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
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."
- FDIC took a $10.7 Billion loss in the March 2009 sale of IndyMac to One West Bank
- Goldman Sachs and AIG Bailout
- Obama Mortgage Mod program, HAMP, is failing
- The cash-poor FDIC is bailing out so many banks that they now need more cash from Treasury.
- Fannie Mae & Freddie Mac: Bleeding Taxpayers to Lose $, Prop Up Home Prices, Save the Occasional Home"owner"
- Not part of the National Budget: the $3.9 TRILLION obligated by Fan and Fred