Homeowner Revolution 2010

One West is Foreclosing on loans they DON’T own… Imagine that!!!

admin — Fri, 16 Jul 2010 06:05:50 +0000

One West Bank, formerly Indymac, is foreclosing on thousands of homeowners across the Country and they don’t even own the notes. In a Country that appears to have such a strong Judicial system one must wonder how the hell this is happening. I mean seriously how are thousands of homeowners being thrown to homeless and the bank that is foreclosing on them has NO legal standing to do so? The Judges are granting thousands of foreclosures daily in America without even checking to see if the plaintiff in fact owns the note and has the legal right to foreclose.

If you are a homeowner in foreclosure and One West is the Plaintiff, the one that is foreclosing on you, and you have applied for a Loan Modification chances are that you received a letter from One West that states…

In reviewing your loan for a possible modification, we have determined that your loan does not qualify for HAMP due to our contractual agreement with the owner of your loan.

Daaaaa… they are admitting they don’t own your loan. Also if you check out the “Contract” that they are referring to “The Pooling and Servicing Agreement” It clearly states that the owner is DEUTSCHE BANK NATIONAL TRUST COMPANY and that Indymack/ One West is actually listed as the Seller and Master Servicer. Oh and go ahead and check out the assignment for your mortgage, you know the one that says that your loan was assigned to Indymac FSB from Indymac Bank.. Go ahead I’ll wait…. Now find the one that says that your mortgage was assigned to the truthful owner DEUTSCHE BANK NATIONAL TRUST COMPANY. What’s that you don’t have that one? EXACTLY my point. Can someone say FRAUD!!!!

One West CANNOT legally foreclose since they are not the owner yet they are getting away with it by the thousands.

It’s like this…

If I give you a check and you endorse it and make a copy of it. Then you give the check to someone else and go to cash the copy you will not get very far will you? The bank will NOT cash the copy!! Why will they not cash the copy? Because lets say they do and 30 days later your friend cashes the check well.. you just had your account debited 2x for the same check.

That is the exact thing that can happen if the Judge grants a foreclosure to the person who is NOT the owner of the original note. Years down the line the person that holds the original can come collect from you again. They have the original with your signature of endorsement ( just like the check) so they have every legal right to collect on their note and BOOM you have a judgment on you for the amount of the note even though the Judge just so kindly gave your home away to the one who had the copy.

I suggest that every homeowner that is facing foreclosure with One West check your paperwork and DEMAND that they produce the original note in court. The one with your blue ink signature. Only the one who owns that ORIGINAL note has the right to foreclose on you. Demand it!!! Fight for it!!!

Carol Stinson

Banks are Forcing Homeowners into Foreclosure Using The HAMP Program

admin — Mon, 29 Mar 2010 05:53:31 +0000

Tens of thousands of homeowners facing foreclosure are trying diligently to get a loan modification from their bank in an effort to keep their home. These homeowners are spending time and money faxing documents, mailing loan modification packages and spending hours on the phone only to be told that their application for a Loan Modification has been denied. Many of these homeowners have spent thousands of dollars hiring Loan Modification companies who are unsuccessful in their attempt to get a Loan Modification as well.

Remember the wonderful HAMP program that was created by the Government to help homeowners and preserve home ownership? Well the Banks are using this very program to force homeowners into foreclosure so they can capitalize on the Shared Loss Agreement that they have in place with the FDIC.

One of those banks is OneWest Bank FSB, under its ownership of IndyMac Mortgage Services, who has made the decision to use HAMP as a reason to not modify mortgages, stating that by following the guidelines of this program it prohibits them from doing it. This, according to them, is based on a servicing agreement between OneWest and the actually owner of the loan. The provision of “safe harbor” would have allowed modifications without the fear of lawsuits. However, Congress removed it. Lenders found their loophole and a way to cash in big on the sweet Shared Loss Agreement that they have in place with the FDIC. When OneWest took over Indymac, the FDIC and OneWest executed a “Shared-Loss Agreement” covering the sale. This Agreement would reimburse OneWest for any losses they suffered in foreclosing on a property. In the event of foreclosure, the FDIC would cover from 80%-95% of losses, using the original loan amount, and not the current balance. You can read more on the Shared Loss Agreement “Anatomy of a Government-Abetted Fraud: Why Indymac/ One west always forecloses”

IndyMac Mortgage Services, a division of One West Bank, cannot modify loans due to the rules and regulations established by HAMP, under the direction of the United States Treasury Department. HAMP, according to One West requires the servicer to comply with the terms of their servicing contract with the owner of the loan. So in laymen’s terms our Government created the HAMP program which requires the servicer (in this case One West Bank) to comply with the terms of their servicing contract with the Investor who owns your mortgage.

