Indymac and OneWest- More that Meets the Eye
Tuesday, June 15th, 2010Most people think of mortgages as they functioned thirty years ago. A prospective homeowner goes to the bank, takes out a loan and pays the bank a mortgage payment every month. In thirty years, once the loan is paid off, the bank gives the homeowner a satisfaction of mortgage and everyone is happy.
This was before the rise of modern securitization, pooling and bundling shemes where mortgages were traded, sold, transferred, raided and pillaged- these are the same schemes that have left our economy in shambles.
I also hear many people express the belief that banks do not want their homes when they are discussing the current foreclosure crisis. They mention that banks are not in the business of owning and selling real estate. They discuss how their home is worth so much less than what is owed on the home, and assume that any bank must be suicidal if they proceed to obtain a judgment for foreclosure.
However, just like the mortgage securitization and trading schemes, there is more that meets the eye when it comes to what the bank wants. There are reinsurance agreements, reimbursement agreements and a host of offerings by the Treasury, FDIC and Federal Reserve designed to cushion the blow that this housing crisis has dealt to the banking industry.
The video link below represents one individual’s opinions on behind the scenes dealings between the banking industry and government. Please feel free to email us if you have any information or ideas on what is going on behind the scenes.
Everything is not as it seems. Just start digging a bit and you will find yourself tumbling down the foreclosure rabbit-hole.