Exclusive: OneWest Bank Releases First Year Profit Statement – You Won’t Believe This One! » Publications » Family Security Matters

Exclusive: OneWest Bank Releases First Year Profit Statement – You Won’t Believe This One! » Publications » Family Security Matters: "Kudos to Scott Reckard with the LA Times. He wrote an article that is sure to open some eyes. The article, titled 'OneWest Bank Profit: $1.6 Billion,' does an excellent job of pointing out some very interesting observations.

According to the article, OneWest paid the FDIC $1.55 Billion for the failed IndyMac Bank, and turned a profit of $1.57 Billion in its first year. The article specifically addresses the shared-loss agreement that was also put in place by the FDIC, which is expected to cost the FDIC nearly $11 billion.

The reason I'm writing this article is that it dovetails perfectly into my piece titled 'Is The FDIC Killing OneWest IndyMac Short Sales' written in September 2009. The piece, which ended up being the basis of the recent video produced by Think Big Work Small (without my knowledge or consent, by the way), deals with a transaction I handled for one of my clients with OneWest Bank. Basically, it centered on shared-loss deals and how they are creating a disadvantage for consumers trying to accomplish loan modifications or short sales."