From: Sent: Thursday, February 11, 2010 11:12 AM To: Subject: Must Video: Banks' sweetheart deals with FDIC are encouraging foreclosures
You won't believe the sweetheart deal that the Indymac boys were given by the FDIC Video: http://thinkbigworksmall.com:80/mypage/archive/1/29027 <http://thinkbigworksmall.com/mypage/archive/1/29027> Article: Banks' sweetheart deals with FDIC are encouraging foreclosures http://cfcsux.blogspot.com/2010/02/banks-sweetheart-deals-with-fdic-are.html While Banks are profiting from familes loses. Here are some videos of Homelessness in America. Las Vegas Homeless Camp Out On City Streets http://www.youtube.com/watch?v=NVPXUFyhkQ8 Tent Cities (America) http://www.youtube.com/watch?v=HVwG01-bogE "LAND OF THE FREE" AS TENT CITIES SPRING UP ALL OVER THE U.S THE MORTGAGE CRISES IN AMERICA http://www.youtube.com/view_play_list?p=F5DAF4651E431D98 <http://www.youtube.com/view_play_list?p=F5DAF4651E431D98&search_query=forec losures+homeless+tent+city> &search_query=foreclosures+homeless+tent+city Tuesday, February 9, 2010 Banks' <http://cfcsux.blogspot.com/2010/02/banks-sweetheart-deals-with-fdic-are.htm l> sweetheart deals with FDIC are encouraging foreclosures Excerpt: IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009. Guess who the investors are behind OneWest? George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire). Now, listen to the deal they got from the FDIC.... Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts). They purchased all current HELOCS at 58% of Par Value!!! Next, in order to "sweeten the pot", the FDIC stepped in and guaranteed the following: For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss. The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan. http://activerain.com/blogsview/1243528/is-the-fdic-killing-short-sales- Posted by Gerard at 2/09/2010 <http://cfcsux.blogspot.com/2010/02/banks-sweetheart-deals-with-fdic-are.htm l> <http://www.blogger.com/post-edit.g?blogID=38605667013782568&postID=49950143 12037877750> http://www.blogger.com/img/icon18_edit_allbkg.gif 1 comments: p said... Anyone who claim that the FDIC is funded only by bank premiums is delusional. Without backing from Congress, no other insurance corporation on earth can guarantee trillions of deposits and billions of bank bonds while being in red. "Banks Set for Record Pay. Top Firms on Pace to Award $145 Billion for 2009, Up 18%, WSJ Study Finds" http://online.wsj.com/article/SB10001424052748704281204575003351773983136.ht ml?mod=djemalertNEWS "TO ESCAPE FEDERAL INTERFERENCE ON PAY AND OTHER MATTERS, Goldman Sachs and other big financial firms are eagerly seeking to repay the government's TARP equity investments. But none of them are talking about leaving a Federal Deposit Insurance Corp. bond-guarantee program that benefits them much more. Goldman (ticker: GS) has issued $29 billion of low-cost debt through this FDIC program; Bank of America (BAC), $44 billion; and JPMorgan (JPM), $38 billion. In total, about $340 billion of debt has been sold under the six-month-old arrangement, called the FDIC Temporary Liquidity Guarantee Program (TLGP)." http://online.barrons.com/article/SB124001886675331247.html#articleTabs_pane l_article%3D1 In other words, the FDIC has been using our implicit tax dollar guarantee to help fund Wall Street bonus. The agency is now in red. It has a $500 billion credit line from Congress. If any of these TLGP participants were to fail, the FDIC would have to use our tax money to pay off these bondholders. By the way, did you know that besides an insurer, the FDIC, like OCC, OTS, and the Fed, is also a federal regulator for many smaller banks (Class NM)? "U.S. Bank Examiners Faulted for Oversight at Failed Lenders. Inspectors general at the Fed and Treasury are required to release autopsies for some failed banks to explain collapses and assess the effectiveness of oversight. The Treasury inspector general released five reports for the OTS and four for the OCC this year. The Fed's watchdog released three reports this year. The FDIC's inspector general released 26 reports in the same period, citing similar concerns." http://www.bloomberg.com/apps/news?pid=20601087&sid=aFb4U0YZ49PQ&pos=7 *imho* *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. NOTE: Some links may require cut and paste into your Internet Browser. Please check for daily real news posts and support the truth! 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