FDIC, IndyMac, MERS or is it One West Bank?
We warned several years ago that the FDIC would go under.
On 09/25/08 we reported that the FDIC had $45.2 billion in its coffers.
On 08/27/009 NPR reported that the FDIC Deposit Insurance Fund shrank to $10 billion.
On 10/09/09 the WSJ reported that the FDIC went into the RED:
"The government said the fund that protects consumer bank deposits has fallen into the red and will remain there into 2012, a pointed symbol of how the aftershocks of the financial crisis will reverberate for years as banks continue to fail at a high rate.
The negative balance is a headache for the Federal Deposit Insurance Corp., which runs the fund."
Remember folks the FDIC can't start recovering assets from a failed bank until after the FHLB collects 100% of its loans.
IndyMac was on our dead pool from 09/11/07... on 07/12/08 we penned What's New IndyMac? sung to Tom Jone's What's New Pussycat?
As yes, but IndyMac's disgrace isn't over. With some help from their banking funded friends at the now insolvent FDIC...
These douchebags have reformed as One West Bank, and guess who the new investors are?
George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire)...
this pack of weasels purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts).
They also 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.
If you really want your blood to boil:
First, go to Robert G's real estate blog to see how this pack of weasels is making a killing on OUR TAX DOLLARS.
Next, to really grasp the magnitude of how the FDIC and Indymac have slapped our faces. watch the video at THINKBIGWORKSMALL.
And last but not least, read our seven part serial on how Impac and Indymac have saddled a working class family with almost $1 million in fraudulent loans...
...all taken out without the knowledge of the home owner. Its absolutely unbelievable but 100% "just the fact's maam" true.
Preface
Part I
Part II
Part III
Part IV
Part V
Part VI
Then read how many loans, such as Impac's and IndyMac's, which were assigned to MERS, or Mortgage Electronic Registration Systems...
are in fact invalid. See how the chain of title cannot be proven and how MERS has no skin in the game on the 50 - 60 million loans they hold in Show Me The Note.
The Nattering One muses... Another Nattering public service, trying to expose the banking and Wall Street douchebags that have screwed the American public into the ground.
These blue blooded banking bastards should be quartered and drawn, and anyone supporting their bailout should be hung for high treason.
On 09/25/08 we reported that the FDIC had $45.2 billion in its coffers.
On 08/27/009 NPR reported that the FDIC Deposit Insurance Fund shrank to $10 billion.
On 10/09/09 the WSJ reported that the FDIC went into the RED:
"The government said the fund that protects consumer bank deposits has fallen into the red and will remain there into 2012, a pointed symbol of how the aftershocks of the financial crisis will reverberate for years as banks continue to fail at a high rate.
The negative balance is a headache for the Federal Deposit Insurance Corp., which runs the fund."
Remember folks the FDIC can't start recovering assets from a failed bank until after the FHLB collects 100% of its loans.
IndyMac was on our dead pool from 09/11/07... on 07/12/08 we penned What's New IndyMac? sung to Tom Jone's What's New Pussycat?
As yes, but IndyMac's disgrace isn't over. With some help from their banking funded friends at the now insolvent FDIC...
These douchebags have reformed as One West Bank, and guess who the new investors are?
George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire)...
this pack of weasels purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts).
They also 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.
If you really want your blood to boil:
First, go to Robert G's real estate blog to see how this pack of weasels is making a killing on OUR TAX DOLLARS.
Next, to really grasp the magnitude of how the FDIC and Indymac have slapped our faces. watch the video at THINKBIGWORKSMALL.
And last but not least, read our seven part serial on how Impac and Indymac have saddled a working class family with almost $1 million in fraudulent loans...
...all taken out without the knowledge of the home owner. Its absolutely unbelievable but 100% "just the fact's maam" true.
Preface
Part I
Part II
Part III
Part IV
Part V
Part VI
Then read how many loans, such as Impac's and IndyMac's, which were assigned to MERS, or Mortgage Electronic Registration Systems...
are in fact invalid. See how the chain of title cannot be proven and how MERS has no skin in the game on the 50 - 60 million loans they hold in Show Me The Note.
The Nattering One muses... Another Nattering public service, trying to expose the banking and Wall Street douchebags that have screwed the American public into the ground.
These blue blooded banking bastards should be quartered and drawn, and anyone supporting their bailout should be hung for high treason.
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