Thanks for posting this. It makes sense as to why perfectly good short sales are being denied. You and Sidney Jimenez might want to get together!

Sidney and i have talked on the phone before, and he's definitely "got it together" when it comes to the whole short sale process.  Unfortunately, the reality is that a select few of us can't change what is going on. If everyone having these problems would blog, contact their elected officials, the media, etc.,  and get the word out, maybe we could change some things?  This particular "Loss Share Agreement" issue is just a "tip of the iceberg".  The bottom line is that our government continues to reward bad behavior, and until this changes, we will continue down the same path.

To give you an example, there are almost 100 people (probably most of them fellow Real Estate Agents) that have "clicked" on this post as of today.  You are the only one to comment thus far.  If I were to guess, I bet that not one of those 100 people chose to take any further action.  

As not only someone in the Real Estate Industry, but more importantly, an American Taxpayer, you would think that information like this would be a "call for action".  Instead, this information will quickly be forgotten by others who feel that this is someone else's problem.  It's truly a sad testament to not only the  attitude of those in our industry, but to the general American public as well.

I'm sorry for my "rant", and I sincerely thank you for taking the time to comment.  I've noticed that you've commented regularly on blogs like this, and I really do appreciate your involvement.  If only we could get more people to step up and try to change things....

It was a great post. However, you are right. It will be forgotten while asinine blogs get featured. It's a shame too. This is great information and anyone doing short sales should be made aware of it. There are two books that really opened up my eyes. One I read 7 years ago called "None dare call it a conspiracy" and the other just recently called "The creature from Jekyll island". It's amazing how many Americans are not aware of what is going on in their own government.

Here's the cliff note version of the creature of Jekyll island:

http://www.youtube.com/watch?v=7auQEXTWomA

I just watched the first two, and I ordered the book.  Great suggestion!

Bob, THANK YOU, I was beginning to think I was losing my grip:

http://activerain.com/blogsview/1247938/indymac-one-west-bank-is-it-my-imagination-or-are-they-doing-all-possible-to-stonewall-this-short-sale-

I'll confess I've been so busy making myself crazy trying to get my clients through the morass of these transactions I haven't been spending time in A/R form some time. IndyMac finally pushed me over the edge.

I'm not sure if this made me feel better or worse, but at least now I know: NO, I'M NOT IMAGINING THINGS!

Thanks for the excellent article you linked to as well. Very illuminating.

I also found the Jekyll Island video compelling...have bookmarked to go back and watch the rest of the series.

Thank you for a quality post, I for one think it should be a FEATURED POST!!!

"Wait, it gets better...The FDIC just announced that it needs to start borrowing money from the U.S. Treasure in order to replenish it's deposit insurance fund (the same fund being used to pay all of these banks in the Loss Share Agreements). Go Figure!"

Trust me, when you read these two books, you would have predicted this and expected this from the beginning. What's worse, once you start down this rabbit hole, you'll find yourself Googling people like Norman Dodds and then finding yourself one step away from being mentally unstable (or aware)!

Beth, you're not losing your grip, you are just seeing the reality behind the whole process.  THANKS FOR CONTRIBUTING!  Now, it's your turn to spread the word.  Don't fall in the trap of thinking your voice won't matter.  On another note, I envy you for being able to live/work in what I feel is the most beautiful place in Arizona!  

Satar, I'm seriously nervous about reading these books, for the reason you explained. But, I feel I NEED to read them.  Quite frankly, I'm sick of burying my head in the sand like every other American citizen, and it's time to wake up to reality.  Thanks again for sharing, and I'm looking forward to reading more.

Bob-thank you so much for this post!  There are so many factors that are interfering with short sales these days.  I had never looked into this FDIC/OWB agreement but I'm amazed.    There are so many things going on in the bank/servicer/lender "underworld" and the little guy is the one paying for it while the banks position themselves as victims.  I agree that it's going to take some noise being made...enough is enough in my opinion.

BIG NEWS!!!!

I just got a phone call from the PR firm that represents OneWest Bank, AND THEY HAVE AGREED TO REMOVE THE $75,000 PROMISSORY NOTE AND PROCEED WITH THE SHORT SALE!!!

I guess sometimes the "squeaky wheel gets the grease"....

Great Job!!!!  That's just great! 

Great info Bob thanks for the blog, hang in and work for your people!

Yes, great info, I thought it was featured, and was looking for it in the "featured posts", as I saw it the first day just briefly and then wanted to finish it and leave a comment.  (It should be featured).  There is so much confusion about short sales and why the banks are holding onto their inventory.  I am passing this one on! 

Hi Jane, I can't figure it out either.  I sent an email to the AR folks almost a week ago, but no response.  No biggie.  I've had some GREAT conversations over the past few days with other agents, as well as reporters from everything from a local paper in the Sacramento area to the Wall Street Journal.  Most of them found me through the same blog on Trulia, of all places!  Kinda funny, but the blog on Trulia has received more views and just as many comments as it has received on AR.  And, it comes up higher in the google search.

This whole loss share issue is getting ready to hit the general public, and I can't wait for it to happen.  I think/hope that when the taxpayers hear about it, they not only question it, but do something about it.

Brian, thanks for taking the time to read it.  I hope you can spread the word and make a difference!

Satari, thanks again!  I'm still waiting on my Jekyll book to get here from Amazon!

Another Quick Update....  I just got a call from Business Week Magazine, and they are running an article on my case in next week's issue!  With a circulation of 4.9 million, I think loss share agreements are finally going to get the attention they deserve!

This is in fact despicable. I am going though a similar situation with BofA on a loan they inherited from Countrywide. The short sale approval binds the seller to a deficiency from them, the investors and/or the insurance (pmi/mip) behind the loan PLUS they may be subject to having to sign a promisory note. No choice or offer to accept a 1099 instead is made, based on what is more appropriate for their particular case and pursuant to the advise the borrower may have received from their attorney or tax professional. This is most definitly, not my idea of government looking out for its people, but instead, a hard case of trampling people instead. I'm now starting to fight the approval and seek the remedy the borrower feels is best for them. Here's someone without other assets or work, fearing he's now going to have to fight an expensive long fight on something he thought will be finally behind him after the sale. I hope Obama, our government representatives, the FDIC and other watchdogs are reading these posts! Great job!

The FDIC a watchdog?  They're the watchdog for the banks, not the people. The only reason why we have a FDIC so people don't make a run on banks and help the big players with their "mergers", such as what they did for JP Morgan with WAMU or what they did for Mellon Bank with Philadelphia Savings Fund Society in the early 1990's (just to name a couple in downward markets). ;)

Bob - To quote a Jefferson Airplane song "Feed your head"! Leat me know what you think when you are done.

Bob--FABULOUS news about Business Week!  Inspired by your post, I looked into the agreements posted on the FDIC site and blogged about it as well.  The FDIC became obsessed with my site/post (visiting my blog post over 20 times in just over 2 days).  I took it down, but not sure that I should have.  I can't wait to read the Business Week story!

Well, I may have spoken too soon on OneWest actually cooperating with us.  They are now choosing not to respond to my emails & voice mails.  So, it looks like we are back to square one in my case.  They agreed to eliminate the $75k promissory note, but wanted a close of escrow 6 days later, which we know is impossible (especially with a family living in the home).  So, I may have gotten excited over nothing after all.  I've contacted the PR firm again, so we'll see where it stands.  They were told the story was breaking on Friday, so maybe they are ticked.  Who knows?

Hi Bob,

I just now this this post, and all I can say is WOW! But at the same time I'm not at all shocked. I guess that's the cynicism in me. Thank you for pulling this info together.

Thanks for the write-up!  it all makes perfect sense, I just couldn't get around to understanding why banks were soo bad at processing shortsales..

we should have all pooled 20 Billion and bought the bank.. 

Disgusting.

Incredible!!!!

Thanks for the link to the FDIC detailed info about the sweetheart deal.  It's a little complicated for me to figure out but it looks like you are spot on with your analysis.

And so it goes... corruption begetting corruption. There is a time coming when all will be exposed. Congratulations on uncovering a small enough piece that you and your people got what was deserved. Keep fighting Bob. Blessings.

Wow, is putting it mildly. I wish I new how to make more people aware of this. Thanks so much I am going to talk it up as much as I can.

Thank you for that blog!

Do you have the list of the other 50 or so banks?

the FDIC does not have to conforming to the FDIC guidelines as a bank would. They also spend a lot of time unravaling the mess the failed bankers left behind. If the FDIC takes down a bank you are working on a shortsale on, I would stop working on it.

Too many buyers, sellers and agents are experiencing "short sale wonder". We wonder what could possibly take so long? Your blog has clarified some issues. Best of luck getting your short sale to closing.

"The creature from Jekyll Island" is a book that's been brought to my attention several times lately; time to read it.

Bob,

I don't know why this didn't get featured.  What an eye opener.  Now I know what I'll be researching for the rest of the morning.

When I was 4, I wondered how ariplanes worked. When I was 8, I wondered how rocketships worked.  When I was 16, I wondereed how brain surgery worked.  For the last 2 years, I wondered how short sales "worked."  Now I know.  Thanks Bob!

P.S. I still don't understand rocket surgery or brain science.  Can you do some research on that?

I encountered my own short sale nightmare and ended in foreclosure with Wells Fargo and Countrywide back on 10/08.  They held me hostage for 100K....and eventually did foreclose. Now Wells is holding me hostage again with $91,000 on my credit report as a charge off. Countrywide did report properly.

