thrift although many were stake-holders in the notes and mortgages. The Federal Home Loan Bank is made whole on a 600 million dollar loan and nobody else can sue to recover damages, (little guy screwed again). The FDIC, as conservator operates this new bank for a period of nine months. (Never once goes to the actual mortgagors and offers to let them refinance out of the loan at a discount or purchase their own Note at a discount higher than what Dell, Soros Mnuchin and Paulson paid for them). On March 06, 2009 the FDIV creates a new Company called IndyMac Venture, LLC. At the same time, Dell and the boys are creating IMB Holdco, LLC. (Now this next part is fun-because it all takes place on March 19, 2010 with some of the most expensive lawyers money can buy). Both sides are setting up the silo from different sides and they all meet in the middle with IndyMac Ventures, LLC being the center of the structure. FDIC names itself Receiver (no longer conservator) of IndyMac Federal Bank, FSB, they create a contribution agreement between IndyMac Federal Bank, FSB and IndyMac Venture, LLC in which they contribute substantially all of the assets of Indymac Federal Bank, FSB to IndyMac Venture, LLC and in return the FDIC receives a Participation Agreement from IndyMac Venture, LLC which allows them to share in the future interest of the mortgage loans. (They still get paid monies on the loans they financed for Dell & the boys). At the same time on the other end of the silo Dell and the boys deposit 1.4 billion dollars into IMB Holdco, LLC. (This is the holding company that actually benefits from the loans in the end). In turn they create the (Intermediate Holdco), One West Venture Holdings, LLC which owns One West Group, LLC and also owns and (regardless of how it is written) controls One West Bank, FSB. (Remember, these are intermediate holding companies for IMB Holdco). Now this is where they get cute! On March 19, 2009 IMB Holdco transfers the 1.4 billion to intermediate holdco, or One West Venture Holdings, LLC and they do not purchase the loans from the FDIC - they purchase the interest that the FDIC had in IndyMac Venture, LLC. The loans have never left IndyMac Venture, LLC and the majority are still held on MERS under IndyMac Federal Bank, FSB and the FDIC still gets money from these loans daily. Sheila, tell the people who you are really protecting because some of us already know. As a closing note, when adding in the actual value of the deposits, servicing platforms securities owned, loan servicing rights, etc... The actual amount paid for the interest in IndyMac Ventures, LLC by Dell & the boys is forty nine cents on the dollar. Of which they only recapitilized with 1.4 billion in cash. The scariest part is the FDIC has many of these same scenarios and so does the Federal Reserve Corp. through entities like Maiden Lane, LLC, which also includes the likely candidates Goldman, Deutshe, JP Morgan Chase, Socieliete Generale, AIG. So ,are we protecting any group or the whole damn monetary structure. You make choice... I know the answer already Here’s the story and you make the decision.

