Tuesday, February 16, 2010

UPDATED - The IndyMac / OneWest Saga Continues With Rebuttal to FDIC's Rebuttal

UPDATE 2 Monday Feb 16

Not so fast, FDIC say the guys over at ThinkBigWorkSmall...we're still right.  And they've revised their video to address the FDIC's rebuttal.  SEE HERE. 

They've also included links in support of their statements, including
ZeroHedge's Tyler Durden here. 
NYTimes' Gretchen Morgenson, Beyond the Bold Faced Names in the IndyMac Deal 
All Denver Real Estate, FDIC Pays Banks to Foreclose 
IAmFacingForeclosure.com, Anatomy of a Government-Abetted Fraud: Why IndyMac OneWest Always Forecloses 
Brian and Frank on Twitter: @TBWSD 

UPDATE 1 Friday Feb 12:  FDIC claims the video is "blatantly false" and CalculatedRISK has details on loss issues.  (Nobody's saying that Goldman Sachs doesn't rule the world, however ;0o )

Original Post appeared on Wednesday, Feb 10:

Hey, grab a stiff drink and try not to lose your lunch as you watch the video (linked below) about the bailout of IndyMac Bank, which was seized by the FDIC in June 2008 because it was losing so much money on defaulting mortgages. 

The video has a couple of take-aways: it's often more profitable for certain banks to avoid mortgage modification, and Goldman Sachs controls the financial world has has the Obama administration by the balls is an agent of the Devil makes a lot of $$$$$.

Watch Here.  BTW, the video doesn't have an embeddable link and is getting so much traffic that periodically the server is shuts down.  This blog received the link from a buyer, a Realtor, a mortgage guy, and a "market watcher."

Related Reading 


Bleed It said...

Won't appraise at asking price: mls 473391 2509 Kerry Lane $425k
assessed at $328k "emaculate condition" with

Bleed It said...

EARTH TO SLOAN MILBY: they've listed FIXER UPPERS for $850k and $750k on Locust Avenue MLS 473477, 473478

Admire those cojones!

downtownenvy said...

Come on now. Throw another $100,000 for converting that showplace into a single family home with an updated kitchen and bath and what will you have? Anyone?? Oh yeah another family sized home in the downtown area priced out of the range of 90% of Cville's population.
I am sure that wages will be going up soon everywhere around here to meet up with the current pricing. Cue little bluebirds singing in the background.

Anonymous said...

I'm embarrassed for these same people in their advertisement for 550 Water Street which is never going to be built. read the photo captions. those PH prices would be too high in a real city, let alone in a struggling college town

8 units listed today:
5 UNITS RESERVED TO DATE. NOW RESERVING UNITS. Experience the excitement of living downtown. Located one block off the pedestrian mall and amid historic buildings THE 550 will offer 19 flats with elevator access, secured garage parking and first floor commercial/retail. Ranging from 650 sf to over 3,000 sf with prices starting in the low $200,000's. All penthouse units will enjoy personal elevators and oversized terraces from 550sf to over 850sf. Floor plans are conceptual and can be altered.

Andy K said...

It looks like the IndyMac video could be a fake or factually retarded PR stunt. Here is one opinion with some soft supporting evidence.
The link is to Ritholz's Big Picture blog. He's the author of "Bailout Nation" and typically has well supported entries grounded in reality.