Posts Tagged ‘Onewest Shared Loss Agreement’
The Bank United Purchase and Assumption Agreement- Another Billionaire’s Club Boondoggle?
Author: Matthew D. Weidner, Esq.
A big part of what’s wrong in this country and the fear that I have about where we’re all heading is the fact that Wall Street and their kind are profiting obscenely at the expense of the American taxpayer while those same American taxpayers are suffering like never before.
In the end, I’m afraid this disconnect, the disparity between rich and poor, the unfairness between the haves and the have nots is going to produce civil unrest. People can only be pushed so far. The Great American Sleeping Giant is being kicked every single day all across this country and it is starting to wake up.
A dramatic example of this disconnect between Wall Street and Main Street is the IndyMac/OneWest Shared Loss Agreement. For an detailed explanation about what’s so wrong with this deal, click this video here. Now, as indicated, some facts in the video are in dispute, but I’m convinced there is something very real here and the video certainly makes for compelling watching.
Next, I want to point you to the Purchase and Assumption Agreement for Bank United. Part 1 and Part 2
What makes me so mad in general about negotiating with these lenders in foreclosure or modification is they’re playing with house money. They negotiate based on 100% of the face value of the loan when in fact most of the lenders who are now foreclosing payed pennies on the dollar for these loans. And to add insult to injury, they paid those pennies on the dollar with our money. And to make things even more disgustingly worse, we’re starting to learn that if they take a “loss” on these loans the taxpayers still pay out. And God only knows what kind of tax breaks and more sophisticated benefits they’re all getting from this in the long run.
Which brings us back to the Bank United Purchase and Assumption Agreement. I frankly cannot understand the depths of this Agreement and would really welcome some commentary and analysis of it, but the bottom line is that we cannot allow the banks and institutions to continue profiting on the backs of the misery of the American people. We cannot allow this gross unfairness to play out in our courtrooms and in our legislatures all across this country.
While Wall Street Parties on…there’s no party out there for the American people.
INDYMAC IS A FAILED CORPORATION- THEY SHOULD NOT BE ALLOWED TO CONTINUE IN LITIGATION!
Author: Matthew D. Weidner, Esq.
Keep up the good and honorable fight to protect homeowners like my 84 year old homeowner, Erice Davis. Fight the arrogant and out of control banks who continue to kick the weakest among us when they’re already down.
Fight to understand who really benefits if an elected circuit court judge throws their neighbor out on the streets. (Fat Cat Wall Street Bankers and foreign investors like Deutsche Bank)
Fight to uncover, expose and disclose who the real owners and beneficiaries of foreclosure litigation are…don’t let them hide behind servicers or straw-man litigants….make them come forward and fully disclose their claims.
Force litigants in foreclosure litigation to come to the settlement or mediation table prepared to accept real world, practical settlements rather than pre-programmed loss guidelines that are subsidized by our tax dollars. (Read the Onewest Shared Loss Agreement) and read a balanced and more credible review of the transaction here and the FDIC Press Release here.
And for the real, credible, admissible evidence, read deposition testimony and motions below:
DefendantsResponsetoMotiontoSubstitue
INDYMAC_interest_sale_assignment_agreement
Special thanks for all the work in this effort to Jon Coats, Mark Stopa, April Charney, Greg Clark, Ice Legal, all the JEDTI fighters who are working behind the scenes and David Acosta at Case Clarity who continues to provide exceptional trial support for this important effort. Bookmark the Case Clarity site here for important information on trial support in all cases.
Advocates must begin to band together to fight, share information and support our courts in the fight to restore justice and integrity to our court systems.
Please contact me for information and strategies that have been developed to pool resources and fight together.
