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The Great Highway Robbery Continues: How The FDIC Is Legally Transferring Billions In Taxpayer Money To Hedge Funds

Tyler Durden's picture





 

It is not a secret to anyone who has been closely following the FDIC's quasi criminal bank takeover practices over the past year, that acquirors of failed banks end up receiving a massive and risk-free gift in the form of taxpayer benefits via the FDIC when it comes to funding losses on a given bank acquisition. Should there be a short sale resulting in a loss to the full principal (not the cost basis mind you)? Not to worry, Sheila Bair is there to hand out taxpayer money to the hedge funds/banks owning the newly transferred assets. A recent example of this was the glaring insider trading which preceded the acquisition of failed AmTrust Bank by New York Community Bancorp, in which both NYB and those who bought calls in advance of information being made public, made massive illegal profits. And as the SEC continues to pretend like this episode never happened, we remind the intellectually subprime Mary Schapiro to finally pursue those involved, and will continue doing so for as long as it takes. But back to the FDIC: the folks at Think Big Work Small have compiled a terrific video detailing exactly how several hedge funds, currently owners of recently created shell holding company OneWest Bank, are picking apart the carcass of failed IndyMac, all the while encouraging short sales (instead of loan mods) as only that way do they get to benefit fully from the taxpayer funded FDIC loss-share arrangements which makes the IndyMac transaction an immediate slam dunk for everyone involved...except America's taxpayers, and the FDIC's ever depleting DIF reserve.

As the authors appropriately title the video, this is indeed a slap in our face. And this goes on every single bailout Friday when the FDIC continues handing out billions of dollars under the guise of "loss sharing" arrangements, which is simply a guaranteed profit from the acquirors' cost basis to 90% of the original loan value: an instantaneous 30% risk free IRR.

Full must watch video after the link (click on the icon below).

 


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Wed, 02/10/2010 - 15:31 | Link to Comment WaterWings
WaterWings's picture

Hopefully the homeowners didn't spend any of their HELOC on imported stuff! The video didn't mention that the IRS is going to want their cut of your newly found "income" after debt forgiveness and cancellation. I'm not in the industry, but I think this is one hell of a Charlie Foxtrot for the crumbling nation called America.

http://www.irs.gov/irs/article/0,,id=179073,00.html

I predict 300+ comments on this one. If wrong I still have my GOLD BITCHES!!!

Wed, 02/10/2010 - 16:04 | Link to Comment ZerOhead
ZerOhead's picture

Well somebody has to pay... and the little guy never bought politicial and regulatory insurance like the TBTF's and friends. Hey that could be a new financial product... Regulatory Default Swaps!

Wed, 02/10/2010 - 16:13 | Link to Comment Careless Whisper
Careless Whisper's picture

those "savvy" bankers are at it again.

Thu, 02/25/2010 - 22:25 | Link to Comment Anonymous
Wed, 02/10/2010 - 18:04 | Link to Comment velobabe
velobabe's picture

it's a start folks. credit card revolt. print out flyers on this site and paste on banks windows and ATMs. the site has some bucks behind them cause they have national tv ads on, that are pretty hilarous.

 

http://www.creditcardrevolt.com/Site_1/unite.html

Wed, 02/10/2010 - 19:23 | Link to Comment Zippyin Annapolis
Zippyin Annapolis's picture

The IRS went after "debt forgiveness" during the S and L bailout and the "investors" who were promised debt forgiveness and forebearance took the government to court--all the way to the Supreme Court--and won--sooo I think they have their butts covered on this one.

Wed, 02/10/2010 - 19:28 | Link to Comment albion402
albion402's picture

The fellas at ThinkBigWorkSmall.com really have nailed several of the major screw-ups in the mortgage business.   Normally, a bit of humorous and biting sarcasm...not the serious stuff found here.... /sarc     :)

Wed, 02/10/2010 - 15:10 | Link to Comment Fidel Sarcastro
Fidel Sarcastro's picture

FREE money to the banksters?  What else is new?

Thu, 02/25/2010 - 22:27 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:16 | Link to Comment Daedal
Daedal's picture

Meanwhile, this clown (http://www.bloomberg.com/apps/news?pid=20601087&sid=aKGZkktzkAlA) thinks that Blankfein's bonus is a result of 'free market'.