This contract is called “The Pooling and Servicing Agreement” (PSA). This is the agreement that dictates terms regarding how mortgages are pooled, securitized, sold to investors, and then serviced by other companies. And one of the terms many of these agreements contain makes it almost impossible for certain homeowners to be offered a modification. Some pooling and servicing agreements state that no more than 5% or 10% of the mortgages contained in the pool can be offered loan modifications in the case of default. This means that a homeowner applying for a loan modification after the 5% to 10% modification threshold has been met will automatically be turned down for a loan modification. So the US Treasury Department, in reporting that 9% of homeowners who qualify for plans have been given modifications, is simply reporting information that could have been estimated just by examining the structure of the mortgage industry. These PSAs set a limit to how many mortgage modifications can be offered by servicers, and these companies may face liability from the trusts or investors that own the underlying loans if they offer too many workout plans to borrowers. They may find themselves in breach of the servicing terms they agreed to, even if it would allow more homeowners to avoid foreclosure, and they are not willing to take this risk. Why would they want to take the risk when our Government, Our Tax Dollars are bailing them out and providing a Shared Loss Agreement from the FDIC that covers their losses? Indymac/ One West homeowners who have applied for a loan modification are getting denial letters that state they have been denied a loan modification because of One West’s contractual agreement with the Investor on their loan. This contractual agreement is the Pooling and Servicing Agreement (PSA).

Many borrowers would expect to not qualify for a loan modification based on income, employment or lack of equity in their home. Well think again….. Think Pooling and Servicing Agreement (PSA) and Shared Loss Agreement! Both were offered to the banks by our Government and both are forcing American Home Owners, American Tax Payers into unnecessary foreclosures.

At least let borrowers know from the beginning that they are not getting a loan modification. The knowledge from the very beginning of having no chance of qualifying would be much easier than the anxious months of phone calls and letters that in the end would lead down the same path of foreclosure.

IndyMac, bailed out this year by US taxpayers, who has now found a way to use a program set up by the United States Treasury Department, voted on by Congress and endorsed by our President against US homeowners. Then to top it all of the FDIC is covering their buts like a safety net with taxpayer money to once again bail them out through a Shared Loss Agreement.

Who is going to stop this madness? The Government has turned their backs, Attorneys simple “DON’T GET IT” and the media is not listening. According to Realtytrac.com there are currently 2,093,204 Foreclosure Homes on the market and 1 in every 418 housing units received a foreclosure filing in February 2010. These numbers do not include the millions of homeowners who have already lost their home to foreclosure or the thousands of homeowners who have recently lost their jobs and are headed to foreclosure.

Current News and Articles Concerning One West Bank Fraud

admin — Mon, 01 Mar 2010 18:12:52 +0000

Below are links and articles that expose the truth about the fraudulent practices of One West Bank formerly Indymac Bank. I wanted to provide quick access to these articles so that One West Victims can be informed about the truth regarding this viscous bank.

The article links below are also listed onthinkbigworksmall.com
. I suggest that you visit this site as well. It is packed with information, videos and links. From this site you can also download and print the following Indymac/ One West agreements to use in your foreclosure defense.

Indymac Master Purchase Agrmt
Indymac Loan Sale Agrmt
Indymac Shared Loss Agrmt

Articles Regarding Indymac/ One West Loss Agreement Fraud

FDIC pays bank to foreclose

IndyMac, OneWest Bank, Taxpayers and the FDIC. Looking Into the Deal Between OneWest and The FDIC and Applying Math To The Resulting Shared Loss Agreement.

The Great Highway Robbery Continues: How The FDIC Is Legally Transferring Billions In Taxpayer Money To Hedge Funds

Beyond the Boldface Names in the IndyMac Deal

Together we can make a change!

The Indymac SLAP In Our Face!

admin — Thu, 11 Feb 2010 18:52:32 +0000

This will get your blood boiling…. Guaranteed!

Indymac is being sued by Homeowners across the Country!!

admin — Fri, 08 Jan 2010 02:17:15 +0000

Indymac Is being sued across the Country for Predatory Lending, Fraud, Falsified Documents, Inflated appraisals and income… and more!

If you are an Indymac/ One West Homeowner and you are in Foreclosure you should contact the Attorney in your state that is handling one of these lawsuits!

In Las Vegas there is a freeze on foreclosures due to this one…

Nevada Homeowners File Class Action Against Indymac
Attorneys:
Matthew Callister and Brooke Bohlke
823 Las Vegas Boulevard South
Suite 500
Las Vegas, Nevada 89101
702-385-3343

These lawsuits are made available online courtesy of the Center for Responsible Lending (“CRL”), and are all referenced in an investigative report CRL recently issued on IndyMac.

