IndyMAc, Onewest and FDIC - removing a second=20
Posted: Mon Dec 14, 2009 3:44 pm
And in more recent news....
Signed a stipulation with Objecting Creditor who filed A POC and Notice of Appearance in the underlying case...
To: cdcbaa@yahoogroups.com
Sent: Friday, December 11, 2009 9:56:01 PM
Subject: RE: [cdcbaa] IndyMAc, Onewest and FDIC - removing a second
This looks very similar to a notice that was received in an adversarial matter against Indymac. The attorney received a notice from the FDIC to dismiss the case based on the fact that Indymac does not exist any more.
I also ran into an LA case in which Indymac's attorneys are not responding to discover requests. Adversary matter 2:09-01156 Judge is Sheri Blubond and the case title is Ch 7 Trustee v. Allen Malkins Lack Mallery Gamble & Nasis. Indymac seems to be avoiding discovery. In one of my cases they filed a MFR to withdrawn the Motion when I questioned the chain of title. The Judge is not receptive to the argument, but it sure got a reaction from Indymac.
The NACBA Workshop in Tuscon suggested discovery be sent out in all cases where there are claims and problems with defaults on mortgages. Jim King was there. This is still pretty new to me, I am trying to wrap my head around what to do and how to streamline it so I can actually be effective. I am struggling to add the discovery requests to my practice and stay afloat with everything else.
Indymac seems to have a habit of selling properties twice. The case I am working on, Indymac sold the property to Deusche Bank first then to OneWest, who forecloses without property chain of title. OneWest is a private LLC that does not need to disclose it's primary players unlike Indymac, that was a corporation. There is a high likelihood the major players simply moved from Indymac to OneWest. There is also a company in Pasadena, Freedom Financial, I believe, that helps people earn money as a straw man. They fund the person who buys the home at foreclosure, the person sells the home at market price, and can then keep 10% of the proceeds. The balance of the funds go back to Freedom Financial. Seems to be a big coincidence that loan mods are just not as successful as they could be.
With Indymac avoiding discovery perhaps we need to sharpen our discovery swords to help our clients.
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