Wed, 02/10/2010 - 15:49 | Link to Comment Anonymous
Wed, 02/10/2010 - 18:47 | Link to Comment JuicyTheAnimal
JuicyTheAnimal's picture

Panty-waste-ass-clown to be more specific. 

Wed, 02/10/2010 - 15:16 | Link to Comment gold_tracker
gold_tracker's picture

That's bloody maddening! 

Wed, 02/10/2010 - 15:16 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

Saw this one a couple of days ago.  I didn't forward it on at the time but think I should.  Most regular people (including me) can understand that this is blatant robbery.

Wed, 02/10/2010 - 15:31 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

well ordinary sir, Steve Keen is asking engineers to become economists...please consider ;)

Wed, 02/10/2010 - 15:35 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

It would be telling if engineers got involved in economics and it became less complicated.

Wed, 02/10/2010 - 16:18 | Link to Comment Anonymous
Wed, 02/10/2010 - 18:23 | Link to Comment Anonymous
Thu, 02/11/2010 - 12:11 | Link to Comment Anonymous
Fri, 02/12/2010 - 10:16 | Link to Comment Anonymous
Fri, 02/12/2010 - 15:18 | Link to Comment WaterWings
WaterWings's picture

Mostly because a politician would request that they suspend their knowledge of physics - which is why these engineers should be given the authority to shoot any elected official that suggests the suspension of physics.

Wed, 02/10/2010 - 15:16 | Link to Comment chindit13
chindit13's picture

In America everyone is equal under the law.  Unfortunately, some are above the law.

Wed, 02/10/2010 - 16:34 | Link to Comment Kitler
Kitler's picture

So we pass a new law making everyone 'above the law'.

We would save billions and create millions of new (formerly criminal) jobs!

Wed, 02/10/2010 - 15:18 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Don't think this is the only underhanded deal the FDIC has done, check out the deal that Colony Capital struck with them.  This was a sweet deal (not for the taxpayer).

http://bailoutsleuth.com/10/01/498/colony-capital-acquisitions-llc-was/

Wed, 02/10/2010 - 15:20 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

This Ponzi is limited only by the creativity and brazen criminality (legal or otherwise) of the perpetrators, which includes any past or future beneficiaries. This is an important point because when the looting begins, many wannabes on the side lines are sure to be recruited (or self recruit) in an effort to pick up some loose change along the way.

Is it any wonder that psychopaths are running the joint? After all, that personality type is perfect for this type of "work" so who would possibly join the band of thieves if they still retained any moral character or empathy for the unwashed masses, also know as the tax paying sheep? 

Wed, 02/10/2010 - 16:56 | Link to Comment Kitler
Kitler's picture

'When the looting begins' ?  Ha ha ha!!!

Remember... psychopaths have almost always run everything. A conscience would just get in the way of achieving the former goal.

Come join the Wolfpack and dine on mutton.

Wed, 02/10/2010 - 17:26 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

I think sociopaths would be a more accurate description, but point well taken.

Wed, 02/10/2010 - 20:56 | Link to Comment Hephasteus
Hephasteus's picture

Sociopathy is just psychopathy when it joins a large group or gets involved in politcs or banking or corporate culture or religion, etc etc. Once a psyschopath is able to get a couple people to fulfill it's needs they like to try to get more and more people involved cause it's a challenge.

Thu, 02/11/2010 - 06:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

sociopath [(soh-see-uh-path, soh-shee-uh-path)]

Someone whose social behavior is extremely abnormal. Sociopaths are interested only in their personal needs and desires, without concern for the effects of their behavior on others. (Compare psychopath.)

 

psychopath [(seye-kuh-path)]
A mentally unbalanced person who is inclined toward antisocial and criminal behavior. (Compare sociopath.)

Wed, 02/10/2010 - 15:21 | Link to Comment Gubbmint Cheese
Gubbmint Cheese's picture

It's time - where's Howard?

 

"I'm mad as hell.. and I'm not going to take it anymore!!"

It was on TV last night - oh the irony.

 

 

Wed, 02/10/2010 - 15:22 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:23 | Link to Comment Postal
Postal's picture

"...intellectually subprime..." Ha! My favorite phrase on ZH.

