Posts Tagged ‘FDIC and Indymac’
Is Indymac Still A Proper Party Plaintiff?
Author: Matthew D. Weidner, Esq.
This blog post is in the form of questions. I am seeking help from anyone out there. Specifically, I’m looking for “Schedule A” of the Indymac to OneWest Purchase Agreement. This is the document that lists all the assets transferred to Onewest. I’m working from the proposition that Indymac no longer has the capacity or authority to proceed with any foreclosure cases based on the language of the Agreement between FDIC, Indymac and OneWest.
Take a look at the Purchase and Sale Agreement and follow what happened on the web.
Indymac seized by FDIC, Indymac then sold to Onewest.
The agreement specifies that notes will be endorsed and MERs assignments recorded reflecting ownership and transfer to Onewest.
I searched the MERS site with my MIN and in fact MERS shows OneWest owns my mortgage in question. (To Search MERS visit here)
The Agreement also specifies (Section 5.05) that for loans in litigation, the OneWest will be substituted as party plaintiff and the attorneys for Indymac will be substituted by attorneys for Onewest.
The Agreement further provides that Indymac may dismisss with or without prejudice from the litigation if OneWest does not substitute.
I don’t think Indymac can proceed with foreclosure in any case based on the Agreement that is of record….any thoughts bright people?