Many of my associates in the business are under the assumption that short sales are getting closed and banks are dealing. They say my situation was during the beginning of this nightmare and it is much better now. NOT!  You and many of us now that is not the case.

Yes, a great majority of taxpayers don't even care about these issues. It is above their heads or something.....but WE NEED TO SPEAK UP....WE NEED MORE BLOGS like this one.

Thank you for the links and honest reporting...Hey, if real estate does not turn around maybe you can become a journalist and report the facts simply and honestly.

Thanks for the comments.  Now, go out there and do your part to spread the word!  

Well this is definately a joke and I am going to reblog and repost this and try to spread the word the best I can this is just wrong

Oy My God. This is another reason why 'if you're not outraged, you're not listening'. I am reblogging this.

Bob, Maybe you should advise your clients to go through the full foreclosure process which could possibly take upto 30 months for the Bank to get their home back if there that greedy!!!!!!!!!!!!

Thanks so much for this information.  For the last year I have been wondering what the issue is with short sales this go around when they seemed to be fairly easy in the last real estate drop in the '90s.  I have been saying all along "follow the money".  Now I know where to look for it. 

I don't like the idea of government conspiracies, but the older I get and the more I see the government doing, the more I am likely to believe in them.  It is definitely scary...

This is one more thing we need to be aware of as we discuss short sales with our clients.

Thanks for laying it all out. I have a friend who has been trying to explain this to me, and I kind of dismisses this "conspiracy theories" just to find out that maybe, things really are worse than we think and that the government is corrupt to the bone. Appreciate you being courageous enough to come forth with this information!

I thought there was hope there for your clients when I read the bank removed the  $75K promisory note but now they are not answering your calls.

I had a feeling something like this was going on. I have several short sales with offers and I am not getting anywhere with the banks. Two are with BofA, formerly Countrywide. Each day there are several "Back on the market" short sale listings. The buyers are walking away from the short sales and bidding on foreclosures.

This is very maddening and I agree wall all need to contact our local congressmen about this.

Well written and I will reblog with hope more will read...

A quick update on my client's case.  OneWest has agreed to eliminate the $75k promissory note, and has extended the closing to 10/30/09.  Business Week Magazine is looking at running an article on our case in this week's edition, but OneWest told them today that my client's loan is not owned by OneWest, but another "undisclosed investor", so his loan would not fall under the loss share program.  This, after telling me on more than one occasion that his loan was in fact owned by OneWest.  Who's to say?  If they will not disclose who owns the loan, we'll never know.  So, Business Week may decide not to run with it as a result.  It's really too bad, because I feel it's important to get the word out to our citizens, and Business Week, with a circulation of 4.9 million, would have been the perfect venue for it.  I'm still keeping my fingers crossed, but not holding my breath.

Either way, there are now 53 lenders who have loss share programs in place, including Wells Fargo, Citi, BofA, etc.  And, more importantly, there are a whole bunch of Realtors that now know what to look for when dealing with these lenders.

I'm blown away by the responses and the amount of you that have chosen to re-post the blog.  My intent was to spread the word, and it appears to be spreading like a wildfire.  Keep it up!

Bob -

I just wanted to say ... GOOD FOR YOU for going back to AR on why they weren't featuring a post as TIMELY AND INFORMATIVE as this one.  This is the kind of information we need to read and share more of.

Thank you for the GREAT POST and my very best wishes on a successful closing on your OneWest transaction, Diane

Hi Diane,

Thanks for your comments.  Bob from AR did call me this morning, and explained the process of featured posts.  Unfortunately, this one "slipped through the cracks", as he said.  I'm just glad that my post from last night made it to the featured level.  It has reached a ton of people!

Wow, where do I sign up. Talk about about a no downside investment.

I knew that they were stalling on short sales and taking peoples houses back because they were still making money on it by removing peope from their homes!  I knew it! 

Unbelievable!  What's happened to ethics?  There was a time when people were governed by ethics & ran their business based on ethics.  We didn't need to have specific laws telling us exactly what's acceptable & what's not.  It's really sad that the dollar is more important than what's right.

B-O-O-I-N-G ! !   What an eye opener!  I want to send this to my representatives!

Okay, I just found this post as it was reblogged.  I, too, will reblog this post, as this post is so well written and so clear that even I can understand the sweetheart deal.  Finally. 

I am incensed.  I work so hard, and have all my life, just like my parents did, and I don't think my tax dollars are being well spent, but then, I never have.

Bob: This is such a eye opener and it is scary and it is probably is going to get worse before it gets betterl Thanks for being our watch dog.

Bob -

Thanks a million for laying this story out there to see what sleaz is going on.

Great, informative post. Here I've been thinking these bank folks were just plain stupid the way they've been making our lives (and the lives of our sellers) so miserable. There's apparently method in their madness. It's our government officials who need their heads examined (now there's a surprise!)

I'd love to re-blog this, but don't really know how reblogging works??

Bob, I'm in for reblogging this also. And, I'll be sending a link to some of the lenders around here, too. Makes a person want to throw up in the bushes.

Hi Bob, really great work and congratulations on the Business Week Magazine article.  This is a story that everyone should know.

As for being featured by AR, it appears AR  does not want to promote causes.  I put together a blog on misleading advertising and received notice that it was featured but it never made it to the Featured List.  Thats ok because there are other ways of getting your message out to AR members.

I will be reblogging this at least once a week and featuring it in my daily market update on AR and from my site.

Just learned something, you can only reblog once; the reblog button is gone.  Never fear there are other ways.

Bob - Thank you for outlining exactly how this works.  

I am so livid about this I could scream.  We are being screwed royal by are own government and by the alleged politicians who love the little people. 

I am a Red, White, and Blue Capitalist.  I believe in America, Free Enterprise, property rights, the rule of law, and the rewards of hard work.  I am working harder than ever and making less and the government is giving away money to the rich and making my job harder.

These elitist rich bastards are laughing there ass off and if any every get caught or prosecuted they are looking at short club fed time.  But as it is all done under the color of authority and law there is no crime. 

I want to see heads roll!

Bob - Thanks so much for conducting the research on this subject.  We all knew there must be some reason for the delay in getting short sales closed.  For some reason, this information does not surprise me.  There are always people making deals behind the scenes in order to make a few bucks off of others.  What makes it worse is the it is the government, and they are doing it to people in distressed situations.

Incredible blog.

It is outrageous what goes on between the banks and our government... Shame on them..

By why would they have shame if they are making SO much money AGAIN,

Bob THANK YOU! This was a VERY informative post. I appreciate the link to the FDIC site which lists all the banks they have agreements with. I found this post while reading another of your posts that had a link. Great research and even better synopsis of the situation. This definitely should have been a featured post. Any agent who is conducting short sales should be armed with this information. Thanks again.

Bob, this is great information and certainly EXPLAINS A LOT!  It makes sense out of what I am experiencing with my short sales, the only thing that has made sense.  Like putting the pieces of a puzzle together, now I can see the picture.  I found this post reblogged on Brian Brumpton's blog.

Active Rain is also a major news outlet so you have gotten the ball rolling. This agreement is not in our best interest. The banks win with it.

Thanks for a great piece of information Robert. I have done a number of successful short sales and have had consistant success until I ran into a deal with OneWest Bank.... Now I understand. The only comment I have is that I think the culprit is not the banks but the politicians who allow these backroom deals to be made. The banks got into trouble because of our regulations (or lack thereof) and now the politicians are making deals with the bankers which, yet again, hurt the regular folks like us and our clients who are loosing their homes.

One West Bank received my sister's mortgage loan from IndyMac Bank and have refused to doa loan modification on the property as their lawyer informed them that their investors were holding onto their money and worried about spending it.  This blog just enlightened me.  The bank and its executives want to foreclose because it nets them much more profit.  I can't belive the government is allowing this...  I hope the banks regain honesty.

this is unbelievable...or should I say, totally believable in this new world of twisted reality.  I just began the short sale process two days ago with a WF client, and now wonder if I am prolonging their agony.  CW, BofA..I don't bother with anymore, do I add WF to the list?  Thank you so much for this..going back to your links now..and wondering for the third time today what kind of world I am leaving to my kids...

It happening with other lenders as well.  I am in the middle of a similar situation... it is really frustrating... I am giong to read the links... it is difficult to comprehend all of this.

This is one of the best blogs on the short sale subject I have seen! The best part is how you backed up what you've said here with links to the facts. Nice job! I've been doing short sales for almost 2 years now and every time I learn something more about what they are doing and why I just want to screem! Or throw up, take your pick.

This blog is the final straw for me. I have had it with the banks taking advantage of a situation that the government created for them AGAIN. Here is another link on you tube that I found. I know you'll find it as facinating as I. www.youtube.com/watch?v=eAaQNACwaLw

I have been watching the Tea Party organizations from afar for a while now. If you believe the media you'd think they are all crazy radicals. I finally went and was pleasently surprised, and joined a local chapter. Their purpose is to educate people on the REAL issues, not the smoke screens.

As Realtors dealing with short sales, we are front and center to witness the flagrant misuse of the TAX PAYER funds that the banks were given to cover their losses on short sales, loan modufucations. There is no excuse to insist on taking a property to foreclosure when the homeowner is cooperating??! THE BANK'S LOSSES HAVE ALREADY BEEN COVERED! And yet they are still combative, at best with the very tax payers that bailed them out!!!

