http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1111064
This was sent to me this morning. Makes a lot of sense, but don't know how true it may be. Just passing the word along. Very interesting to say the least.
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Replies
Articles from the WSJ and the NY Times.
AND
The actual IndyMac Shared Loss Agreement
The IndyMac Master Purchase Agreement
The IndyMac Loan Sale Agreement
http://www.latimes.com/business/la-fi-onewest20-2010feb20,0,880625....
FDIC Responds to "Blatantly False" Video
The TBWS guys are not the only source of this information, but probably the most heard and talked about source. I first heard about OneWest Bank's deal - and many other things our Government has done that no one is talking about - weeks before I received the TBWS video, from a speaker at my local MLS. They asked him to present this three different times because of the standing room only crowds that attended. Our MLS board wanted all realtors to have the opportunity to hear this information.
Did you know
Our government has been subsidizing loans since October of 2008, which is how the interest rates have been kept low.
$1.25 trillion to buy MBSs
We no longer have a secondary market, conforming only, Gov only
Explains why there is lack of a jumbo market
12/31/09 the Treasury stopped buying MBS
03/31/10 the Feds are scheduled to stop buying MBS
What will happen to interest rates
But Treasury said it will offer Freddie and Fannie "unlimited" support
Gov now owned 79.9% of Freddie and Fannie
Why do you think so many banks paid back their TARP money?
This month the same local presenter who I first leraned this information from and 2 attorneys from our community are going to be doing a panel on the same subjects. So no, I don't think the TBWS video is blatantly false. And it is not like the fellows that made the video just felt like putting it together one day. They have been following and reporting their findings for quite some time. I do think our Gov tells what it wants us to know though.
The presenter of this information, backed everything up with PDFs of the articles where all his facts had come from and provided every attendee with those files if they requested, which I did, The facts were not only about the OneWest deal (and similar to 52 other banks) but also facts about the effectiveness (NOT) of the HopeNow programs and of the Making Home Affordable programs.
Seriously, I do not see how anyone can take a look at where we are at in our economy and housing market and not see Government involvement as to how we got here.
I agree, this video was a bit over my head at first but as it started sinking in I was saying WTH! No wonder we are having so many issues getting anything done. I think it's time to send a link to my Senator also!
This video is just ONE of over 52 'Sweetheart Deals" the FDIC is making with banks.
I was first made aware of this from a totally different source. One of our local mortgage brokers gave a two hour class on where we are and how we got here. This class was sooooo eye opening and soooo good, our MLS board had him present it 3 times, all to standing room only crowds of realtors.
Then a few weeks later the TBWS video was emailed to me from another realtor who had received it. It touches on just ONE bank and their sweetheart deal, but is presented very well and very clearly.
This video has actually been updated on 02/12/10 since I last saw it and it exposes yet another motivation for the banks to NOT do loan mods!
I am surprised there has not been more response to this post - yours or my original.
Does this information just not make sense or why no other responses? I can not believe agents just do not get this.