Does the Obama Administration really want to clean up this mess?
Indymac and the FDIC
Indymac closed it’s doors and was seized by the FDIC in July 2008
Indymac now is OneWest Bank
The assets of Indymac Bank were sold to OneWest Bank by the FDIC in March 2009
Steve Munchin John Paulson George Soros
So who owns OneWest Bank? Goldman Sachs VP Steven Munchin along with left-wing progressive billionaire George Soros and John Paulson… Yes, the brother of Hank Paulson, remember the ex-Secretary of the Department of Treasury aka ex-CEO of Goldman Sachs?
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(Remember: Indymac was one of the largest holder of the Option mortgages. If you don’t recall, the option mortgages are the mortgages that you only pay a 1% interest rate and the actual rates will fluctuate around the the actual rates offered, so if the actual rate was 6% then the Indymac homeowner deferred 5% of his/her payment to the back of the loan AND that increases the amount owed to the bank, aka, the mortgage balance. Furthermore, in a depreciating environment where home values have declined by 50% in a lot of areas, it looks uglier and uglier for the tax payer! Let me continue…)
Barney Frank 2009 Porker of the Year With President Barack Obama As The ‘Write In’ Favorite
Chairman Frank garnered the lion’s share of the votes as a result of his relentless and garrulous role in the failure of the government-sponsored enterprises Fannie Mae and Freddie Mac, the two mortgage government-sponsored enterprises (GSE), which were taken into government conservatorship in September of 2008 after they began to collapse. The two GSEs, which own or guarantee half of the nation’s $11 trillion home mortgages, have been on life support with $112 billion in taxpayer funds since then and taxpayers could be liable for trillions in bad loans on their balance sheets. – Source: cagw.org
Among GSE defenders, Chairmen Frank is without any notable contenders. He secured their lavish franchises and fended off all efforts to confirm GSE oversight even when it has become crystal clear that GSE executives had manipulated profit statements, given themselves huge bonuses based on bogus details, and steered the companies into such a dangerous condition that they threatened the complete monetary structure. In one of his most outrageous arguments, he told The New York Times on September 11, 2003 that the GSEs were “not facing any type of financial crisis…[t]he much more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” During a 2003 committee hearing, he casually proclaimed that he didn’t want “the same type of focus on safety and soundness that we have in Office of the Comptroller from the Currency and the Office of Thrift Supervision. I wish to roll the dice a little bit much more in this situation towards subsidized housing.”
As recent as January 22, 2010, Chairman Barney Frank made this striking declaration, Frank said that his finance committee will now endorse “abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance.” Source: http://www.nytimes.com/2010/01/23/business/23fannie.html
Incentive Part of Ongoing Effort to Stabilize Neighborhoods
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes [...]
Treasuries and mortgages continue their erratic ways this morning and opened strong after a small decrease in prices yesterday.
The stock market had improved yesterday but, so far this morning the indexes in pre-market trading were indicating a lower opening as that market keeps swinging.
This morning in the equity market, Bank of America reported another loss, [...]
Most troubled homeowners don’t realize they are hurting their credt by entering President Obama’s trial mortgage modification program (HAMP).
It’s typically true that many people who apply for the Home Affordable Modification Program are already delinquent in their mortgage payments, but add in the fact the amount of time a trial period takes, typically 3 to [...]
Fed HOEPA Amendments May Signal Final Goodbye To Stated Income
Stated income loans used to be commonplace in the industry. The guidelines were so loose, many called them “liar loans.” Well the credit crisis has devastated this program. One-by-one, the alternatives are going away. The latest? The Federal Reserve Board’s HOEPA (Homeownership Equity Protection Act) rule [...]
I just read the largest company in the United States is hiring a person with only 2.5 years of actual experience and no experience as a CEO. The funny part of that is, their experience is actually only in upper management…..wow???? Why would such a large organization do that?
The reigning credit crunch has disturbed the financial equilibrium of many people around the globe. Aftermath of subprime mortgage crisis was felt the world over and the housing market is yet to recuperate fully. With such a situation prevailing, there are many who successfully manage to tap the equity in their homes. It has been [...]
If the “The Root Cause Of Our Economic Problems Is The Housing Foreclosure Crisis” as Senator Dodd States, then all the bad mortgages and the $700 Billion Bailout is not necessary.
Or maybe he is ass backwards and it was Wall Street with their aggressive mortgages and the Federal Reserve who encouraged folks to go out [...]
