This is the type of thing that will make your blood boil. After you hear the details ask yourself, is it any wonder that the banks do not indicate any intent to allow people to keep their homes? The Billionaire friendly Obama administration has offered them increased incentive to foreclose, take the property and resell it at a loss, then recoup their losses plus additional profits via Obama provided public tax dollars.
This video provides the details how OneWest Bank was allowed to buy Indymac mortgages for 70% of the original loan. OneWest Bank is owned by Billionaire John Paulson and the owner of the Democrat Party, the professed Socialist Billionaire George Soros. Both men are huge donors to Obama and the Democrat Party.
Watch the video at the link provided.
Did you get that? They buy a mortgage at 70% of the original loan value. Sell for whatever they can get. Then recoup 80% of the difference. They make an easy profit from the U. S. Taxpayers courtey of the FDIC.
Lets say the original loan was $400,000.00. OneWest buys the loan for 70% of the original mortgage which equals $280,000.00. They take the property and sell it for the best offer. It really doesn’t matter what they sell it for, they cannot lose money. Lets say they sell the house for $200,000.00. Their net loss is $80,000.00. However, they will be re-embursed by the Treasury for 80% of the loss from the original mortgage of $400,000.00. So, $400,000.00 – $200,000.00 leaves a net loss of $200,000.00. Multiply that by .8 to get the 80% re-embursement of $160,000.00. Added to the selling price that makes $360,000.00. A profit of $80,000.00 dollars to Billionaires Paulson and Soros.
Is it any wonder that Socialist like George Soros support the Democrats. While millions are out of work, wefare roles are increasing and food stamp requests are at an all time high. These two are laughing all the way to the bank. Their bank. The one Obama has picked as the winner while the rest of the country loses.
Your tax dollars are not working. They are being stolen right before your eyes. Sad isn’t it ?