The only way we can fight this is to make our voice heard. The TEA Party stands for; Taxed Enough Already! They mean it, and they are serious. Fiind a group and support it, they are doing great things!

Keep blogging, you are doing great things too!

I had to reblog this on my site just so more people can see it ! AMAZING !

Do you have any information on National City and or ING ?

Do you have any information on National City and or ING ?

Bob, This post should most definitely be featured.  I think you should repost it.  I promise you, I'll click on the flag beneath your post and recommend it as a feature (not that I have any power here, but if enough of us do that, it will likely get featured).  Thank you for doing all this research.  I was blown away by this. 

Thank yoyu for laying this story out there to see what is really going on.

tHANKS FOR THE INFORMATION... IT IS ALOT TO UNDERASTAND. ILL HAVE TO RESEARCH THIS FURTHER. THANKYOU

I have a short sale that needs to be listed in the Phoenix area.  Please email me back at Scottabenson@gmail.com if you are interested in listing for my seller.  I have a buyer in place that is ready to make the purchase and negotiate with the bank.

I don't thing this Comment section is the place to post anti-Obama conspiracy theory.

Let's all just stay on point with short-sales, foreclosures and solutions that we can all use to get our clients the best deals possible and leave the other stuff out.

Let's use this for suggestions of how to deal with the banks and what is successful!

Hi Fred,

I just glanced through the comments quickly, and I'm having a hard time finding anyone posting "anti-Obama conspiracy theories", like you said.  I think everyone has done a pretty good job of staying on task here.  That being said, thanks for checking in, and commenting!

Thanks for posting the link Bob.  It makes me sick to my stomach when I hear of Realtors participating in scams like that, but it's going on everyday, even right here in AZ.  Just two weeks ago, I had the pleasure of dealing with a licensed RE Agent who tied up one of my short sale listings for almost 5 months. When we finally received lender approval, she dropped us a week later, and only 30 days from the foreclosure date.  Actually, she was the Buyer for the deal that this blog is about.  So, after all of that hard work, she dropped us like a hot potato.  Luckily, we were able to find a cash buyer, no contingencies, and the deal is going to close on November 6th.

I did a little research and found out that this Realtor had 4 Notices of Trustee Sale filed against her in 2009.  All of the properties were rentals, and all were listed with another RE Agent in her office as short sales.  All of them closed, resulting in losses to the lenders in excess of $1 million.  The bad part is that we had a letter from her bank, stating that she had $275k cash in the bank to purchase our short sale.  In addition, on all of her notes that she signed with the lenders, she claimed that all 4 homes were her personal residence.  Two homes were purchased in 2005, and two homes in 2006.  I wonder if she disclosed this to all of the lenders that accepted her short sales?  I seriously doubt it.

I was so infuriated that I decided to send the case to the AZ Attorney General, the AZ Dept of Real Estate, and the FBI Mortgage Fraud Task Force.  The Attorney General wrote back, stating that this was an AZ Dept of Real Estate issue.  The AZ Dept of Real Estate wrote me a letter stating that no RE laws were broken.  I have yet to hear back from the FBI Mortgage Fraud Task Force, but I'm not holding my breath.

With so many homeowners having legitimate hardships out there, it ticks me off to see someone else scamming the system.  It's people like this that make it so hard for us to deal with lenders.  And, to think that she is a licensed agent makes my blood boil even more.

I wonder why this isn't featured. Thank you for the insight. I found this by clicking on a link from a featured blog, and am very glad to have located this info.

Fred - The relationship between banks and Government crosses both party lines. It is not president specific. Also, you quoted/referenced the colorful metaphor out of context. The author was stating that was the bank's response to the president after being bailed out. The author wasn't attacking the president.

Fred, your comment was....

I don't thing this Comment section is the place to post anti-Obama conspiracy theory.

Let's all just stay on point with short-sales, foreclosures and solutions that we can all use to get our clients the best deals possible and leave the other stuff out.

Let's use this for suggestions of how to deal with the banks and what is successful!

I simply responded that there were no comments in the comment section that had anything to do with "Obama Conspiracy Theories".

You decided to dig deeper, find a different blog that was linked in my blog, and, as Satar said above, twist it around to make it sound like the author was telling the President to F You, with the intent of trying to tie my blog with the other.  Kinda "chicken-sh**", if you asked me.  That being said, the beauty of AR is that it allows/encourages open communication.  There are those that come here to try and find fault in blog posts, and others who come in to contribute, share, and learn from others' experiences.  To each his own.

I'm proud to say that this blog has received almost 10,000 "clicks", and 78 out of 80 positive comments/remarks (your two comments being the only ones that were negative).  I have received countless emails, phone calls, etc., from RE Agents, mortgage brokers, and homeowners throughout the country, that found my blog to be very factual and to the point.  I'm sorry if you were offended by the remarks that someone else made about Obama.  I agree wholeheartedly with Satar, this mess started long before the new administration took office, and is being continued as we speak.

Well said Bob. Thanks again for this factual and very insightful look at real things happening in real estate. Understanding how the relationship between these lenders and the government works, and how it directly ties into our government's (which happens to include Obama) decision to be financially involved, is monumentally important! These relationships affect everything we do with short sales, and there is pleanty of blame on both sides to go around equally.

The true test will be, now that this information is coming out, let's see who in our government can grow a back bone, reject what is wrong and stand up for what's right.

Wow this is such an eye opener, very sad for everyone that this is happening.

Yvette Sloan

I haven't read all the comments but those I did seem to agree that there is a lot wrong with the whole short sale scenario.

I have been battling with BoA since August with a short sale which looks like it's going down the pan. I realize this is a relatively short time but what is obvious from my communications with BoA is that they are using delaying tactics; each time I call I get a different reason why the process is stalled. At no time have I been given the same story. I had one supervisor tell me that the guidelines keep changing!

I remember having a deal fall through with WAMU; at the last minute they pulled the plug. WAMU went under. Then Countrywide were negotiating a deal, I had the buy side, and CW closed the file. My buyer bought the property several months later for less money than originally offered and not from CW. CW went under. CW took over WAMU. BoA took over CW.  Is BoA too big to fail? The way they are behaving looks like a repeat of WAMU and CW; except for the "Loss share agreement" which will make them richer, and the rest of us poorer.

So much for our Democracy, we live in a Plutocracy. "They" are the slave masters and we are the slaves. 

Completely agree with everything you have said!  Good luck with the closing on the deal, hope everything works out!

Here's an update on funds the FDIC is getting from banks, which relates to their cash flow involvement in short sales:

http://www.washingtontimes.com/news/2009/nov/13/banks-to-prepay-45-billion-to-insurance-fund/

Cheers!

- Brian, www.foreclosuregrove.com

this market is crazy - thanks for the info - not suprising.

Wow, I have been wondering why the banks were so keen on getting these loans charged off.  How do you get a list of the banks that have these shared loss agreements with the banks?  I would like to know how you can get your hands on the agreements and how you can review if they followed the rules to qualify the charged off loan under the shared loss agreement.  National City was recently acquired by PNC Bank and they will not even look at short sale applications unless the short sale package includes a signed deficiency agreement.  I was told that it becomes a lot more difficult to do a short sale once the loan has been charged off.  Well, now I know why.  There is no incentive for them to deal with a short sale when they can get their money from the FDIC.  I don't know if PNC has a shared loss agreement with the FDIC, but it would not surprise me one tiny bit. 

I too am wondering who decides which blog posts deserve to be featured blogs.  I don't mean to put anybody's post down, but when I look at some of the featured blogs, I can't help but wonder what part of the blog made it stand out from the crowd. 

Thanks Robert for this post. I have additional material regarding Short Sales. See more: Tax Consequences of a "Short Sale" of Real Estate vs. Foreclosure

Regards,

Very good for you hopefully the word will get out as it should. I hope Americans will start taking it to the street. We have got to get our leaders to listen.

Robert, thank you for this.  An outstanding piece of personal research -- this is actually the reason I joined Active Rain yesterday.  I'm 110% with you in hoping this becomes a political issue in 2010.  This is way too important to be allowed to fall between the cracks.

In St Louis we continue to see banks (and the servicing companies and contractors) make completly non-sensical decisions.  Just last month we had a situation where BofA/Countrywide said no to a short sale that we presented 6 offers on only to re-list it after foreclosing for $10K less.  The process is a mess.

All of this reminds me of the mafia in the Ex-Socialist Eastern-Europen countries. I sincerely hope America is not headed in that direction!

As discouraging as this information is I submit that you can ignore it to some degree.... now hear me out.  The responses and lack of response we are all seeing from the banks regarding the acceptance of short sale offers often has no clear logic.  Robert's example of a seller with an Indymac loan is not uncommon, of course, but I have negotiated short sales that were approved and consummated that make no sense for the lender.  In other words, they would likely have made more money by foreclosing in several instances. I'm not suggesting that this is commonplace but I can think of several recent transactions where this definately was the case.  Proof to me that disorganization and bureaucracy are the real factors exerting their ugly influence the vast majority of the time.  All we can do is continue to operate in a professional and decisive manner in the best interests of our clients.

"Ignore it to some degree"?  What a novel idea!  The government is going broke because of programs like this (over 50 lenders currently have loss share agreements), and when we hear of these kinds of dealings, we should just hide our head in the sand and pretend it never happened.  Not Me!