On July 11, 2008 the Office of Thrift Supervision seizes IndyMac Bank, FSB and strips the assets from IndyMac Bancorp Inc. (This, after knowingly and willfully allowing the Officers of IndyMac to commit fraud related to reserve requirements.) At the same moment FDIC is named “conservator” and establishes IndyMac Federal Bank, FSB. The shareholders of IndyMac Bancorp are wiped out in bankruptcy and can make no claim to the assets of the failed thrift although many were stake-holders in the notes and mortgages. The Federal Home Loan Bank is made whole on a 600 million dollar loan and nobody else can sue to recover damages, (little guy screwed again). The FDIC, as conservator operates this new bank for a period of nine months. (Never once goes to the actual mortgagors and offers to let them refinance out of the loan at a discount or purchase their own Note at a discount higher than what Dell, Soros Mnuchin and Paulson paid for them). On March 06, 2009 the FDIV creates a new Company called IndyMac Venture, LLC. At the same time, Dell and the boys are creating IMB Holdco, LLC. (Now this next part is fun-because it all takes place on March 19, 2010 with some of the most expensive lawyers money can buy). Both sides are setting up the silo from different sides and they all meet in the middle with IndyMac Ventures, LLC being the center of the structure. FDIC names itself Receiver (no longer conservator) of IndyMac Federal Bank, FSB, they create a contribution agreement between IndyMac Federal Bank, FSB and IndyMac Venture, LLC in which they contribute substantially all of the assets of Indymac Federal Bank, FSB to IndyMac Venture, LLC and in return the FDIC receives a Participation Agreement from IndyMac Venture, LLC which allows them to share in the future interest of the mortgage loans. (They still get paid monies on the loans they financed for Dell & the boys). At the same time on the other end of the silo Dell and the boys deposit 1.4 billion dollars into IMB Holdco, LLC. (This is the holding company that actually benefits from the loans in the end). In turn they create the (Intermediate Holdco), One West Venture Holdings, LLC which owns One West Group, LLC and also owns and (regardless of how it is written) controls One West Bank, FSB. (Remember, these are intermediate holding companies for IMB Holdco). Now this is where they get cute! On March 19, 2009 IMB Holdco transfers the 1.4 billion to intermediate holdco, or One West Venture Holdings, LLC and they do not purchase the loans from the FDIC – they purchase the interest that the FDIC had in IndyMac Venture, LLC. The loans have never left IndyMac Venture, LLC and the majority are still held on MERS under IndyMac Federal Bank, FSB and the FDIC still gets money from these loans daily. Sheila, tell the people who you are really protecting because some of us already know. As a closing note, when adding in the actual value of the deposits, servicing platforms securities owned, loan servicing rights, etc… The actual amount paid for the interest in IndyMac Ventures, LLC by Dell & the boys is forty nine cents on the dollar. Of which they only recapitilized with 1.4 billion in cash. The scariest part is the FDIC has many of these same scenarios and so does the Federal Reserve Corp. through entities like Maiden Lane, LLC, which also includes the likely candidates Goldman, Deutshe, JP Morgan Chase, Socieliete Generale, AIG. So ,are we protecting any group or the whole damn monetary structure. You make choice… I know the answer already

]]> By: Glen Ewell http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-64 Glen Ewell Sat, 27 Feb 2010 15:46:05 +0000 http://www.thenichereport.com/?p=5297#comment-64 As a small business owner the banks charge my account for FDIC insurance and is is itemized as a charge on the bank acount analysis. Therefore the consumer is paying for FDIC. As a small business owner the banks charge my account for FDIC insurance and is is itemized as a charge on the bank acount analysis. Therefore the consumer is paying for FDIC.

]]> By: Dan Carr http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-63 Dan Carr Sat, 27 Feb 2010 14:54:38 +0000 http://www.thenichereport.com/?p=5297#comment-63 When they speak of the $2.5 billion loss threshold, are they talking about actual real dollar loss to One West or the phantom loss based on the original loan amounts? If it is the latter,it would seem they would be playing with "House Money" and have every incentive to dump the homes at low prices. When they speak of the $2.5 billion loss threshold, are they talking about actual real dollar loss to One West or the phantom loss based on the original loan amounts? If it is the latter,it would seem they would be playing with “House Money” and have every incentive to dump the homes at low prices.

]]> By: hugh http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-62 hugh Sat, 27 Feb 2010 14:47:38 +0000 http://www.thenichereport.com/?p=5297#comment-62 you guys keep up the good work. if onlyh you had 10% of the staff and lawyers the FDIC had, this story would be on the national news. as "proxy's", let's all throw the bums out at each and every upcoming election...starting with you folks in Barneyville. This is why so many are retiring from Congress...either because they are sick of this crap or because they are in the cesspool up to their elbows. you guys keep up the good work. if onlyh you had 10% of the staff and lawyers the FDIC had, this story would be on the national news. as “proxy’s”, let’s all throw the bums out at each and every upcoming election…starting with you folks in Barneyville. This is why so many are retiring from Congress…either because they are sick of this crap or because they are in the cesspool up to their elbows.

