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

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.

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

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.

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.”

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

Written by: Patrick Pulatie

CEO for Loan Fraud Investigations (LFI)

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.

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

Over 6,600 Home Foreclosure Filings Per Day

Written by: James McCormack

Exit Realty Network – Middle Tennessee – Murfreesboro TN

According to this REUTERS article, Foreclosures mark pace of enduring U.S. housing crisis, in the US there is a foreclosure every 13 seconds which translates into “more than 6,600 home foreclosure filings

As the American Government squanders in search of answers to the unemployment & health care issues there are tens of thousands of homeowners waiting in limbo to be rescued. Don’t get me wrong unemployment and health care are important issues and need to be addressed but “hello” did you forget about us?