And yes, there is one case where a foreclosure makes financial sense.  If the deal involves Mortgage Insurance, lenders are often better off cashing in on their policies (if their MI company decides to honor it).  Other than that, I've never seen a deal where a foreclosure makes more financial sense than a short sale.

Bob, Thank you for posting the link to the Mandelman article - I just finished reading it and think we should all help to spread the word by contributing the $1 for the documentary "A hundred thousand homeowners - voices of hope and change", where all of this nonsense will be featured:

 http://mandelman.ml-implode.com/2009/11/a-hundred-thousand-homeowners-voices-of-hope-change/

Robert,

I wish I knew this 508 days ago!  That's when i started a short sale with WaMu now Chase, that is still at least 30 days from closing.

Chase has demonstrated absolutely no interest in the NET payoff to the bank. However, the negotiator is obsessed, fighting to the death, over commission paid. My current negotiator has delayed 4 months, reducing the net to the bank by at least $30,000, just to squeeze another $2,200 out of the commission.  She's blithely offered 3% buyer credit when none was requested. She offered an additional $4K to the junior lien holder, when it was not requested.  But pay a 5% commission - hell no!

I've tracked down the CEO of Chase Home Lending - a David Lowman, discovered the Executive Resource Group at Chase, obtained the name and email of every person from the negotiator to Sr negotiator, director, vice president, and CEO. I've CCd them all on the process for 6 months. I've called daily.  Rest assured Mr. Lowman, we will meet one day.

Throughout all my research I've been looking for a rational reason for a financial institution to operate with a level of incompetence that would make Kafka blush.  

At one time I would have agreed with Dave Gubler that perhaps mere incompetence can explain some of the problems, but that excuse disappeared after the first six months. Collectively we are experiencing incompetence on a sustained and massive scale, which means there's logic behind it specifically designed not to perform. Financial businesses are not designed to be bad, they are designed to to achieve results. The results are designed to frustrate us. 

My prior experience on a team which patented and built a global online financial system in 100 days during Y2K suggests this entire process could be automated with next to no human intervention, higher reliability, less variance, a higher net for the bank achieved in less time. Literally, it's not that difficult to build an automated system with 98% performance determining in less than 60 seconds from completion of data entry that we have a deal, and emailing you an approved payoff letter. The fact that this hasn't been implemented indicates a desire of banks to be inefficient. 

There is a Chief Operating Officer (COO) who is in charge of the loss mitigation process at each firm. This person has a compensation plan designed to reward him/her for a specific outcome. The COO reports to a CEO whose compensation is approved by the Board of Directors, again, to achieve specific outcomes. Their outcome is designed to delay, not process promptly.

If I were COO I would assign a couple of MBAs to analyze my optimum compensation (and my boss's) based upon the inputs and outputs of the process. We would then work our way back through the process designing the specific components, the resources, the throughputs, controls, variables, etc.  If, as Robert's FDIC documents indicate, the bank makes more money from frustrating agents and going to foreclosure, it won't be difficult to comprehend how the COO can gum up the works by keeping part of the process manual, staffing it with incompetents, or my favorite, waiting 5 days to open a fax when an email can be sent instantly.

Chase has become my white whale. I have become obsessed, much to my chagrin. I would prefer to see NAR put a few million bucks into getting short sales resolved rather than more TV spots puffing up the real estate market. 

Bottom line: if it doesn't make business sense - we aren't getting the honest story.  

Kirk,

Your issue is simple. Get the 3% buyer's credit and then have the buyer's contribute to the commissions on the HUD using the credit. Another option is to get the 3% buyer's credit an then keep 3% commission for yourself, give 2% to the buyer's agent and then have the buyer's agent and buyer go into a buyer broker agreement for 1% compensation.

Sorry Robert for butting in but I wanted to help Kirk out as his issue is very simple.

Satar,

Your view that this is very simple is delightful, 5 months ago I thought the same.

I already tried that, and a couple variations on it. but no dice.  I submitted the preliminary HUD to Chase, they declined the deal. also had negotiated the Second to $1K, but the First wanted us to pay $5K, leaving $4K NET the agents could have split. Obviously, the First didn't care about keeping the money.

In California our Escrow Officers are requiring full disclosure on the HUD for every item. I prefer avoiding indictment as I recall a Monty Python song that goes, "Every HUD is sacred..." or something like that.

I even tried a syllogism to test their lack of concern about NET proceeds: (yes this makes no sense for increasing agent commission)

    I asked, "Would you accept $500,000 with 6% commission?"  That's $30K commission, Net proceeds are $470,000  "No, we won't accept 6%"

    OK, I asked negotiator: "Would you take $494,500 with 5% commission?"  Commission is down to $24,725  Net proceeds are $469,775  "No, 5% is outside our guidelines."

   I asked negotiator: "Would you take $492,000 with 4.5%?"  Commission is $21,140  Net proceeds are $469,860  "Yes, we would accept that."

"You might want to take a minute and think about that," I pointed out. "The NET to the bank is identical on each of those scenarios. We listed this at 6%, a few negotiators back the commission was 5% until the buyers walked after 5 months of waiting, and now you're squeezing us to 4.5% but not because the bank makes more money?  Are you in business to make money? (under my breath I added, "or just squeeze realtors?")

And yes, Satar, I instantly thought that by getting the deal down to $492,000, I saved the buyers $8K, and could have them pay that in cash to the realtors.  "Every HUD is sacred...." went through my head and I banished the thought of buyer cash.

Not a problem Satar...  Feel free to shoot me a copy of that as well, if you don't mind.  Thanks!

Great post and feedback!  I had never seen then numbers this way.

Just when I think I understand the process there's another twist.  Thanks for the information and all the comments and opinions.  Margaret C.

Great post. Thanks for a very detailed information. I had one short sale listing in Daly City. I have an all cash offer for $435,000. The bank let it foreclose and right after 2 weeks was on the market as an REO. They got an offer and close it for less than what they should have gotten had they approved my short sale offer. Is there something behind it that we are not aware of?

FDIC direct and indirect commentary and directives to the market continue to be a challenge to interpret.  Even worse, the actual execution by lenders is even murkier.

Great read. The post and comments. I've been in negotiations with One West/Indimac for over a year... saw no rhyme or reason in their position. Now it all falls into places.

Wow, Bob, this is a huge eye-opener. I have always hated Indymac, long before they ever went under, but this just goes to show that our government leaders are a sorry bunch of people with no clue as to how their actions affect not just our industry, but the entire world. Thank you for the very informational blog.

With the "Think Big Work Small" video blog that hit yesterday, this story is starting to gain some traction.  PLEASE get this story out to everyone you know.  Re-Blog it, send it to your senators/congressmen, email it to you friends.  All we need is for this to get to ONE major news source, and it will take off.  The only way to change this type of behavior is to expose it!

Thanks Bob, I will do my part and get it out to as many people as I can.

I saw the TBWS video yesterday and blogged a link to it.  I recalled reading your article in an abstract way, but did not put the two together in my head until they gave you credit today.  I wish I could re-blog this post.

Gene, you should be able to reblog it.  If you look at the original post (at the top), look in the upper-right-hand corner where it says "re-blog".  I'm pretty sure I saved the settings to allow it to be re-blogged.

This is great! have you had the oportunity to view the following link? http://ml-implode.com/viewnews/2010-02-04_MinneapolisBankingForeclosureSchemeExposed.html . It just seems the people of this country are getting smaked left and right. "Do banks run the country? Democracy, For the banks, by the banks?

People like you are what we need more of. Thank you for your efforts in the struggle!

Great post. Thanks for the detailed explanation. I have tried to explain to prospective buyers why short sales are a problem versus a foreclosure, and that the government math is favors a foreclosure for the lender. Your details are very helpful. keep up the good work.

Wow, this is powerful stuff!  I am sure there is so much out there that we don't know and it is sad that the homeowners that are in distress are taking the hit.  Wouldn't it be nice to see some justice served and see the real crooks put in their place!?  Great post!!

I've taken it upon myself to delete the last two comments.  The purpose of this blog is not for people to come on here and preach their political differences.  The intent is to wake people up and spread the word, in hopes of stopping this madness.  Please, everyone, if at all possible, keep your personal political views to yourself, or write a separate blog for it.  We're not in this mess because of George Bush or the current administration.  We're in this mess because we have all chosen to bury our heads in the sand and not say or do anything about it.  Spread the word!

Thanks!

Why couldn't the seller sign the promissory note, then declare bankruptcy.

Very good question Kathryn.  When I sent letters to Senators McCain and Kyl of AZ, and cc'd the CEO of OneWest, describing the shared loss agreement, I received a call from the PR Firm representing OneWest within 4 hours, telling me that OneWest had agreed to waive the $75k promissory note, and approved the short sale in it's present form.

So, the Seller saved himself $75k, and never had to declare bankruptcy.  Works for me!

Bob:  Did Business Week run the article?  I've read thru the comments and did not see any announcement of this from you.  This is amazing stuff.  I've got a broadcast journalism background.  It would be tough to explain this in a tv spot but sure would be great material for 60 minutes.  Have you approached CBS?  I'd suggest you go to all the networks...I'll try to spread the word....but would love to hear back from you before I do anything.  What have you done to garner media coverage of this?

Here's my take on it: Sweetheart Deals, Crony Capitalism of FDIC & One West Bank Symobolic of Little Guy Consumer Getting Screwed...Again

Outrageous! thanks for reporting this Bob! Nice job! I first heard of this via the TBWS Daily with Frank & Brian.  I'd like to know if any major networks run this story.

