hypocritexposer
Well-known member
Soros' recent hobby is buying "failed" banks from the FDIC. He has
LOTS of friends on the inside; at least for a while longer, those
friends will be in charge and the looting will continue. (If your
real property has a mortgage, you may be sending George your
money, without even realizing it.)
How does the mortgage SCAM work, and who pays for it?
This is just a sample case, there are many more:
Indymac was seized by the FDIC in July 2008.
Assets of IndyMac were sold to OneWestBank by the FDIC in March 2009.
Goldman-Sachs and Soros own OneWest.
First mortgages were purchased at 70% of face.
HELOC's were purchased at 58% of face.
The FDIC will cover between 80% and 95% of any future paper losses.
(In the event of a short sale or foreclosure, the loss is calculated
using the ORIGINAL Loan Balance amount ... NOT the amount OneWest
paid for the loan.)
Fun Example:
Loan amount of $478,000 + 6 mos missed payments,
for a total of $485,200
OneWest paid $334,600 ($478,000 x 70%) for the loan.
The underwater homeowner has a net cash offer for short sale $241,000
to OneWest.
Under the FDIC formula, you don't consider the amount OneWest paid $334,600. . .
INSTEAD take the ORIGINAL AMOUNT PLUS MISSED PAYMENTS $485,200 and
subtract the short sale offer of $241,000 which leaves you with an
"Adjusted Loss" to OneWest of -$244,200.
Next, the FDIC writes a check to OneWest for 80% of the net loss.
In this example, OneWest gets a check from the FDIC for $195,360.
Add that $195,360 from the FDIC to the $241,000 cash offer for the short
sale, and OneWest just collected $436,360 on a loan that OneWest
bought for only $334,600. And all OneWest had to do, was sell it for whatever
amount they wanted to.
OneWest made a profit of $101,760.00.
The reason it is so difficult to get the banks to grant a loan modification
is that there is too much money to be made in foreclosures and short sales
with these FDIC insured sweetheart deals.
Footnote: Shortly after the OneWest deal, the FDIC announced it needed to
borrow more money from the Treasury to complete the transaction. The US
taxpayers will pay that bill, too.
Being a "socialist friend of the workers" is VERY profitable.
LOTS of friends on the inside; at least for a while longer, those
friends will be in charge and the looting will continue. (If your
real property has a mortgage, you may be sending George your
money, without even realizing it.)
How does the mortgage SCAM work, and who pays for it?
This is just a sample case, there are many more:
Indymac was seized by the FDIC in July 2008.
Assets of IndyMac were sold to OneWestBank by the FDIC in March 2009.
Goldman-Sachs and Soros own OneWest.
First mortgages were purchased at 70% of face.
HELOC's were purchased at 58% of face.
The FDIC will cover between 80% and 95% of any future paper losses.
(In the event of a short sale or foreclosure, the loss is calculated
using the ORIGINAL Loan Balance amount ... NOT the amount OneWest
paid for the loan.)
Fun Example:
Loan amount of $478,000 + 6 mos missed payments,
for a total of $485,200
OneWest paid $334,600 ($478,000 x 70%) for the loan.
The underwater homeowner has a net cash offer for short sale $241,000
to OneWest.
Under the FDIC formula, you don't consider the amount OneWest paid $334,600. . .
INSTEAD take the ORIGINAL AMOUNT PLUS MISSED PAYMENTS $485,200 and
subtract the short sale offer of $241,000 which leaves you with an
"Adjusted Loss" to OneWest of -$244,200.
Next, the FDIC writes a check to OneWest for 80% of the net loss.
In this example, OneWest gets a check from the FDIC for $195,360.
Add that $195,360 from the FDIC to the $241,000 cash offer for the short
sale, and OneWest just collected $436,360 on a loan that OneWest
bought for only $334,600. And all OneWest had to do, was sell it for whatever
amount they wanted to.
OneWest made a profit of $101,760.00.
The reason it is so difficult to get the banks to grant a loan modification
is that there is too much money to be made in foreclosures and short sales
with these FDIC insured sweetheart deals.
Footnote: Shortly after the OneWest deal, the FDIC announced it needed to
borrow more money from the Treasury to complete the transaction. The US
taxpayers will pay that bill, too.
Being a "socialist friend of the workers" is VERY profitable.