March 28, 2024, 07:03:34 AM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News: NEW CHILD BOARD CREATED IN THE POLITICAL SECTION FOR THE 2016 ELECTION
 
   Home   Help Login Register  
Pages: 1   Go Down
  Print  
Author Topic: "Uncle Sam got his butt kicked...FDIC got rolled by their own advisors"  (Read 2602 times)
0 Members and 1 Guest are viewing this topic.
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7754



« on: February 15, 2010, 06:08:09 AM »

Quote
Uncle Sam got his butt kicked on that one. The Fact sheet states “Barclays Capital and Deutsched Bank Securities served as financial advisors to the FDIC.” If this was the deal they negotiated, the FDIC got rolled by their own advisors.

Quote
Now we know who gets to pay the bad debts for OneWest Bank. Now let’s look at what they get to keep in terms of assets and income.

The Fact Sheet states,
# “The retail bank headquartered in Pasadena, CA, with 33 branches located
primarily in the Los Angeles MSA with approximately $6.5 billion in deposits;
# A loan portfolio of $16 billion and a securities portfolio of $6.9 billion;
# A servicing platform with mortgage servicing rights (“MSRs”) representing an
unpaid principal balance of $157.7 billion; and
# A reverse mortgage platform, Financial Freedom, with $1.5 billion of reverse
mortgages and MSRs representing an unpaid principal balance of $20.2 billion.”

Quote
The fact sheet doesn’t address the future income of OneWest Bank other than to say, “Under a participation structure on an approximately $2 billion portfolio of construction and other loans, the FDIC will receive a majority of all cash flows generated.” So I’ll assume all profits other than construction loans go to the bank as I don’t see any government lien on them.

So now we must ask, “What did these Wall Street insider have to pay to get their entity worth an instant $3.45 Billion (under worst case estimates) plus most of the future income now called OneWest Bank?”

They paid a paltry $1.3 billion in cash to close the deal!

So this is how the government negotiates with our money. It’s almost like they were drunk or something.

read more here - http://themortgageinsider.net/banks/one-west-bank-finalized-purchase-of-indymac.html
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7754



« Reply #1 on: February 15, 2010, 06:09:46 AM »

updates from the site -

Quote
UPDATE Sept. 2009: I’m back to gloat about my prediction. The LATimes reported on Aug. 19th, 2009,
“OneWest Bank of Pasadena, the savings bank that arose from the ashes of failed mortgage giant IndyMac Bancorp, reported a solid profit of $182 million for the second quarter, its first full quarter under ownership by private investors.”

Also a side note…OneWest Bank is among possible TARP fund reciepients too. OneWest Bank is slated to get $668.4 million more in taxpayer funds through the Making Home Affordable Program.

If it wasn’t such an aggregeous money grab, I’d have to laugh…

Update December 8, 2009: A report in the NY Post says,

“A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to ruthless bankers trying to toss them out on the street.

Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its “harsh, repugnant, shocking and repulsive” acts.”

Don’t start cheering yet…I’m sure this bank will appeal.
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7754



« Reply #2 on: September 25, 2010, 08:32:58 AM »

I keep thinking about this and why the stimulus doesn't seem to work. 

I keep thinking about that couple on TV that paid like $.67 to buy a house because they got a 'grant' through their church.  Where did that grant money come from?  Is the grant available to everyone, or just some?  A secret stash of money for the select and the elite?

I keep hearing about how 'this is the best stimulus since WWII'...who exactly is benefiting from all this stimulus 'spending'?

Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
Pages: 1   Go Up
  Print  
 
Jump to:  

Use of this web site in any manner signifies unconditional acceptance, without exception, of our terms of use.
Powered by SMF 1.1.13 | SMF © 2006-2011, Simple Machines LLC
 
Page created in 5.19 seconds with 19 queries.