California Real Estate Fraud Report

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20
Feb

OneWest Bank the beneficiary (again) of another FDIC seizure

OneWest Bank FSB is once again going to profit from its friends at the FDIC, who yesterday shut down all ten branches of La Jolla Bank FSB.

La Jolla Bank began in 1985 and grew its business by investing heavily in land and development deals and apartment construction, precisely the hardest-hit sectors once the real estate boom tanked.

Although it was reported that OneWest will “manage the loans and share the losses”, readers can be relieved to know that they are the gift that keeps on giving, as the FDIC has generously showered taxpayers’ dollars on billionaire OneWest owners George Soros, Steven Mnuchin (of Dune Capital), Michael Dell (of Dell computers), J. Christopher Flowers and John Paulson.

The Los Angeles Times reported today that OneWest, which rose from the ashes of IndyMac, has managed to turn a profit of $1.6 billion, which was more than they invested a year ago. Amazing what hand-outs can do to the bottom line.

Read the full article in San Diego’s North County Times. To learn how IndyMac, oops, OneWest, became a powerhouse by absorbing toxic loans, read this article and the video link on the California Real Estate Fraud Report.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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