Wed, 02/10/2010 - 15:56 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:20 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:24 | Link to Comment Eally Ucked
Eally Ucked's picture

We are witnessing last stage of decay, everybody knows the system is dead so they trying to get as much as possible before everything goes down in smoke. Do you remember "Zorba the Greek" and the scene when everybody just waits to loot after official funeral celebrations are finished?

Wed, 02/10/2010 - 16:00 | Link to Comment debt.crisis (not verified)
Wed, 02/10/2010 - 16:23 | Link to Comment Anonymous
Thu, 02/11/2010 - 03:11 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:25 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:25 | Link to Comment buzzsaw99
buzzsaw99's picture

Carlito:  What, you think you like me? You ain't like me motherfucker, you a punk. I've been with made people, connected people. Who've you been with? Chain snatching, jive-ass, maricon motherfuckers. Why don't you get out of here and go snatch a purse.

Wed, 02/10/2010 - 15:29 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:35 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

One of many ways banksters steal money.  Housing de jour.

Housing prices have two more legs down, btw.  Great depression numbers in 2 years.

Wed, 02/10/2010 - 15:30 | Link to Comment Hephasteus
Hephasteus's picture

Does anyone know of a weapon that kills people and is not humane and assures you of the person being in tremendous pain the whole time they are dying? That's going to be a HUGE market.

Wed, 02/10/2010 - 15:39 | Link to Comment H.W. Plainview
H.W. Plainview's picture

It's called a crucifix.

 

"I am an oil man"

Wed, 02/10/2010 - 15:48 | Link to Comment WaterWings
WaterWings's picture

I was about to say that we'll probably see medieval torture come back in a big way.

Although a 9mm to the gut would work, too.

Wed, 02/10/2010 - 16:24 | Link to Comment Anonymous
Thu, 02/11/2010 - 03:26 | Link to Comment Anonymous
Wed, 02/10/2010 - 15:49 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

tire + gasoline

Wed, 02/10/2010 - 16:01 | Link to Comment debt.crisis (not verified)
Wed, 02/10/2010 - 16:13 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

I think we have our first volunteer!

Wed, 02/10/2010 - 16:03 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:14 | Link to Comment carbonmutant
carbonmutant's picture

First we need them to name names...

Wed, 02/10/2010 - 16:38 | Link to Comment Bam_Man
Bam_Man's picture

I believe the best method is called "being broken on the wheel".

Wed, 02/10/2010 - 16:47 | Link to Comment faustian bargain
faustian bargain's picture

hanging, drawing and quartering is pretty good. and then you can gibbet the pieces.

Wed, 02/10/2010 - 17:58 | Link to Comment Hephasteus
Hephasteus's picture

I get the feeling you would all be sweeter kinder people if you weren't be fucked by a global scamming fucking machine.

Wed, 02/10/2010 - 18:42 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The banksters should have to go on Dr Phil once a week.  He can advise them on how to be better assholes.  The countrywide ridicule should be enough for a few months.  Then we will tar and feather them anyway.

Most importantly we can not let them leave the country.  So electric shock bracelets are in order.  I heard a purchase of 500 comes with 1,000 Dow Jones 10,000 3.0 hats!

Wed, 02/10/2010 - 21:22 | Link to Comment velobabe
velobabe's picture

mandatory pulic transportation, asking during the whole ride if the bus stops before the mexican border.

Wed, 02/10/2010 - 19:35 | Link to Comment DaveyJones
DaveyJones's picture

I guess we're angry. How about fast growing bamboo?

Wed, 02/10/2010 - 15:35 | Link to Comment deadhead
deadhead's picture

Thank you Tyler.

1. appreciate the constant reminder to the wall street shill and bernie madoff buddy, Mary Schapiro, about getting off her ass to investigate the NY Community Bank fiasco.

2. is this the same FDIC that allowed banks a capital requirement delay of one and one half years in regards the FASB 166/167 requirement that off balance sheet items (aka the Grand Cayman tsunami of fecal matter) be returned as of the current quarter?

3. is this the same FDIC whose inability to shut down approx. 600 or so banks (not including the blessed group of 19) cost US taxpayers additional funds everyday as losses mount?

 

Wed, 02/10/2010 - 17:30 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Good point about the insolvent banks being allowed to fester.