Alleged Bait & Switch Tactics (among other allegations):

Mitchell v. IndyMac Bank, U.S. District Court for the Eastern District of Virginia, 2008;
Brannan v. IndyMac Bank, U.S. District Court for the District of Colorado, 2006;
Darling v. IndyMac Bancorp, U.S. District Court for the District of Maine, 2006;
Harris v. Vinson Mortgage Services, U.S. District Court for the Eastern District of Missouri, 2008;
George v. IndyMac Bank, U.S. District Court for the Central District of California, 2008;
Thomas v. DCI Mortgage Bankers, U.S. District Court for the District of New Jersey, 2007;
Glover v. Equity Source, U.S. District Court for the District of New Jersey, 2007;
Alleged Racial Discrimination:

Mables v. IndyMac Bank, (seeks class action status) U.S. District Court for the Northern District of Illinois, 2008;
Alleged Inflated Appraisals:

Cedeno v. IndyMac, U.S. District Court for the Southern District of New York, 2006;
Alleged Falsified Paperwork:

George v. IndyMac Bank, U.S. District Court for the Central District of California, 2008;
Ware v. IndyMac Bank, U.S. District Court for the Northern District of Illinois, 2007;

Alleged Funding of Loans For Developer in an Area Known as a Hotbed for Mortgage Fraud Without Proper Due Diligence:

Gaines v. Parisi, U.S. District Court for the Middle District of Pennsylvania, 2006;
Shareholder Class Action Lawsuit citing Alleged Questionable Lending Practices:

Tripp v. IndyMac Bancorp, Inc., U.S. District Court for the Central District of California, 2007.

There are many more!!!

Read the FULL list of lawsuits at responsiblelending.org

Fight Foreclosure: Make ‘Em Produce The Note!

admin — Tue, 05 Jan 2010 04:54:15 +0000

If your home is currently in foreclosure, there may still be a chance to save it. As a result of lenders buying and selling mortgages your note could have changed hands several times over the course of the loan. But where is the actual note? In some warehouse somewhere? Make ‘em prove they own the debt they say you owe.

For steps to follow to get your lender to produce the note and documents you can download to help in this process.
Visit consumerwarningnetwork.com

Move Your Money

admin — Sun, 03 Jan 2010 18:59:19 +0000

Move Your Money is a humble approach to taking the power out of the “Big Banks” like Indymac, Bank of America etc… and putting it into the hands of the American Citizens.

“By taking your money out of the Big Banks you are legally robbing the banks without them knowing it. It’s called “Bankhood” instead of “Robinhood” and it works every time using their rules.”

“We can override bailouts and credit gridlock with the move your money solution”. Kay Smith, moveyourmoney.info

Watch this video and you will be moved to move your money!

Why Indymac/ One West Always Forecloses!

admin — Tue, 29 Dec 2009 17:20:03 +0000

Anatomy of a Government-Abetted Fraud: Why Indymac/OneWest Always Forecloses

Written by: Patrick Pulatie

CEO for Loan Fraud Investigations (LFI)

I have been researching Indymac/ One West Bank over the past few months to see why they are not cooperating with homeowners. I am finding out that I am not the only one being defrauded by this viscous bank. Below is an article that I found on Iamfacingforeclosure.com which best explains the current situation with Indymac/ One West Bank.

What is going on with Indymac/One West? Why aren’t they doing loan modifications? This article will try and bring together the known facts for a better understanding of the situation, and discuss what the Indymac situation means for foreclosures in general — and the government’s response to the crisis. First, to understand the situation today, one must have an understanding of the recent history of Indymac.

Read the full article at Iamfacingforeclosure.com

Foreclosures… who is taking the worst beating?

admin — Tue, 22 Dec 2009 05:52:09 +0000

As America’s foreclosure crisis continues to rise with over 6,000 foreclosure filings per day homeowners are still not getting the urgency of the situation. As I recruit homeowners across the Nation to become a part of A Hundred Thousand Homeowners- voices of hope & change I am concerned about the response that I am getting from homeowners. Not from homeowners that are facing foreclosure but those that are not. I get replies like “I am sorry to hear about your situation”. That concerns me!

The fact is that Home Owner Revolution was created to not only unite homeowners that are facing foreclosure as a result of the bank’s unethical practices but also to unite homeowners that are losing equity in their homes as a result of the bank’s unethical practices. What people are not getting is the fact that those not in foreclosure are in worse shape than those that are.

Your probably scratching your head right now saying “how?”. Let me explain… homeowners that are currently in foreclosure are not paying a mortgage payment every month. Paying a mortgage payment will not help the homeowner unless the homeowner pays all of the arrears on the loan that they owe. Therefore homeowners are able to save the money they would normally be paying the bank. Sometimes a foreclosure can be drug out for 2 to 3 years, if the payment is $2,000 a month the homeowner saves over $60,000. Wow!!! Talk about pulling equity out of your home.

