Friday, February 12, 2010

Obama tied to FDIC, Wall Street Scam

It all started in June 2008, when the FDIC took control of Indymac Bank, that of itself wasn’t strange as many large banks would collapse over the type of loans and the creative insurance programs these banks invested in.

But what occurred in March 2009 will make your hair stand on edge. It displays the open corruption between the White House, The Banks, and those so well connected to the current administration and Washington insiders.

In March 2009 Indymac Bank was sold to One West Bank, the sale was for 70% of the face value of the mortgages and the HELOC’S at 58%

But the government guaranteed 80% to 95% of the original loan amount, for a short sale or a foreclosure.

Loan Amount $ 478,000
Add six months interest for failed payments
$ 485,000
One West Bank paid FDIC $ 334,600
Short sale amount $ 241,000
FDIC Guarantee $ 388,000
FDIC paid One West Bank $ 147,000

One West Bank received for the short sale a total of:
$ 241,000
$ 147,000
$ 388,000 a $53,400 windfall plus

The Bank on a short sale took a note from the seller for the shortfall in the amount of $90,000 for a profit of= $143,400

One West Bank made a hefty profit from the taxpayers on this one transaction and it worked the same way on a foreclosure

Now we can see why it benefits the banks to Foreclose or complete a short sale. But wait!

The owners of One West Bank are none other than:
1. George Soros - Obama’s main contributor whom he has already paid back with a 2bn dollar Grant to one of his corporations for off shore oil drilling, and the US has no benefit in the oil:
2. John Paulson - A relative of Treasury Secretary Hank Paulson former Chairman and Chief Executive Officer of Goldman Sachs.

And a former Goldman Sachs VP

Obama Takes good care of his financial supporters and often it’s with our money!