Bob, THIS is the kind of information that needs to get out there.  Thanks so much for posting about this.  I have a package in to Indymac right now and am prepared for when I get their response.  Hopefully sooner, rather than later.

I'm reblogging this.

Thanks again.

Thank you so much for sharing this information.  If I can figure out how to reblog it, I will do so.

This made my stomach turn. UGH- thanks for posting.Why are we not hearing more of this??

that was  good ending on that and very aggressinve ... thanks for posting

What else do we expect from the likes of George Soros and Paulson- they screwed us big time and now they are sticking it to us again. And guess who they sleep in bed with! 

Of course, they get this sweetheart deal. They also bought Indymac for practically nothing. They need to go to you know where! I am sick of being hostage to the banks. 

But then again, Thomas Jefferson warned us of the banks over 200 years ago!!!!!!! Lessons to be learned, but weren't. Katerina

Congratulations on your article finally being featured on AR and being featured on Think Big, Work Small.  You absolutely deserve the recognition.

Robert - Agree with Bill's comment here. I've reblogged because our voices have to be heard. 

Katerina, I think they purchased $30 billion in assets for $13 billion.  Of the $13 billion, they had to come up with only $1.3 billion, and the FDIC is carrying the balance at 0% INTEREST.  Talk about leveraging your money at the expense of the taxpayers!

Thanks Bill.  You've been awesome with this story from the beginning, and it is much appreciated.  On a side note, I was interviewed yesterday by our local ABC affiliate, and today by NBC.  Hopefully, it will get some traction this time and make it to main-street-media.

I've seen this stop loss agreement and get so frustrated every time I think about it.  It makes no sense for anybody but the bank.

In the interest of "fair and balanced" here is the FDIC's response to this:

Press Release

FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank

FDIC Director of Public Affairs Andrew Gray said, "It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.

This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It's too bad that the creators of this video opted to premise it on falsehoods."

Supplemental Fact Sheet

Shawn,

Thanks for that post.

But prepare to have your post removed by Herzog. I've been trying to point out the inconsistencies in that video and have had my posts removed every time.

I was beginning to think this blog was being paid for by Rupert Murdoch.

Can you supply us with the Congress roll call on the day that was signed allowing FDIC to buy OneWest?  Because if it's FDIC I'm sure Congress had their grubby, little fat hands all over it -- kinda like Edwards' on his whore mistress. 

Erik,

You and some other guy came in here and got in a "pissing match" the other night, and both of your posts were removed.  Your posts are removed because they are politically motivated, and are meant to slander.  I could care less about your thoughts on capitalism, former administrations, current administrations, etc.  Go do your own research, write your own blog, or do something to be productive.  To jog your memory, this was the explanation I left on AR the night that I removed both of your posts:

I've taken it upon myself to delete the last two comments.  The purpose of this blog is not for people to come on here and preach their political differences.  The intent is to wake people up and spread the word, in hopes of stopping this madness.  Please, everyone, if at all possible, keep your personal political views to yourself, or write a separate blog for it.  We're not in this mess because of George Bush or the current administration.  We're in this mess because we have all chosen to bury our heads in the sand and not say or do anything about it.  Spread the word!

Thanks!

Shawn, while I can appreciate being "fair and balanced", this blog does not mention anything about the video that the FDIC Press Release discussed. Granted, TBWS chose to take numbers from my blog and produce a video, but the FDIC press release you are talking about has nothing to do with this blog.

Now, if you guys would like to comment on the blog, be my guest.  But please refrain from coming in here and trying to discredit it by using a press release that was not intended for it, or, in Erik's case, using it as a platform to share your personal political thoughts and insights.

Thanks!

Bob

Thank you so much for this invaluable information.  I am re-blogging to get the word out even further. 

Thank you!

Alma Gomez   www.lasvegaswebofhomes.com

Unbelievable?

Sadly: No.

Unacceptable?

Hell, yes.

We need to throw out our Congress and create such a firestorm that some of the thieves in the banking-industrial complex go to jail.

The stuff going on in the banking-government world is the stuff of which revolutions are made.

Bob:

Was the Business Week article published?

Hi Bob -- The lack of transparency by banks and the Feds when it's our tax dolllars who fund this fiasco is maddening.  Your knowledge and resourcefulness is beyond amazing, you serve your clients well and they are extremely lucky to have you in their corner.  Keep on posting!  This is perhaps one of the best reads I have seen here on AR!!!

Jim, the Business Week article was published.  To view it, click here.

Thanks for the props Chris.  Keep spreading the word.

No wonder George Soros was a prominent White House visitor since Obama got in the White House. . the records indicated that George Soros has been one of the mos frequent visitors. . . next to Oprah

Go figure. . 

This sweat heart deal could be one of the most profitable moves ever in the history of the world., 

Now I know why the smell of VASELINE is so strong in the air when I negotiate my short sales. . . 

It's because we ALL GOT SCREWED!

Bob,

I was not trying to discredit this blog but the exact example you used was also used by TBWS and the FDIOC response is that the math is wrong. I am no fan of the FDIC or the bank bailout program but when we try and back up our arguments with incorrect numbers it does not aid our cause. We all know something is not right with how this whole process has occured and as usual the taxpayers/citizens get screwed while a few well connected individuals reap obscene profits, but we need to make sure our facts are 100% correct so that our arguments can also pass the sniff test. When I first read your blog I was incensed but I also asked people from the other side of the story and was forwarded the FDIC press release, my guess is the ultimate truth lies somewhere in between.........

Hi Shawn,

Not trying to split hairs here, but the only thing that the FDIC DOESN'T dispute in it's press release is the math.  The bottom line is this...  The video was released 8 days ago, and at last count, I had heard it had over 500,000 views (as of last Thursday).  With all of the buzz going on over this thing, not one person has been able to come up with a detailed analysis of how the program really works (including the FDIC).  I hope that over the next week or so, a third party can actually break this thing down, and tell us all how the program works.  A reporter that works for NBC interviewed me today, and told me she spent 30 minutes on the phone with someone from the FDIC on Friday, and they could not explain the program to her.

Look, the purpose of the blog was to simply explain an experience I had with OneWest.  What they were asking my client to do made absolutely no sense financially (for them).  After doing several days of research, I stumbled across this shared-loss agreement, and applied the formulas from the actual FDIC/OneWest Shared Loss Agreement, which I obtained from the FDIC website.

The home was headed for foreclosure in a matter of days.  When I made the CEO of OneWest aware of the loss share agreement, and plugged the numbers into the formulas, OneWest capitulated, cancelled the $75k promissory note, and approved the short sale.  I have helped three other Realtors in the Phoenix market since then, all faced with the same circumstances.  In all three cases, they did the exact same thing I did, and in all three cases, OneWest dropped their promissory note requirements, and approved the short sale.

Again, as stated in the blog...  If my analysis was/is so wrong, why would OneWest, in four separate instances, forego the promissory note and approve the short sale?

It's impossible to cover such an agreement with 100% accuracy, as you stated, in a blog or a 5 minute video.  The beauty of this blog, and the video that came out last week, is that it is forcing people to ask questions.  As someone asked earlier, where is all of this "transparency" we've been promised?

Your readers need to know about MERS, INDYMAC and how they screwed a family to the tune of almost $1 million in fraudulent loans, that the owner never took out, nor signed for...

http://naybob.blogspot.com/2010/02/fdic-indymac-mers-or-is-it-one-west.html

Maybe there is a conspiracy.  Just spent five minutes writing a responce, and AR crashed on my system.....Just teasing, and I won't be so long winded this time.

Would love to use this as a reference on my own outside blog.

As a conservative, I am very disappointed in McCain for not responding.

Hope by some miracle this lands on Obama's desk and that of EVERY Senator.

In my case, even though I have been an ethical and honest lender for years, the regulations imposed on me during the last 12 months with Lobbyist support from Banks more regulations that I can almost handle.  I am tired of reading the trade sites for lending telling me that as a broker I have the site of a rifle scope directed at me with the HELP of our government.

This is one of the best post ever read on AR. 

John Stossell or some media heavy weight needs to jack this issue up to the TOP.

Hope you don't mind me referencing your post.

I was going to give one of my flip answers about transparency and how the it was published for all to see, or, about the rich getting richer and the great divide in our country. But, this is too serious for those remarks. Thank you for this great post and follow up information. AR should keep this as a featured post until the FDIC corrects the mess they made and the big wigs making all the money are forced to re-negotiate the deal more favorably with the American tax payer.

Bob,

Agreed, the more questions asked about all these arrangements the better, for the FDIC to put out a press release shows someone is concerned about how it all appears.

Now for my story with IndyMac/OneWest. Was working a short sale on a property with a loan of $690,000, offer was at $475,000. One West countered at $515,000 my buyer said no, neighboring very similar house had sold for $490,000 within previous 30 days. Deal didn't happen , home foreclosed. Now nine months later, home shows up on an MLS that is close to, but doesn't serve the area the home is in. No sign on house and agent doesn't return calls regarding property, listed at $515,000. My guess is it will sit another six months to year before selling for $450,000. Maybe by then the shared loss agreement will have kicked in and they will make some money off the deal at our expense.

Shawn, I'd be willing to bet that if you brought an offer at $425k today, they would take it.  Crazy world we're living in today..

