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.

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