Lawsuits allege OneWest bank can profit from foreclosures

Full story: Whittier Daily News

A spate of recently filed lawsuits allege OneWest Bank is systematically hiking loan payments for struggling home loan borrowers and pushing them into foreclosure.

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OneWest Victim in Florida

Summerfield, FL

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#1
Feb 24, 2010
 

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This article is highly accurate. OneWest is deliberately trying to get people to foreclose. In Florida here they use a law firm called Kahane & Associates who wins awards for the number of foreclosures they do for these big greedy banks. They have been hiking my payments, adding on "IMS advance fees" out of the blue just to force you into foreclosure to get the property I worked so hard for and build myself. This gov't is doing nothing to stop this bank. The You Tube viral video is completely accurate and not only are they trying to get to the lost amount to get the FDIC money, they are also in the process looking to get back the property to short sale it and take that money too. I am glad to see these lawsuits against them. I advise all people who are being threaten by this bank or who feel a victim of their "for greed" practices to stop paying them and take that monthly payment and file a lawsuit against them. I cannot believe this is happening and this is not being looked at by the gov't. I thought this was the USA but corruption is worst than a third world country.
Former Indymac Employee

Sherman Oaks, CA

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#2
Feb 24, 2010
 

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Check this out:

http://www.thinkbigworksmall.com/mypage/playe...

Where are our politicians looking out for our best interest???
Rhino

Monterey Park, CA

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#3
Feb 24, 2010
 

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You can't foreclose on a loan unless it's delinquent-- why are we making the bank to be the bad guy here? IndyMac had SO MANY bad loans that the Feds had to step in-- One West has to clean up that mess. Given that the taxpayers are on the hook for a good portion of losses sustained by One West, I'm glad these guys are running the business responsibly. The headline on this article should have been "Greedy Trial Lawyers Seek Big Pay Day By Going After One West Bank."
Former Indymac Employee

Sherman Oaks, CA

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#4
Feb 24, 2010
 

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Rhino. Take a look at the video in my last post.
DirtDestroyer

United States

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#5
Feb 24, 2010
 

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I'm not understanding how a fixed rate mortgage can be hiked unless the borrower is in default.The fine print on mortage loans is where these banks can legally get you if you are behind in payments.But to keep on increasing the payments every month is immoral.
Rhino

United States

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#6
Feb 24, 2010
 

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Thanks FIE... I checked out the video... I note that it was an updated/corrected version becasuse the FDIC called videographers out for an earlier version of the video that that was blatantly false... I'd never heard of the site, so I checked out the "About Us" section and it appears that this is a for-profit company that represents real estate professionals ("TBWS has a vested interest in the success of the real estate industry and has dedicated considerable resources to improving the industry for both the professionals who work in it.." (their description, not mine)) They don't have much credibility because they clearly have a vested incentive/financial motivation in promoting short sales rather than foreclosures... At least OneWest did us the courtesy of staying silent and not peddling some ludicrous spin...
Redondo Beach

Rancho Palos Verdes, CA

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#7
Mar 5, 2010
 
OneWest is the worst bank. They are a bunch of legal bandits who rob homeowners and taxpayers.
Redondo Beach

Rancho Palos Verdes, CA

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#8
Mar 5, 2010
 

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Rhino wrote:
You can't foreclose on a loan unless it's delinquent-- why are we making the bank to be the bad guy here? IndyMac had SO MANY bad loans that the Feds had to step in-- One West has to clean up that mess. Given that the taxpayers are on the hook for a good portion of losses sustained by One West, I'm glad these guys are running the business responsibly. The headline on this article should have been "Greedy Trial Lawyers Seek Big Pay Day By Going After One West Bank."
Rhino: we all know you are a OneWest exec. You post pro OneWest comments all over the internet.

The Greedy bastards are not the trial lawyers, it's Michael Dell and George Soros--they are big fat liars who are getting richer day by day.
Bsmom

Utica, NY

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#9
Mar 22, 2010
 
I was victimized not once but twice as a result of taking out a mortgage with Indymac Bank. The worst part was that I thought things would get better when the FDIC came in and took over the Bank. How wrong I was because once, it was acquired and became OneWest I got screwed even more.

When Onewest came into the picture my FIXED RATE loan payment went from $1,426 a month to over 3,800 a month. How you ask ???? A thing called Escrow Analysis that was done at least eight times who knows I may have another letter tomorrow. Each time my payment increased to the point my mortgage payment is more than double what it was at its inception. My payment is so unmanageable that soon I will be out in the streets with no place to call home while these investors further line their pockets at the expense of the taxpayers (You and I ). In fact I saw an article the other day saying these wonderful businessmen turned a profit in their first year of business but I wonder how much the taxpayers will be out ?
Middle Class American

