Mortgage Servicers

OneWest Bank paid 24 percent of the Loan Book Value to purchase Mortgage Servicing rights of IndyMac after 2008 Bank failure

After IndyMac collapsed in 2008, the receiver/conservator from the FDIC negotiated a sweet deal for Steve Mnuchin to purchase the loan book for an absurd price, and also left Deutsche Bank raging as they removed all the contractual terms between the parties, including buy back protection for defaulted loans. Despite Deutsche Banks subsequent law suit against the FDIC, the FDIC prevailed.

After IndyMac collapsed in 2008, the receiver/conservator from the FDIC negotiated a sweet deal for Steve Mnuchin to purchase the loan book for an absurd price, and also left Deutsche Bank raging as they removed all the contractual terms between the parties, including buy back protection for defaulted loans. Despite Deutsche Banks subsequent law suit against the FDIC, the FDIC prevailed.

The image above shows that OneWest Bank, (Steve Mnuchin, US Treasury Secretary and Joseph Otting, Comptroller of OCC in Trump Cabinet) bought Mortgage Servicing rights from loans after the financial collapse in 2008. It paid 24% of the Book value of the purchased loans.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Laws In Texas is a blog about the Financial Crisis and how the banks and government are colluding against the citizens and homeowners of the State of Texas and relying on a system of #FakeDocs and post-crisis legal precedents, specially created by the Court of Appeals for the Fifth Circuit to foreclose on homeowners around this great State. We are not lawyers. We do not offer legal advice. We are citizens of the State of Texas who have spent a decade in the court system in Texas and have been party to during this period to the good, the bad and the very ugly.

Donate to LawsInTexas. Make a Difference.

Subscribe to Our Newsletter

We keep your data private and share your data only with third parties that make this service possible. See our Privacy Policy for more information.

© 2020-21 LawInTexas com is an online trading name which is wholly owned by Blogger Inc., a nonprofit 501(c)(3) registered in Delaware. | All Rights Reserved.

To Top