Indymac Class Action Needed?

As anyone who has tried to get assistance on their toxic predatory loan from Indymac knows, since the takeover by two former Goldman Sachs Blue Bloods the bank has been stonewalling and pulling out all the stops to prevent loan modifications.

While under the supervision of Sheila Baird and the FDIC the modification flow was impressive and the corporate philosophy was geared towards actually help the borrowers.


In January 2009, the FDIC sold off the mortgage portfolio to a company called IMB Management Holdings, LP. After the sale Indymac emerged as One West Bank.


The deal included the purchase of $16 Billion in mortgages for $13.9 billion. The Goldman Blue Bloods from Dunes Capital were also able to get some other sweeteners for their efforts $7 Billion in assorted securities and more than 30 banking branches.




This sale is probably one of the most destructive moves against homeowners suffering from the burden of trying to make payments on their predatory subprime loans since the beginning of the mortgage meltdown.

Any homeowners hoping to get help from the "tycoons" who bought this company are in serious trouble.


Now that the robber Barrons from Dunes Capital Dan Neidich and Steve Mnuchin are at the helm they have recruited Terry Laughlin, former Chairman and CEO of Merrill Lynch Bank who masterfully makes public statements loaded with qualifiers such as this one on August 11, 2009: "Going forward, One West will apply HAMP to all of the eligible loans that it owns as well as all eligible loans that it services for third parties".

He didn't tell you that have figured out how to internally tweak the numbers to reduce the number of "eligible" loans.



They have also taken a hard line on telling borrowers looking for assistance that their "investor" doesn't allow for modification.


I am reminded of the scene in the movie Wall Street when Gordon Gecco buys Bluestar Airlines and reveals his plan to crush the union and sell of the pieces. Welcome to a real life version of that story, starring the robber Barrons from Dunes Capital Dan Neidich and Steve Mnuchin.


They purchased Indymac for 40 cents on the dollar, now when they foreclose on a property if they can recover half of the loan amount, they will still make a 20% profit. This is why they are stonewalling, lying to customers and foreclosing on properties faster than bureaucrats waste money.


Immediately after taking over Indymac the corporate raiders at the top instituted a deceptive program where they offered up phony modifications to troubled homeowners.

They duped thousands of homeowners with this scam, the modification terms appeared to be fantastic and the distressed homeowner's believed that they had saved their homes. They signed the documents and sent along the required initial payment. Indymac then cashed the check, and promptly issued denial letters. What a great way to fill the coffers with cash immediately after buying the company.



These guys got a better education at Goldman Sachs than they offer at Harvard Business School.


Suffice it to say that the newly emerged One West Bank does not operate in good faith when borrowers ask for assistance. Instead they use every trick in the book to screw their customers so that the Robber Barrons can continue to Raid the Corporation.


If you are an Indymac customer search for one of the many class actions that are beginning to pop up against Indymac and join the class.
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