Will the Dell you buy for Christmas help fund your neighbors foreclosure?
"Dude You're Getting A Dell" could have a whole new meaning. It could mean another process server has dropped the foreclosure bombshell on another American Family suffering from the subprime mortgage crisis and a lousy economy.
That's right!!!
Michael Dell has joined forces with a few of the 21st Centuries newest Robber Barrons.
MSD Capital, L.P. Is part of the partnership formed to purchase Indymac from the FDIC.
The new company is IMD Management Holdings and they are running One West Bank
which is among the worst performing lenders/servicers when it comes to offering
distressed borrowers assistance.
Calls to Dunes Capital and IMB Management Holdings are ignored as the new corporate
philosophy of throw the deadbeats into the streets and tell them to go scratch has permeated the entire company.
Managers who under the supervision of Sheila Baird and the FDIC use to help borrowers with a true empathy now dish out the lies of their corporate masters. Customer service representatives now tow the company line and Deny, Deny, Deny is the new corporate motto.
In lawsuits, complaints and interviews, borrowers contend that Indymac (Now One West Bank) denied loan modifications because borrowers failed to submit unimportant paperwork; because Indymac phone log notes did not detail discussions correctly or at all; because paperwork sent had mysteriously disappeared and as such was deemed "never submitted", borrowers have been told routinely that "their investor doesn't allow modifications", borrowers have had "phony modifications" sent that were actually just a sleazy attempt at collecting arrears never intended to be really honored by the company and much, much more.
As I follow the exploits of borrowers who are unfortunate enough to have one of the Indymac Alt-A loans that were able to close within days of application because of lax underwriting guidelines and the knowledge that they could sell the "toxic paper" off their books before anyone would know the debt couldn't be repaid, I am reminded of the Francis Ford Coppola Movie "The Rainmaker".
Todays One West Bank follows the lead of the movies Great Benefit Insurance Company whose first, second and third courses of action are to deny a claim, hoping the people will give up or die.in one scene an insurance company employee reads a letter written to an insured "Dear Mrs. Black, On seven prior occasions this company has denied your claims in writing. We now deny it for the eighth and final time. You must be stupid, stupid, stupid."
I have seen letters to Indymac borrowers along the same lines, their newest tactic is a letter that explains how complicated it is for the "stupid, stupid, stupid borrower" to understand who the "investor" in their loan is.
These tactics are apparently very good for mortgage company profits.
How a man like Michael Dell whose philanthropic efforts are to be commended could be dragged into investing with the kind of creatures who would treat people this way is beyond me.
But it certainly begs the question, does the phrase "Dude You're Getting A Dell" now mean the same thing as "You've Been Served A Foreclosure Notice"?
Does Michael Dell actually subscribe to the philosophy of the Robber Barrons who deny, deny, deny in the hopes that suffering families will give up or die?
Come tell us your Indymac Horror Stories at
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