Not only do they gamble and rack up more losses, they take deposit money away from healthy banks, weakening the entire system.

We are a nation in decline, and nothing short of a miracle will help us now, and I an't expecting no miracles.

Wed, 02/10/2010 - 15:44 | Link to Comment dark pools of soros
dark pools of soros's picture

what's the problem? these people are total saints!!  they stopped kicking people out for a full two weeks during the holidays!!!

 

https://www.owb.com/uploadedFiles/Footer/pr_20091218b_morat.pdf

 

and they are in a loss-sharing agreement with the FDIC!! (no mention of gain-sharing though...)

http://finance.yahoo.com/news/OneWest-Bank-Announces-bw-1405908810.html?...

 

and hey - just catcha wave.. they are just destroying everyone 'One person at a time'

https://www.owb.com/




Wed, 02/10/2010 - 15:44 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:44 | Link to Comment Tyler Durden
Tyler Durden's picture

missed it. please note who brought it up first

Wed, 02/10/2010 - 18:43 | Link to Comment Rusty Shorts
Rusty Shorts's picture

Tyler,

Not sure if I was the first to post this link, but I did post it on;

http://www.zerohedge.com/article/pigs-and-supermodels

post#222760, Mon, 02/08/2010 at 19:00

 

 Rusty.

Wed, 02/10/2010 - 16:00 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:02 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:14 | Link to Comment buzzsaw99
buzzsaw99's picture

iamned has found you, heh heh

Wed, 02/10/2010 - 16:14 | Link to Comment Miramanee
Miramanee's picture

My son, age 7, has pretty significant special needs. He is a beautiful fellow. Anyway, we pull up to the bank window the other day, and he looks out the unwashed-for-years back window of the car, and yells, "Eff Dick!!"

FDIC = Eff Dick

Eff those dicks straight to the pokey as far as I'm concerned.

Wed, 02/10/2010 - 16:41 | Link to Comment Bam_Man
Bam_Man's picture

I have 'special needs' too, but I'm probably not as cute as your seven year old.

Wed, 02/10/2010 - 16:17 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:21 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:22 | Link to Comment Anonymous
Wed, 02/10/2010 - 17:57 | Link to Comment lizzy36
lizzy36's picture

I'm sorry, but the as time goes by I'm becoming more inclined to believe that I'm surrounded by sheep who are excited to be scanned, x-rayed and taken to slaughter. America we once knew seems to becoming a myth.

ahhh.....stating the obvious. 

hunger, and/or lack of heat bring revolution (why do you think this administration and has extended various unemployment benefits to 99 weeks).  in the absence of either, adjust your expectations accordingly (meaning count on the "great american barcalounger revolution" to continue)

Wed, 02/10/2010 - 18:27 | Link to Comment deadhead
deadhead's picture

you may be interested to know Lizzy (and perhaps you do and also in regards your interest in natty) that the US does give out money for heat...called the HEAP (home energy assistance program) program and money is given directly to people (income qualification only)...in NY some people get 400 to 600 bucks for the winter heating season.

Wed, 02/10/2010 - 16:36 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:39 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:39 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:42 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:43 | Link to Comment Anonymous
Wed, 02/10/2010 - 17:35 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

I agree, nothing wrong with short sales.

Making money off of short sales at the taxpayers' expense, I got a problem with.

I don't fault the OneWest guys, I fault the FDIC for cutting this deal.  How many bidders did they get for IndyMac?  What were the bids/terms?  Same as for any failed bank.

The FDIC works too much in the shadows for my liking, all the while claiming they are permitted because they don't take taxpayer money, which of course is total bullshit, they exist only because their insurance fund is backed by the taxpayer, making it impossible for a private deposit insurance fund to exist.

Wed, 02/10/2010 - 18:56 | Link to Comment badtimes (not verified)
Wed, 02/10/2010 - 16:46 | Link to Comment Joe Sixpack
Joe Sixpack's picture

The govt. bailouts (including supporting AIGs CDS) are basically forcing people into foreclosures and short sales while Obama and congressional Democrats talk about keeping people in their houses. Say one thing, do just the opposite.

Wed, 02/10/2010 - 16:45 | Link to Comment Anonymous
Wed, 02/10/2010 - 16:46 | Link to Comment caconhma
caconhma's picture

Brained-washed America asked for a change and it got it. 

