2010-01-06 — ml-implode.com
Housing Wire reports the FDIC is looking to sell the servicing rights for a portfolio of nearly 100,000 (formerly) AmTrust loans in the second quarter of 2010. In an effort to mitigate its losses on AmTrust Bank's failure, the agency set a precedent in its deal with New York Community Bank...
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mortgagemess at 01:55 2010-01-07 said:
The FDIC can go to Michael Dell's OneWest Bank and offer the same sweet deal they did with Indymac..offer the 08/20 deal..FDIC covers 80% of the loss FULL FACE VALUE, sell the right at pennies on the dollars and they watch as they milk HAMP for money for the cash for keys and short sale program!!..I just love AMERICA..land of opportunity! Permalinkexpert.witness at 18:01 2010-01-10 said:
Do the math. Got it! Wake up Homeowners. If a loan funds through a fed Bank and that Loan sells for all cash (accounting de-recognition & hocus pokus) IT IS SOLD FOREVER! And the cash is used to buy stock, dollar for dollar on a pass through certificate. Then the pass through certificate is devalued and written down (like the house ) to twenty cents on the dollar. . . Question! The investors really believes the security was was separated from the note whereby the entire deal was nothing more than a hedge . . . a security transaction that is worthless. This is also known as dividends no longer paid by a defunct whatever registrant. What does this all mean ? The collateral for the certificates are not the banks problem. The FDIC failed institution is gone. The investors bolted. Its your home brother . . .You might ...might owe the money to someone some day. But there is no repeat NO security that can stand in a court room under the rules set forth under GAAP. Do the math and go and get you home. Do it! Permalinkadd a comment | go to forum thread
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