Now let’s look at the homeowner who is not in foreclosure but is faithfully paying their mortgage payment every month. Now let’s look at the fact that every time a foreclosure hits their neighborhood their house value goes down. Some homes have fallen to %50 of value depending on the amount of foreclosures that have hit an area. So a homeowner that has a mortgage balance of lets say $200,000 now has a house worth $100,000. They have just lost $100,000 in equity. If foreclosures do not stop hitting their neighborhood they will continue to lose more money. These homeowners will not be getting any equity out of their home for a long time. These homeowners can not sell their homes right now because they owe more than it is worth, they may never see that equity again for years to come. some are actually walking out of their homes allowing it to foreclose because they have lost so much equity. This is the future of the foreclosure crisis. It will no longer become homeowners who cannot afford their mortgage payments that drives up foreclosures but those that are walking out of of their homes before they lose even more money. This is the future of America unless something is done!

If you ask me homeowners in foreclosure should be the ones that are giving replies like “sorry to hear about your situation”. Since they are obviously in a better position. Yes they may lose their homes eventually to the ruthless banks but they are taking equity with them. Are You???

This is why it is so important for all homeowners to unite for change. This is why every homeowner in America should be banging on the doors of congress and rattling the cages of the Government demanding that something is done. Demanding that unnecessary foreclosures be stopped! Demanding that the Government put a STOP to foreclosures by making the banks accountable for what they are doing with trillions of tax payer dollars that they received in the bailout to help homeowners!

It is time for America to speak up and demand change!

Read more about this topic…

The Wall Street Journal, The New American Dream American Dream 2: Default then Rent

The Wall Street Journal, The Debtor’s Dilemma Pay The Mortgage or Walk Away?

Is The FDIC Killing Short Sales?

admin — Fri, 18 Dec 2009 02:08:33 +0000

I had been trying to get One West to honor my loan modification that Indymac had given me before they went belly up. Indymac modified my loan and lowered my interest rate and then when One West Bank took over my loan they revoked my loan modification due to the contractual agreement that they had with the new Investors (George Soros and Michael Dell). This contractual agreement basically states that they do not participate in the HAMP program. I found this odd since One West is included on the Making Homes Affordable website list of program members mortgage servicers. They formalized their commitment to the MHA program through a signed contract and yet they refuse to participate in the HAMP program. That was my first indication that something was wrong… very wrong.

In my research I came across the following information and it was then that I realized that homeowners were being robbed of their homes and their dreams and something had to be done.

Is The FDIC Killing Short Sales?

IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009. Guess who the investors are behind OneWest? George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire).

Now, listen to the deal they got from the FDIC….

Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts). They purchased all current HELOCS at 58% of Par Value!!!

Next, in order to “sweeten the pot”, the FDIC stepped in and guaranteed the following: For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss. The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan. Let’s use my clients situation as an example:

Loan Amount is $478,000, plus 6 months of missed payments, for a grand total of $485,200

OneWest pays $334,600 for the loan

We have an all cash offer of $241,000, net to OneWest.

So, let’s do the math, shall we? The net loss, according to the FDIC formula is the ORIGINAL LOAN AMOUNT minus the amount of the offer. In this case, $485,200-$241,000, or $244,200. Next, the FDIC, according to their Loss Share Agreement, writes a check to OneWest for 80% of the so-called “net loss”. So, in this case, OneWest gets a check from Uncle Sam for $195,360 (.80 X $244,200).

Add the $195,360 to the sales price of $241,000, and you get a grand total of $436,360. Remember, OneWest paid $334,600 for the loan. So, OneWest puts $101,760 in their pocket, thanks to the FDIC. Folks, that is over $100k of our hard-earned tax dollars!

So, you ask…Why does this program hurt short sales? Because, our brilliant government offers this SAME PROGRAM FOR FORECLOSURES! The only difference is, the government picks up 80% of the tab on all of the extra costs associated with a foreclosure (BPO’s, upkeep, utilities/maintenance, legal fees, etc.)

So, If I’m OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure? And we wonder why nobody can get a Loan Modification? Why would OneWest approve a loan modification for this guy, when they can foreclose and make over $100k? And, to add injury to insult, they have held this loan for 6 months! Not a bad ROI, huh?

The scary thing is that over 50 banks have Shared Loss Agreements in place with the FDIC. Some of them include: Bank of America (go figure), CitiMortgage, Wells Fargo, etc.

This entire agreement between the FDIC and OneWest can be found here, on the FDIC website. It’s all there, for the world to see! They have it all layed out. All of the formulas, worksheets, etc.

Now, it’s up to us to bring it to the attention of our elected officials and the media. Enough is Enough!

Robert G. Hertzog

Phoenix Real Estate Consultant

The entire article can be found at http://activerain.com/blogsview/1281177/is-the-fdic-killing-short-sales-.