Once a great country became a nation of fools. What a pity!

The choice becomes painfully simple: Chinese communism dominated society vs. Jewish "thieves democracy".

 

PS

My first boss was a Chinese professor and an owner of a small high-tech company. I liked and respected him a lot.

Many years later, my Silicon Valley marketing boss told me: Never waste your time trying to sell anything to Asians. They only buy from one of them unless it is available only from you. 

Wed, 02/10/2010 - 20:01 | Link to Comment Rusty Shorts
Rusty Shorts's picture

You are correct, we are in the final stage.

 

"...It's a great brainwashing process which goes very slow and is divided into four basic stages. The first stage being "demoralization". It takes from 15 to 20 years to demoralize a nation. Why that many years? Because this is the minimum number of years required to educate one generation of students in the country of your enemy exposed to the ideology of [their] enemy. In other words, Marxism-Leninism ideology is being pumped into the soft heads of at least 3 generation of American students without being challenged or counterbalanced by the basic values of Americanism; American patriotism.

The result? The result you can see -- most of the people who graduated in the 60's, dropouts or half-baked intellectuals, are now occupying the positions of power in the government, civil service, business, mass media, and educational systems. You are stuck with them. You can't get through to them. They are contaminated. They are programmed to think and react to certain stimuli in a certain pattern [alluding to Pavlov]. You can not change their mind even if you expose them to authentic information. Even if you prove that white is white and black is black, you still can not change the basic perception and the logic of behavior.

In other words [for] these people the process of demoralization is complete and irreversible. To rid society of these people you need another 15 or 20 years to educate a new generation of patriotically minded and common sense people who would be acting in favor and in the interests of United States society.

ED: And yet these people who have been programmed and as you say [are] in place and who are favorable to an opening with the Soviet concept - these are the very people who would be marked for extermination in this country?

YURI: Most of them, yes. Simply because the psychological shock when they will see in [the] future what the beautiful society of EQUALITY and social justice means in practice, obviously they will revolt. They will be very unhappy [and] frustrated people, and Marxist-Leninist regime does not tolerate these people. Obviously they will join the [ranks] of dissenters; dissidents. Unlike the present United States there will be no place for dissent in future Marxist-Leninist America. [Now] you can get popular like Daniel Elsburg and filthy rich like Jane Fonda for being a dissident [and] for criticizing your Pentagon. In [the] future these people will simply be [he makes a squishy noise] squashed like cockroaches for criticizing the government. Nobody is going to pay them nothing for their beautiful [and] noble ideas of EQUALITY. This they don't understand and it will be the greatest shock for them, of course.

The demoralization process in the United States is basically completed already for the last 25 years. Actually, it's over fulfilled because demoralization now reaches such areas where not even Comrade Andropov and all his experts would even dream of such tremendous success. Most of it is done by Americans to Americans thanks to lack of moral standards. As I mentioned before, exposure to true information does not matter anymore. A person who was demoralized is unable to assess true information. The facts tell nothing to him, even if I shower him with information, with authentic proof, with documents and pictures. ...he will refuse to believe it.... That's the tragedy of the situation of demoralization.

2. The next stage is destabilization.... It only takes 2 to 5 years to destabilize a nation. This time what matters is essentials; economy, foreign relations, [and] defense systems. And you can see it quite clearly that in some... sensitive areas such as defense and [the] economy, the influence of Marxist-Leninist ideas in the United States is absolutely fantastic. I could never believe it 14 years ago when I landed in this part of the world that the process will go that fast.

Most of the American politicians, media, and educational system train another generation of people who think they are living at the peacetime. False. United States is in a state of war; undeclared, total war against the basic principles and foundations of this system. And the initiator of this war is not Comrade Andropov of course - it's the system. However, ridiculous it may sound, [it is] the world Communist system, or the world Communist conspiracy. Whether I scare some people or not, I don't give a hoot. If you're not scared by now, nothing can scare you."

 

(YouTube has pulled the video links)

 

 

http://100777.com/video/bezmenov

Wed, 02/10/2010 - 21:36 | Link to Comment velobabe
velobabe's picture

agree with a lot of your content except:

The result? The result you can see -- most of the people who graduated in the 60's, dropouts or half-baked intellectuals, are now occupying the positions of power in the government, civil service, business, mass media, and educational systems. You are stuck with them.

