Got Loan Modifications? More & More Fleecing of the American People

I was recently sent a video about the Sweetheart Deal for OneWest via the FDIC IndyMac Bank firesale... including an incredible "loss share agreement" that explains how/why it is so hard to get a loan modification that was so ballyhooed as the solution to our mortgage crisis... under the circumstances outlined in this video, there's too much money for the banks to make if the assets they bought actually get liquidated by third parties, rather than modifying the loan for the original note holder. So much for the stimulus/TARP funds to help the underwater homeowners. And oh, wait until you see who is involved in this sweetheart deal, it includes the name Goldman... I am all for a market adjustment and a liquidation of the underwater assets, but NOT under these circumstances... you and I and our great grandchildren continue to get fleeced here...

The video is at this page: http://www.thinkbigworksmall.com/mypage/archive/1/32274 and it has some linked articles (WSJ, NYT) and resources (Indymac Shared Loss Agreement, Master Purchase Agreement, Loan Sale Agreement) to back it all up on the page as well.

This was put together by the real estate sales and marketing guys at www.ThinkBigWorkSmall.com ... so I did a bit more research on them and found their TBWS Daily Show page... and you may find the info they shared for their July 30th edition of particular interest as well:

July 30th TBWS Daily Show
- Fingerprinting Real Estate Brokers NOT Underwriters?!
- SEC NOT Required to Reply to Freedom of Information Act by the Public?! What Happened to Transparency in the New Financial Reform Act?!
- That Real Estate Tax Inside the Health Care Reform Act?! Yes, it's true, but it's complicated...