I was so impressed with your writing I have asked my Senators and Congressman along with the White House to respond. My receipt for my message follows.

Thank You!

 

Thank you for contacting the White House.

President Obama is committed to creating the most open and accessible administration in American history. That begins with taking comments and questions from you, the public, through our website.

Our office receives tens of thousands of messages from Americans each day. We do our best to reply to as many as we can, but please be aware that you may find more information and answers to your questions online.

We encourage you to visit WhiteHouse.gov regularly to follow news and updates, and to learn more about President Obama's agenda for change.

For an easy-to-navigate source of information on Federal government services, please visit: www.USA.gov

Thank you again for your message.

The Office of Presidential Correspondence

I also had a nightmare with IndyMac regarding my short sale listing. The house was listed for $239,000. We had a full price offer within a week. After one month, bank BPO came in at $240,000. After 3 more months, IndyMac approved the offer but only agreed to give the second $3000 settlement. The second held out for $5000 since they have a recourse loan. The Buyer and Seller offered to split the $2000 to pay off the second so we can get the deal done but IndyMac refused that offer. So they foreclosed on the property & listed a couple months later for $224,000.

And I have to contribute to the bank bail out with my tax dollars!!!!

Gregory, I'm sure you'll get a response from the White House very soon! (not)  Either way, thanks for taking the time to spread the word.  Now if all of us could do that.....

Bob:

Had to bookmark this baby! Nice information that I am sure will come in handy.

Thanks!

Robert, you wrote  "they have the guts to hold my client hostage for a $75k promissory note"

Did your clients not borrow the money from a bank? Then why should they not pay it back? It's completely irrelevent if the bank get's money from the government or me or you or whatever. The bank loaned them money. Now pay it back.

Can you answer a yes or no question?

Did your clients borrow the money? (yes or no).

If yes, then they should pay it back. (in my opinion).  Really, who is holding who hostage? Your clients took something and now wont give it back. Really?

Robert, you wrote  "they have the guts to hold my client hostage for a $75k promissory note"

Did your clients not borrow the money from a bank? Then why should they not pay it back? It's completely irrelevent if the bank get's money from the government or me or you or whatever. The bank loaned them money. Now pay it back.

Really, who is holding who hostage? Your clients took something and now wont give it back. Really?

I guess the real problem is that I'm just an old fashioned old guy that believes in personal responsibility. What a bizzare concept. Personal responsiblility without blame.

Outstanding post Robert. It's incredible to think that we have put the same individuals who created this mess in the first place in the financial market in charge of fixing the problem. This is a great example that more government is not the solution, it's the problem. These people are lining their pockets and stealing our taxpayer dollars to pay for this nonsense. Great job fighting for your client.

Outstanding post Robert. It's incredible to think that we have put the same individuals who created this mess in the first place in the financial market in charge of fixing the problem. This is a great example that more government is not the solution, it's the problem. These people are lining their pockets and stealing our taxpayer dollars to pay for this nonsense. Great job fighting for your client.

This was one of the best, most informational blogs I've read in a long time.  Thank you for helping us all 'see the light' of what is happening behind the scenes.  Having the link to the actual calculations is invaluable when taking a look at these deals.

Thank you, thank you, thank you. 

Amazing! I am so happy that the seller was able to get their short sale approved due to your efforts!  They are making enough money!  My gosh!!

February 17, 2010

Dear President Elect Barack Obama,

Removal of FDIC Chairman Sheila C. Bair

This Petition serves to immediately remove FDIC Sheila C. Bair as Chairman of the Federal Deposit Insurance Corporation (FDIC).  Former FDIC employees reported fraud at the FDIC, ignored by Chairman Sheila C. Bair.  FDIC reported officials engaged into RICO (Racketeering), inside trading, money laundering, receivership fraud, bank fraud and unregistered Securities Exchange Commission (SEC) Financial fraud linked to FDIC, Indy Bank, Countrywide, AIG, Fannie Mae, Wells Fargo, Wachovia, SunTrust, Lehman Brothers, Wackenhut and other Banking and Financial Institutions.    In retaliation of reporting FDIC Corporate-Wide fraud, Chairman Bair condoned and sanctioned FDICs involuntary removal of my Federal career after 25 years of sustained outstanding Federal services. 

Chairman Bair has tarnished the reputation at the FDIC, failed to regulate banks, failed to protect FDIC Whistleblowers, failed to discipline and remove reported corrupt FDIC officials.  Chairman Bair promoted a culture of fear, hate, and retaliation throughout the FDIC.  FDIC employees are NOT treated with respect, fairness, integrity.  Open and Honest communication is treated with a backlash, removals and retaliation. The following evidence of Whistleblower retaliation supports the immediate removal of FDIC Chairman Sheila C. Bair. 

1.         Jan-Feb 1992 Washington Monthly Reporter Christopher Georges exposed the Office of Thrift Supervision (OTS) Whistlblower Wayne Frena reports of fraud at the OTS and the FDIC.  First Gibraltar reportedly received billions of dollars in federal relief money, but examiners say that its CEO has siphoned off bank funds for personal use.  See Bluebonnet Savings in Dallas and El Paso Savings and Loan. 

FDIC Whistleblowers Alfred Beltran-Romero and Rick Benavidez

 2.         In the case of El Paso Savings, two examiners Alfred Beltran-Romero and Rick Benavidez reported fraud at the Office of Thrift Supervision (OTS) and  FDIC and ordered to stop investigating the S&L even though they had uncovered evidence of fraud.  OTS Bank examiners uncovered squandered funds on private jets. Reporter Christopher Georges wrote: The CEO of a multibillion-dollar Dallas S&L dips into the thrift's petty cash for a few personal perks. There's the $700,000 or so spent on the lavish private hunting lodge in South Texas.  A plush New York City penthouse condo costing the thrift more than $7,000 a month; and a leased private jet.  $13,000 dinner for four; a ritzy suite at Dallas's only five-star hotel where guests are routinely treated to Dom Perignon and Beluga.  The thrift received $5 billion in federal money and a wealth of other goodies, including guarantees of $600 million in tax benefits and a promise to cover losses from the thrift's bad loans until 1998.%u201D "People were told not to upset the Southwest babies," said one OTS examiner. "It would look bad for us." 

 FDIC Whistleblower Kurt Brown

3.         January 1, 2006, Kurt Brown-- Saint Ram Bone (Whistleblower) former FDIC Bank examiner/auditor confirmed he observed a corrupt organization stemming from certain members in the West Coast FDIC with links to Washington D.C.,  Kurt reported that the past regional director in San Francisco was found dead in his office in the early 1990's and it was labeled suicide.   Kurt said Veteran 2019s personal information and Federal Bank Examiner information are being stolen; paid into credit card accounts in AT&T Universal Card/Citibank.  See also Jacqueline P. Taylor v. FDIC, No. 96-5267 (U.S. Appeal Court) reported FDIC outside counsel contract fraud. Richard Dunn v. FDIC, 94-cv-1916.

 FDIC Whistleblower Jud Witham

 4.         Jud Witham wrote:%u201DJAMES WRIGHT the SENIOR FDIC Lawyer in Houston THREATENED a STAFF LIAR with FDIC to bring our settlement papers to him in 5 minutes or the little Bastards  would be looking for a JOB !! 

James Wright explained to ME IN PERSON across his desk he "wanted to do something RIGHT before he retired"  as the FDIC Chief  In House Counsel in HOUSTON.   I was able to get HUNDREDS of folks released from loans OWNED by the FDIC from the Looted, Failed IRAN CONTRA BANK, Western Bank Houston.   The "DIRT" LAND CONS engaged in by folks like GARY MAURO the Clintons Campaign Manager in Texas were EXACTLY like Whitewater and Castle Grande. FACT there are MANY MANY THOUSANDS of Castle Grande and Whitewater LAND CONS all over America.%u201D

 FDIC Whistleblower Richard Dunn

 5.         Richard Dunn, asset manager was employed two years by an RTC/FDIC office in Pennsylvania. Dunn discovered that an FDIC contractor had overcharged the agency and brought the matter to the attention of RTC/FDIC management and was fired.

FDIC Whistleblower Michael J. Koszola

6.         Mr. Koszola reported that a former Chairman of the Resolution Trust Corporation (RTC) had been buying RTC properties through straw purchasers.  Koszola testified with other RTC employees before the Senate Banking Committee. See Michael J. Koszola v FDIC 96-cv-0171.

 FDIC Whistleblowers John and Rhetta Sweeney, Jr.,

 7.         In the case of John and Rhetta Sweeney, Jr., (August of 1987), the Sweeney entered into a commercial loan agreement with ComFed Savings Bank of Lowell, Massachusetts to finance the development of their home and 14 acres of land.  The bank violated state laws. The Sweeney%u2019s sued the bank for "unfair and deceptive trade practices."  The Court documents confirmed that the Bank admitted ComFed had been run as a criminal enterprise by bank officers, directors, accountants, lawyers, and appraisers costing the taxpayers a three (3) billion dollar loss.  The Sweeney exposed a multi-billion dollar fraud ring orchestrated by FDIC reported officials.

 Honorable Judge Hughes, Dallas Texas

8.         September, 2006, Judge Hughes issued a 131 ruling against the FDIC on behalf of Hurwitz and Maxxam. Judge Hughes ruled that, FDIC officials were arbitrary, dishonest, exploitative, extortionate, and abusive.  Judge Hughes concluded that FDIC is a corrupt agency with corrupt influences on it, bringing this litigation."