 

i'm sensitive. we were free. i marched on D.C. twice, parents wouldn't let me go to chicago. bought tickets to woodstock '69. i earned my money the old fashion way, i inherited it.

Wed, 02/10/2010 - 23:11 | Link to Comment Rusty Shorts
Rusty Shorts's picture

velobabe,

This is part of the transcript of Edward Griffins interview with ex-KGB agent and soviet defector Yuri Bezmenov, 1984.

See link in previous post.

 

Rusty

Thu, 02/11/2010 - 11:57 | Link to Comment velobabe
velobabe's picture

oh, i am ditzy†

Wed, 02/10/2010 - 17:02 | Link to Comment Anonymous
Wed, 02/10/2010 - 20:05 | Link to Comment Rusty Shorts
Rusty Shorts's picture

From the Wall Street Journal...today;

 

How to invest for a global-debt-bomb explosion

http://www.marketwatch.com/story/how-to-invest-for-the-debt-bomb-explosion-2010-02-09?pagenumber=1

Thu, 02/11/2010 - 11:44 | Link to Comment WaterWings
WaterWings's picture

Russ,

Thanks for your posts. A lot.

Wed, 02/10/2010 - 17:48 | Link to Comment inflationary (not verified)
Wed, 02/10/2010 - 18:16 | Link to Comment Anonymous
Wed, 02/10/2010 - 19:06 | Link to Comment Anonymous
Wed, 02/10/2010 - 23:58 | Link to Comment Anonymous
Wed, 02/10/2010 - 23:19 | Link to Comment Anonymous
Wed, 02/10/2010 - 23:59 | Link to Comment Anonymous
Thu, 02/11/2010 - 01:49 | Link to Comment luftmensch
luftmensch's picture

A friend has multiple properties, and was able to negotiate mods on every 1st mortgage except Indymac.

When we talked to them Indymac/OneWest -- *nothing* would work for them to approve a loan mod.  After multiple phone calls of re-engineering the income (just to try and understand what was going on at least), we finally determined that *no* income amount would work for them--every amount we came up with was either too high or too low -- like $3432/m was too high and $3431 was too low -- the algorithm they were using was designed to make the mod impossible to qualify for no matter what.

I believe they purchased his loans for less than the video reports, if you look at the FDIC docs I believe there were larger discounts for loans that had over 3m late payments, etc.

I thought they were just breaking even on the short-sale he was eventually forced into -- now I understand another layer of the horrible truth.  Let's make the billionaire's that much richer off of the suffering of anyone with a distressed property that lent from a now bankrupt bank...I think I had previously heard a rumor it was working this way, but wasn't 100% clear that it was this bad.  Would like to see this story get blown up and looked at by anyone who still thinks the stimulus/bailout is anything but larceny.

 

 

Thu, 02/11/2010 - 03:39 | Link to Comment Anonymous
Thu, 02/11/2010 - 04:58 | Link to Comment Anonymous
Thu, 02/11/2010 - 11:32 | Link to Comment velobabe
velobabe's picture

new mexico is the most corrupt state i have ever walked on. thanks bill.

Thu, 02/11/2010 - 13:49 | Link to Comment Anonymous
Thu, 02/11/2010 - 15:02 | Link to Comment velobabe
velobabe's picture

we the people - 28,600 comments

Thu, 02/11/2010 - 13:59 | Link to Comment Anonymous
Fri, 02/12/2010 - 16:29 | Link to Comment Anonymous
Tue, 02/16/2010 - 21:13 | Link to Comment albion402
albion402's picture

Did anyone see today's video on ThinkBigWorkSmall.com?  The boys, Frank and Brian, gave a smash-mouth response to the FDIC's denials.  Good research being done at www.tbws.com

Mon, 04/19/2010 - 10:28 | Link to Comment Tom123456
Tom123456's picture

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Wed, 02/23/2011 - 03:47 | Link to Comment shawnlee
shawnlee's picture

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Tue, 05/31/2011 - 00:56 | Link to Comment kummar
kummar's picture

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sun's picture

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sun's picture

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