Bob, I'm happy to say I am doing just what you have requested. Sharing this post to my market. It is time that the Consumer realize just what is being done behind those closed doors and take action. Thank you for putting this information at hand for us all!
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 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.
Bob Hertzog
www.foreclosureuturn.com
Jeanean, If each of us were able to purchase a business that came with a guarantee any loss we incurred would be paid for by someone else , but any profit we made we got to keep...and we could get back the entire purchase price in the first year of our "new Business"...we would all want that deal. How do I get this favorable treatment from the Government?
Good Morning Jeanean,
I'm shocked by this news! What else could happen in the banking business? The next item may be about short sales and bankers playing "hanky panky". On second thought; that could never happen with our watchdog Federal Government involved!
Steve, this is a Re-Blog by Bob Hertzog who has been keep us up on all of this fiasco government scam of the Consumer! We need to thank him for helping us get the word out. Thanks for coming in on this...and look up the original post and put out your market as well!
Names commenter....I like a sense of humor!