Foreclosure Defense Florida

Piling On IndyMac- Awesome Video That Explains the Indymac/Onewest Ripoff

I’m really digging into IndyMac today because as I prepare for an Indymac case, I’m convinced they are not entitled to proceed with this case.

See an incredible video here.

This video will make you absolutely insane if you’re a homeowner in foreclosure.   If you’re an attorney litigating an Indymac case, please carefully consider these issues.

5 Comments

  • forensicmortgageexaminers says:

    Matt,

    This video was the cause of MUCH outrage at the FDIC, so much so that they issued an official Press Release in regards to this video. The MOST important part of the press relaese (for foreclosure defense) is at the bottom of the supplemental, where if states that OneWest only owns 7% o the loans they service and that ALL others are owned by other investors.

    Here’s the website with the announcement.

    https://www.fdic.gov/news/news/press/2010/onewest_lossshare.html

    https://www.fdic.gov/news/news/press/2010/onewest_lossshareb.html

    Because IndyMac was seized by the FDIC, a couple homeowners have been able to request information on their own loans via a Freedom of Information Act request… and they got the information they needed to prevail. I don’t know the outcome, but I assume that lack of standing as a real party in interest would have tilted the tables FOR the homeowner.

    We have a case in Georgia involving IndyMac/One West and are currently awaiting a response from the FDIC in regards to a Freedom of Information Act request.

    If you need a pdf of the releases above, I have them and can send them to you. Feel free to email me at gmail using my “handle” above.

  • ForeclosureHamlet says:

    How does the definition “Short Sale” even apply in a circumstance where the bank actually PROFITS and STILL may have the right to collect the imaginary deficiency?

    Hopefully the HAFA program will help some homesteaded families avoid the heavy burden of a deficiency judgment and/or a 1099’d tax bill. The purchase price was often based on fraudulent, incentivized over-appraisals anyway, right?

  • karenhank says:

    Would this scenario also apply to lender mortgages backed by FHA in short sales or foreclosures?

  • TheProtester says:

    Matt concering the IndyMac FDIC deal why wouldn’t affirmative defenses or conterclaims Novation, Accounting, Quantum Meruit, Unjust Enrichment and Settoff (perhaps declairitory judgment) all come into play. I have seen too many go to foreclosures without the bank offering modification or short sale then the property sell for 50 cents on the dollar of “current” value with the buyer making out. Several of these properties were part of a BK

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