FDIC Whistleblower Mary Laverty (Employee Relations)(Current Employee)

January 11, 2005 - Gibson-Michaels received telephone from NETU

Union representatives D. Scholl and B.Coll. Officials informed Gibson-Michaels that FDIC Labor Relations Specialist Mary Laverty said that, Yolanda should have kept her mouth closed regarding bank, receivership, wire, and securities fraud and that FDIC management is writing a letter to propose removal from Federal service. Mrs. Gibson-Michaels (FDIC Whistleblower) was illegally removed from the FDIC after 25-years of outstanding services; because she had the morals, ethics, integrity, and bravery to report FDIC Corporate-Wide fraud.  Read FDIC NSA and Where's the Kryder Money.  FDIC (Fraud, Deception, Improprity, Corruption) Read Caught in a Web of Bureaucracy by Yolanda Gibson-Michaels at www.lulu.com read the truth regarding FDICs Corruption.

Sincerely,

/s/

Yolanda Gibson-Michaels (FDIC Whistleblower)

What response did you get from your Senators?

I've been telling my clients this since it happened and most of the time nobody can believe or wants to believe that it is the truth. Now that this story is finally gaining some ground mybe something will get done. i'm sure that the government will conveniently sweep it under the carpet.

Thank you for the post as I too am committed to helping homeowners in my area - Las Vegas, NV - avoid foreclosure.  I too have spoken up many times - as a matter of fact - several months ago I received a phone call from the VP of Bank of America Short Sale Dept in CA - she indicated that I was "making too much noise" by demanding my transactions be accelerated through the system - she commented it would be unfortunate if that began to work against me. (In other words "shut up and go through our inept process like everyone else or we will ignore your files"!) 

I have been successfully closing short sales for almost two years and the process as of today is worse than several months ago.  Nevada is a deficiency judgement state and with a large majority of loans held by Bank of America we are and will see more sellers CHOOSING foreclosure.  The statute of limitations on a foreclosure is 6 months versus an approved short sale with no release is 6 YEARS!!!!!  YES, LET'S PUNISH THE PEOPLE TRYING TO DO THE RIGHT THING!  I will no longer work a Bank of America short sale without the assistance of a law firm. 

I agree - we must come together collectively and take a stand on what is happening!

Ugggg. Just makes me feel sick. I've got a 100% success rate with short sales, but I think my first loss is about to happen - and the bank is on your list.

And now I know why I never wanted to be involved in short sales on either side.  I didn't buy into the idea that banks were in business to help homeowners, the economy or the housing market.  I see no value in homeowners & realtors spending months agonizing over daily negotiations & the harassment inflicted by the banks trying to convince them to do something that they have no incentive to do. 

Yet, it still makes my blood boil to know that this is REAL!

Alas, not the first time big business and the government have collaborated to the detriment of the American people.  SEE GREAT DEPRESSION.

I read about this a couple of weeks ago and it is truly amazing.  I can see a class action lawsuit coming out of this at some point in time.

Arrrrg.  I've got one contingent....been contingent since Nov with very little progress. 

This info has been out there and available well before the this Blog and the TBWS vid. I had several conversations with several folks about this months ago and, I kid you not, I couldn't get more than one or two people to believe me!

Very hard to swallow that our Govt. would be so inept as to reward some "special" investors with tax payer dollars to foreclose on the same tax payers who keep the FDIC alive. I always wanted to believe that my tax dollars were paid to fund our Govt. to protect the citizens, not to reward the HUGE campaign contributors!

I'm all for banding together and boycotting the banks who have this FDIC deal!

HI Robert,

Thank you for infoming us of thisw atrocity!  I've got a short sale listing w Wells Fargo, and so far,

they have been great to work with.  THEY have called ME many times already, and they seem very anxious to get this short sale property closed.  They have been very helpful, but maybe they have ulterior motives that I don't know about???

I wonder if this is why an OCWEN Financial short sale deal I had in process was FORECLOSED on by

OCWEN, without any notice to me or to the seller.  Outragious!  I think this is outright fraud by OCWEN!

Robert,

We have incountered this before with other lenders.  We just didn't have the formula of their compensation and additional tool to approach the lender with. 

Thank you for the updates.

This is something that the general public needs to be made aware of. I am astounded and disappointed.

Thanks for the post.  I did see the video you are referencing and had no idea where they had received their information.  It is great to know though, that you have been able to protect your clients by calling out the Scam that this current administration is performing at the cost of the tax payers to reward political contributors.  I will definitely keep your information in mind while dealing with short sales in the future. 

Thanks for the post.  I did see the video you are referencing and had no idea where they had received their information.  It is great to know though, that you have been able to protect your clients by calling out the Scam that this current administration is performing at the cost of the tax payers to reward political contributors.  I will definitely keep your information in mind while dealing with short sales in the future. 

Wow, Robert, I saw this on TBWS last week. So when I started to read your post, bells started ringing. Thanks for your postscript. Clearly, you are a great advocate for your clients and for Short Sellers everywhere!

I watched the video and it's just amazing. Everyone should be aware this is happening. Greed.

Bob - Kudos to you! Finally a feature!

Pete, as a reminder, this blog was was originally written 9/17/09.  It has been out there awhile, but it's finally beginning to "get legs".

Wow!  I just saw the video posted on a friends Facebook page & now I'm seeing your blog piece on it.  Excellent - thanks for sharing. 

Thank you for keeping this going.  The only way to fix this is to get the word out.  Unfortunately, we have seen this happening all too much.

I have an Indyman One West Bank short sale that is about to blow up right now. If you can tell me anything offline about how you did this, I would be so grateful. The deal I'm working is only a $50,000 deal, but the bank says it's stuck in MI and has been there since the beginning of January with no movement. I wrote to Senator Reid today (thinking Ensign didn't have a lot of pull) but clearly your post is making me rethink that. I sure would appreciate the help.

Why does this feel so much like "It's a Wonderful Life" segment on steroids. I have shared this on a number of sites including ABCNews.com's Brian Ross's site for whistle blowers, and had no response.

Cynicism runs rampant with info such as this.

I have been working as a Realtor specializing in short sales for 2 years now in Florida. The work you all are doing is fabulous and very much needed. This kind of public awareness and outrage is the only thing that will create an environment for real changes to be made. There is no question that the systems set up by the banks to handle short sales and loan mods are by design, and most definitely intentional. I have read and shared this information many times, but today I saw something in the FDIC press release and "Fact Sheet" that I wanted to get your opinion on. Please tell me what you think:

Once the $2.5 billion fantom loss threshold has been met by OWB, does the Shared Loss Agreement start from the first dollar of "loss"? In other words, $2.5 billion X .80= $2.0 billion. Is this money paid by the FDIC to OWB for their "losses" after they reach the threshold?

If this first scenario is incorrect then the other way I read the FDIC Shared Loss Agreement is that OWB must absorb the first 20% of each loss up to $2.5 billion, right? Then what happens to the 10% difference from purchase price of the loan and the ORIGINAL LOAN balance calculation they're using?Using the original example in this Blog; OWB Pays $334,600 for the loan. Then the loss is calculated on the ORIGINAL LOAN BALANCE, right?

So, $485,200 - 20% = $388,160 ?? Is this right or am I missing something? It appears that even before the other 20% phantom "loss" that OWB has to "share" in it looks to me like they will still collect 10% off each short sale or foreclosure that they do immediately!

$388,160 - $334,600= $53,560 PROFIT to One West!

BTW- Thanks for everything you are doing to get this information uncovered and out for the public to see. We are behind you and working to get the word out every time you post something!! There are more people than you realize that are finally taking action on this and other similar issues. Keep the faith and KEEP BLOGGING!

Thanks for the post and updates. I just had my first failed short sale negotiation..... you guessed it One West Bank. BPO came back at 135000 but I received 2 offers at 99000. Submitted one and was able to bring the buyer up to 115000. One West would only come down to $125000. Tried to get another offer but no luck.  One West foreclosed....trustee sale opening bid.... 135000. No Buyers imagine that. Now it will come onto the market and will probably sell for 99000.

But I guess it doesn't matter to the bank, they win either way.

Angela, you bring up some great points.  There are so many questions that remain unanswered, and, in my opinion, the FDIC's press release fails to answer them as well.  Like I've said before, I'm still hoping that someone with a background in these types of agreement will pick the agreement apart, piece by piece, so that our questions can be answered.  The FDIC's response reminded me of a ticked-off 7th grader, and did little to address what was in the video or my blog.  

One other question I keep getting asked is, "Where is the NAR?  What is their response?"  Today, someone sent me their response:

Thanks for posting!  I know that I ahve run into the same thing several time s and it can be very frustrating.

"The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video."

They're right. They either get paid by extorting money from the banks or through the treasury, who gets their money from the federal reserve, who gets their money out of thin air. So we do end up paying it through inflation, not taxes.

Well, I'm glad that is resolved.  This is how urban legends start.  People with a political ax to grind who start unsubstantiated rumors.

I knew this story didn't pass the smell test.  Next time leave your personal and political bias out of it and you might not have to eat so much crow.

Nevertheless, the damage is done and 95% of the people who have read this phony blog will believe the lie rather than the truth.

Seriously, you should work for Faux News...

