Liberal Billionaire George Soros… Major Shareholder in IndyMac/One West Bank

[WhiskeyGirl]

When it comes to being inflexible and unresponsive to homeowners in need of a loan modification, IndyMac Bank, which has just been renamed “One West Bank,” is legendary.

This is the bank that failed spectacularly in July 2008, was taken over by the FDIC, and ended up costing taxpayers something like $11 billion… give or take… I can’t keep track of billions anymore… I’ve moved on to tracking trillions.  And the new buyers of this fire sale financial institution that’s deservedly become the poster child for stupid lending tricks, includes billionaire George Soros.

Soros, along with billionaire Michael Dell and others, agreed to purchase the bank for $20.7 billion.

As of Jan. 31, 2009, IndyMac’s assets totaled $23.5 billion and deposits were $6.4 billion, roughly half the cash and assets the bank had at the time of its failure.  The new buyers also got a handy-dandy “loss sharing agreement” from the FDIC, whereby after shouldering the first 20% of any future losses, the FDIC gets stuck with most of the rest.  So, I guess you could say they got a deal.  A sweetheart of a deal… not to put too fine a point on it.

Considering that kind of taxpayer supported deal, and with so-called liberal philanthropist George Soros as one of the bank’s major shareholders, you might think the new One West Bank would be the last financial institution to be throwing people out of their homes when loan modification would make more sense financially, but you’d be wrong.  One West Bank isn’t participating in the President’s program either.

http://mandelman.ml-implode.com/2009/09/liberal-billionaire-george-soros%E2%80%A6-major-shareholder-in-indymacone-west-bank/

The comments are a must read.

Is this the funding source for MoveOn.org?  Misery on Main Street funds moveon.org?

[WhiskeyGirl]

"OneWest Bank, IndyMac and Their New Owners all Need to Go To Hell"

Having spent the last month "bonding" with my fellow comrades in suffering, also known as the "Parsa Victims", I have learned more than I ever wanted to know about Indy Mac, One West Bank, George Soros and Michael Dell. The latter two are the investors who bought the government owned Indy Mac and turned it into One West Bank.

George Soros is known as an ultra-liberal billonaire whom many claim is the sole reason Barack Obama made it to the Presidency. Silly me I thought it was Oprah!

Michael Dell, another ultra-liberal, is the man whose name appears on my laptop. Michael Dell is the geek founder of Dell Computers and like Soros, a billionaire.

What do these two guys know about running a mortgage bank? Nothing! If you are an Indy Mac customer and you've called their Customer Service you know what I am talking about. Indy Mac has got to be #1 on the list of dysfunctional, disorganized businesses--anywhere!

After recovering somewhat from my shock of being scammed by Parsa Law Group, I picked up the pieces of my loan modification attempts and started back down the road of frustration with One West Bank. I sent and resent and sent again all the requested documentation.

I phoned and I phoned. I told my sad tail of woe to any One West Bank employee willing to listen. It didn't matter. Indy Mac, One West Bank never had any intention of modifying my loan. The answer to me was NO as it is and will be for all their other customers in need of modifying their loans.

Why? Because it is in the best interest of the Indy Mac investors to say no to their customers. They have a sweet heart deal with the FDIC. Yes our government has taken care of these billionaires while Average Joe on Main Street flounders.

read more here - http://hubpages.com/hub/My-Personal-Hell-Known-as-Loan-Modification-Part-2