]]> By: Scott D http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-61 Scott D Sat, 27 Feb 2010 09:23:30 +0000 http://www.thenichereport.com/?p=5297#comment-61 STOP APOLOGIZING and NO MORE REBUTTALS! Timing is everything with this Treasury Dept lender scare announcement. It is my opinion that the TBWS guys hit the HOT BUTTON and that?s trickling down with other malfeasant lenders. SEA CHANGE COMING NEXT MONTH IN LOAN MODS Last week, the Fed raised rates by .25, Housing news was horrible, REO Shadow inventory release announcements of 3 million foreclosures to be listed on the market was announced, Expectations of another 2-3 million foreclosures this year was projected, News of Goldman Sachs law breaking in Greece collapse, Timothy Geithners personal malfeasance in the AIG negotiation revealed in committee etc. March is the end of the first calendar quarter of the year and politicians are trying to mitigate incredibly horrible end of 1st quarter news in an election year. Drive that GEORGE SOROS IS A FELON stake through their hearts with another video next month. BLOW THE LID OFF THIS FDIC and HAMP SCAM COMPLETELY! When you have the enemy on the run you have to unload the HOWITZERS! STOP APOLOGIZING and NO MORE REBUTTALS!

Timing is everything with this Treasury Dept lender scare announcement. It is my opinion that the TBWS guys hit the HOT BUTTON and that?s trickling down with other malfeasant lenders.

SEA CHANGE COMING NEXT MONTH IN LOAN MODS

Last week, the Fed raised rates by .25, Housing news was horrible, REO Shadow inventory release announcements of 3 million foreclosures to be listed on the market was announced, Expectations of another 2-3 million foreclosures this year was projected, News of Goldman Sachs law breaking in Greece collapse, Timothy Geithners personal malfeasance in the AIG negotiation revealed in committee etc.

March is the end of the first calendar quarter of the year and politicians are trying to mitigate incredibly horrible end of 1st quarter news in an election year.

Drive that GEORGE SOROS IS A FELON stake through their hearts with another video next month. BLOW THE LID OFF THIS FDIC and HAMP SCAM COMPLETELY!

When you have the enemy on the run you have to unload the HOWITZERS!

]]> By: Ilan A. http://www.thenichereport.com/uncategorized/think-big-work-small%e2%80%99s-line-by-line-response-to-the-fdic%e2%80%99s-accusations/#comment-60 Ilan A. Sat, 27 Feb 2010 01:21:40 +0000 http://www.thenichereport.com/?p=5297#comment-60 There has to be more to the loss-share agreement then we are being told, otherwise no rational institution would be dumping properties like OneWest Bank. They are willing to take huge immediate losses over reduced payment streams from people who have verified income. I have seen the details on 2 OneWest Bank foreclosure scenarios. On both of them the borrowers were able and willing to make a reduced payment based on a 3% interest rate, which fell within the 31% DTI (debt) ratio guideline. In each case OneWest decided to move forward to foreclosure sale. On the 1st one they took a $309,000 1st and sold the property for $188,000! On the 2nd one they told the borrower her loan modification was approved, got her to make 2 months' payments and then reneged. Faced with an imminent sale date, she has arranged a short sale. OneWest just told her that they have approved the sale, taking a $471,000 loan and selling the property for $275,000.! The opening bid at the foreclosure sale was going to be a little higher than that. There are lots of other similar examples going around. Let's see who can connect the dots... There has to be more to the loss-share agreement then we are being told, otherwise no rational institution would be dumping properties like OneWest Bank. They are willing to take huge immediate losses over reduced payment streams from people who have verified income. I have seen the details on 2 OneWest Bank foreclosure scenarios. On both of them the borrowers were able and willing to make a reduced payment based on a 3% interest rate, which fell within the 31% DTI (debt) ratio guideline. In each case OneWest decided to move forward to foreclosure sale. On the 1st one they took a $309,000 1st and sold the property for $188,000!
On the 2nd one they told the borrower her loan modification was approved, got her to make 2 months’ payments and then reneged. Faced with an imminent sale date, she has arranged a short sale. OneWest just told her that they have approved the sale, taking a $471,000 loan and selling the property for $275,000.! The opening bid at the foreclosure sale was going to be a little higher than that. There are lots of other similar examples going around. Let’s see who can connect the dots…

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