Bronx, NY

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#10
Mar 29, 2011
 

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Your missing the big picture, We don't start out delinquent the offer forebearance and then after the six months. They charge double what you owed. Plus interest and other Advance fees and increase the amount you owe. there by causing you to fall in Debt. You must comply with the forebearance to get the modification. They stall and 2 years later you owe like 17000 in back fees, advances, The they tell you you don't qualify. Pay up or get out. With no proof or information on why. Now do you still think there right. Its the whole process. I never missed a payment and now I'm in default. Wake up
Allen Maltzman NJ

East Brunswick, NJ

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#12
Mar 25, 2012
 
My wife and I have been out of work since 2008 We cannot find work because of our age 73 & 68 we applied for a modification from Indy Mack One west. After Months of paper work and letters that information was missing (which it was not) we were denied because we were paying our mortgage. I explained to them that our children were helping us up to that point, and no longer can, it fell on deaf ears. they would like us to fall behind in our payments so they can for close on on our house. The practices of this bank are tactics of a loan shark, how the attorney generals office allows this I do not understand. I have read a class action law suit has already begone, at least we know we are not alone in this nightmare..
Maestro

Los Angeles, CA

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#13
Mar 25, 2012
 
Fannie Mae and Freddie MAc (the FEDS) set the rules...not the bank(s). the fact that you kids were helping you with the mortgage makes no difference, as your mortgage was up=to=date and no in default. One West is cleaning up the mess left by IndyMac and FFSFC, and is NOT responsible for problems that they inherited.
Allen Maltzman NJ wrote:
My wife and I have been out of work since 2008 We cannot find work because of our age 73 & 68 we applied for a modification from Indy Mack One west. After Months of paper work and letters that information was missing (which it was not) we were denied because we were paying our mortgage. I explained to them that our children were helping us up to that point, and no longer can, it fell on deaf ears. they would like us to fall behind in our payments so they can for close on on our house. The practices of this bank are tactics of a loan shark, how the attorney generals office allows this I do not understand. I have read a class action law suit has already begone, at least we know we are not alone in this nightmare..
Maestro

Los Angeles, CA

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#14
Mar 25, 2012
 
As a former IndyMac employee, you have nothing to lose by bad-mouthing and attacking the new entity that replaced IndyMac (One West). In short, you are nothing but a disgruntled employee who lost his/her job because IndyMac failed. That shows that you were either complicit in the activities that led to the IndyMac failure, or were incompetent to the point that One West determined that your position was not worth saving or retaining.
Former Indymac Employee wrote:
Check this out:
http://www.thinkbigworksmall.com/mypage/playe...
Where are our politicians looking out for our best interest???
Laura in Sylmar

Los Angeles, CA

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#16
Oct 30, 2012
 
Allen Maltzman NJ wrote:
My wife and I have been out of work since 2008 We cannot find work because of our age 73 & 68 we applied for a modification from Indy Mack One west. After Months of paper work and letters that information was missing (which it was not) we were denied because we were paying our mortgage. I explained to them that our children were helping us up to that point, and no longer can, it fell on deaf ears. they would like us to fall behind in our payments so they can for close on on our house. The practices of this bank are tactics of a loan shark, how the attorney generals office allows this I do not understand. I have read a class action law suit has already begone, at least we know we are not alone in this nightmare..
I would like to know more about the class action law suit. I too have jumped through hoops for the past 18 months, and four attempts to get my application looked at. Finally a completed package on October 11th, the clock is ticking on the sale date, but I'm feeling pretty good, right? Wrong, I called on 10/23 to be told I needed to submit my 2011 tax return, which I did that evening. Reached out to HOPE who conferenced called me and a specialist from IndyMac to be told that my package was complete and a work order was opened to request a "hold" on the sale date. Spoke to IndyMac every day after being told the computer system hadn't uploaded the request. I received a letter in the mail 10/29 stating that my application was denied due to the fact the information received was not received by midnight 7 days prior to the sell date. I am disgusted by their practice and would love to add my name to the law suit.

“Reverse mortgage loan Texas”

Since: Sep 12

Kingwood, TX

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#17
Nov 30, 2012
 
A spate of recently filed lawsuits allege OneWest Bank is systematically hiking loan payments for struggling home loan borrowers and pushing them into foreclosure.

Sacramento attorney Peter Macaluso said the Pasadena-based bank is doing it because it can make more money that way than by keeping borrowers in their homes.

He has filed eight lawsuits in the Eastern District of U.S. Bankruptcy Court against OneWest on behalf of borrowers and said a ninth action will be filed later this week.

"I see this as a business practice," he said of OneWest's actions. "I think this is a command decision by very smart people who used to run IndyMac and are maximizing shareholder wealth."

OneWest officials through a public relations agency declined to comment. A call to Chief Executive Officer Terry Laughlin's cell phone was not returned.

OneWest's investors acquired failed Pasadena-based mortgage lender IndyMac from the Federal Deposit Insurance Corp. in March 2009 and rechristened the bank OneWest.

As part of the transaction, OneWest entered into a shared-loss agreement with the FDIC. The federal agency agreed to absorb some of the losses from OneWest's loan portfolio, but only after the bank shoulders the first $2.5 billion in losses.

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