"The Indymac Slap in our Face. "

[Emit]

I'm curious if other DUers are familiar with this website or if you've seen this video.

You won't believe the sweetheart deal that the Indymac boys were given by the FDIC.

Video at: http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1122822

Thoughts? Comments?

[leftofcool]

1. These people have absolutely no incentive to help

people with mortgages that are behind or about to go into foreclosure. Of course they want their houses back. Property is an asset to all lenders. If they short sale it, then it is a liability which they can't recover. They need only foreclose and sit on it for a while. Even if they send the foreclosure to Realty Trac for sale, 30-50k gets tacked on to the original balance. And yet people still purchase foreclosures thinking they are getting a deal when in reality they are not.

[katanalori]

2. FDIC responded

denied everything and dug a deeper hole. :crazy:

Good coverage from a great blog, "zero hedge"...........

http://www.zerohedge.com/article/fdic-responds-indymaconewest-video-alleging-sheila-bair-transferred-billions-taxpayer-funds-

[Emit]

3. Thanks, katanalori

I'll take a look. Thanks for your help. :hi:

[katanalori]

5. also worth seeing this site ("Calculated Risk")

for another perspective.
Personally, I WANT to believe in Sheila Bair.

"The FDIC is absolutely correct."
http://www.calculatedriskblog.com/2010/02/fdic-responds-to-blatantly-false-video.html

:yoiks:

[leftofcool]

4. I think it is to the point that you don't want to believe

a fucking word anyone of them say. Right now, I wouldn't trust FDIC, FHA, any one bank or any of the rest of their ilk. I still do have some faith in my credit union. The bottom line is that not one thing is being done to help home owners, small businesses, people trying to purchase homes, people trying to start up small businesses or anything else that helps the middle class. They spend their time chasing their tales and seeing who can lay the most blame.