Thanks for the input Jay...Now, scurry along and go read those FDIC documents.  Once you understand the agreement in it's entirety, come back and show us why 95% of us would rather believe the lie, as you say.  Oh, and by the way...  Try contributing to the AR community by posting your first blog before coming in and spewing your hate.

I agree 1000% with the comment by Satar.

It is obvious - our banking system is concentrated in a few hands while the Federal Reserve is concerned with protecting these gigantic institutions even if it means using the middle class as a sacrificial lamb in this economic battle.  We all keep hearing how great rates are, but what about the destruction of the U.S. dollar to allow banks to borrow at near zero percent.  And this is sold to the public as good.  Why not let the average American borrow directly from the Federal Reserve and get the same terms at near zero percent? 

The bottom line is the big banks are getting bigger in this current structure. The fact that only few banks control over 55 percent of all banking assets is simply amazing. Banks that ran inefficiently and took on too much risk should fail.  That is the nature of business.  If you run a bad business you lose customers and ultimately fail.  With banking, as long as you serve enough crap throughout the system you will eventually rise to the top and then become part of the cartel that is somehow unable to fail.  This cartel has expanded while every other business (including small banks) has to compete with tougher restrictions.  Even a basic definition of capitalism is sufficient to show us that banking is operating in a socialistic handout from D.C. to Wall Street.  In the end it is the middle class that suffers from this concentration of power in a few banks as their risk gets transferred to the public. No wonder these big banks do whatever they want.

I was going to reblog this but it doesn't have the button anymore?

Banks never lose. It's always been that way. What a sweet deal they have!

Bob, thank you for keeping us updated, this is VERY interesting..... Hmmmmm, we taxpayers will be watching!!!

Robert, I believe this is very common with government and not just in our industry. I wrote a blog about a book you need to read called "Obamanomics" it shows several deals where big business and the government get together to smash the small guy!

Bob, I read this exact same post, nearly word for word, somewhere else about a month ago.  Did you re-post this or something or did you get your content from someone else?

Matt, please scroll up and look at when this post was originally written (9/17/09).  If you're reading it somewhere else "word for word", then someone else is taking my content.  I've seen it copied several times, with others taking the credit for it.  If you find it again, kindly send me the link so I can follow up with them.

I'd like to thank EVERYONE for their comments thus far on all of the blogs I've written regarding OneWest and the FDIC.  It appears that the story might be starting to "grow legs", and many in America are now aware of it.  I am working diligently to get the information to someone who can get the specifics into "mainstream media", but, as you can imagine, it's been very difficult.  I'm learning that the very same people that make the decisions in Washington are the same people that have control of what gets reported in the media (and yes, this includes Fox News)  If nothing else, this has been a HUGE eye-opener for me.

To give you a little background, I'm definitely not a "Political Activist".  I simply ran across a client that needed help, and stumbled across this whole loss share agreement thing.  At the end of the day, it helped my client avoid foreclosure, and for that, I'm very happy.

This particular deal is a microcosm of the "back-room deals" being cut in Washington, and I can only hope that if nothing else, it forces people like you and me to simply ask questions of the people in Washington that are not only making the rules, but also ignoring the results that come of these decisions.  

Like I've told many friends, family, and acquaintances, I think this deal is an "unintended consequence" of the FDIC, but it still needs to be brought to the attention of all of us that are in "survival mode" right now (and, more importantly, the clients we serve).  The FDIC cannot go back and change the deals they have cut with their existing clients.  My goal is to keep them from cutting anymore of these deals, as they will only hamper an already defunct real estate market.  By the way, the FDIC closed two banks this past Friday, and both of them had loss share agreements in place as part of their "deal".

The point of my blogs on loss share agreements is this:  The only way we are going to get out of this mess is by letting the market dictate sales.  As long as the FDIC (or any other government entity for that matter) tries to interfere with the real estate market, we are all in for a very very long haul.  As long as the FDIC rewards lenders for foreclosing with financial incentives, true capitalism dies.

If there is one thing to take from my blogs, remember this...  Make your clients very aware of the fact that lenders/banks DO NOT CARE about them.  They are only interested in one thing, and that is making money, regardless of your client's financial/personal situation

There is not enough room in this blog to share stories of absolute cold-heartedness from lenders that I have received in recent weeks regarding our present situation.  Suffice it to say, we are all up against "people" that are pre-programmed, in order to keep getting their weekly paychecks.  The only way to fight this attitude is through spreading the word, and making the public aware of it.

Keep spreading the word, and keep fighting the fight.  We may not win, but we will all go down swinging.

Like you need any more comments.  I am steaming mad at this state of affairs!  My short sale with Indymac is going down because negotiator is telling me investor guidelines are seller's net for approval.  The only problem is we want to negotiate purchase price up $5000 to cover seller's costs, but negotiator tells me that will change seller's net.  So it's a moot point to do so.  Buyers are getting a FHA loan and not only have to pay their own closing costs, but an additional $5000 to pay for seller's costs that Indymac should be paying anyway.  There are delinquent taxes on this property and borrowers have absolutely no money (that's why they asked me to short sale their home in the first place).  Indymac (One West) won't budge at all.  They used to be more cooperative when problems would come up.  Maybe writing a letter to One West CEO will help -- I don't know, but there's no point for me trying to get another buyer if seller's net is tied to purchase price and they refuse to pay their own costs.  I guess they want it to go to foreclosure.

I read this blog because Pamela above was kind enough to keep it going, and I will do the same. Thank you for exposing the greed! Tiffany

Thank you so much for your post. I've been processing short sales exclusively for the past 3 years and it's rare to stumble upon posts like this one that actually teach each us what needs to be done to get these deals closed. I have been out of the blogging game for quite some time but started back up today (long story). I aim to post similar messages with specific examples and facts that will help all of us implement ideas that work. Thanks again for the post.

No wonder Indymac is so quick to foreclose...

I am in the middle of a last ditch effort to get a short sale approved - was able to get an offer that was $15K higher than the 1st offer and IndyMac/One West still denied it without any explanation despite telling them that the BPO was way out of line - BPO was for homes in perfect condition, great square footage and higher end models - ours is in fair condition - needs total carpet replacement, no finished basement, needs complete interior painting, new kitchen countertops and much more but this just to make it livable and tenants were smokers.  All the comps they are looking at are over 9 months old and in perfect move in condition.  Nothing has sold in the immediate are but similar sq. footage within 1 mi.

No way to escalate and no way to get answers and the sale is tomorrow.  What a waste.  Wish I had come across this original blog months ago and perhaps I would have been able to do something.

Thanks Bob for uncovering the truth!

Bob,

I'm dealing with a similar situation w/ OWB. Where can I find the CEO info to contact him regarding my situation? Thaaaaaaaaaaank you!

Jennifer Horton

Realtor/Short Sale Coordinator Lic:01390614

Full Service Realtor Since 2003

Trin Hong Real Estate

Cell: 415.599.6789 or 530.864.2677

(both go to same phone)

Fax: 415.814.5745

Jen@JenniferHortonSells.com

I'd like to share that I had a very similar situation with Indymac/OWB, and unfortunantly our home was foreclosed on anyways last week. I wrote Congress and this is the response I received (generic and obvious that they are not grasping the magnitude of the situation):

Jennifer-

 Thank you for contacting Congressman Herger's office regarding the trouble your clients are having with their mortgages.  I understand that the home has already been foreclosed and auctioned, but for future reference I have provided some contacts you may provide to your clients.

 During these difficult economic times, I know that the threat of losing a home is one of the most stressful and heartbreaking situations to deal with. Unfortunately, mortgage problems must be worked out on a case by case basis with the lender or servicer, which I know has been a very difficult process for most homeowners. The unprecedented number of homeowners that are struggling to stay in their home and trying to contact their lenders to work out a solution has slowed homeownership preservation efforts. The good news is that there are resources available that could help with the lender. 

 The Department of Treasury and Department of Housing and Urban Development came together and assembled a private-sector group called the HOPE NOW Alliance to assist at-risk homeowners. HOPE NOW provides a free hotline that is available 24-hours a day to provide mortgage counseling and assist homeowners in working with lenders to avoid foreclosure. You can call 1-888-995-HOPE to get assistance from an independent, non-profit counselor who can help you understand the situation, identify the options and work with the servicer to hopefully find an alternative to foreclosure. You may also wish to visit their website at http://www.hopenow.com/index.html to find more information or additional resources.

 As you may also know, the Administration has established the Making Homes Affordable program (http://makinghomeaffordable.gov/) to help struggling homeowners modify their mortgage or refinance if their loan is guaranteed by Fannie Mae or Freddie Mac. Many banks have received temporary funding from the federal government and are required to participate in this program if the funding has not yet been repaid. If you are concerned that your lender is not acting in accordance with this program, you can contact the lender's government regulator. The regulator can open a case on your behalf and work with your lender to ensure that it is properly handling your mortgage. I have enclosed information that should help you identify the proper regulator, as well as information on how to contact the entity and file a complaint. 

            Again, thank you for taking the time to share your concerns, and I hope this information is useful to you. 

Claire S Geisse

Constituent Services Representative

Representative Wally Herger, CA-02

2635 Forest Ave Suite 100

Chico, CA 95928

(530) 893 8363

Jennifer Horton

Realtor/Short Sale Coordinator Lic:01390614

Full Service Realtor Since 2003

Trin Hong Real Estate

Cell: 415.599.6789 or 530.864.2677

(both go to same phone)

Fax: 415.814.5745

Jen@JenniferHortonSells.com