F.D.I.C Slaps Back at the Famous 02.08.10 IndyMac Slap in Our Face Video


All week long, officials at the Federal Deposit Insurance Corporation watched with growing dismay while the now famous February 8, 2010, Indymac YouTube video here ricocheted around the Internet. In 4 minutes 26 seconds, the clip asserted that the agency’s sale last year of the assets of the failed bank IndyMac to a group of private investors was a sweetheart deal states the New York Times here.

The FDIC Press Release rebuttal is here.

The video picks up this theme, stating, “The next time you ask yourself why is it so hard to get a loan modification, the answer is because there’s too much money to be made with short sales and foreclosures.”

“It is unfortunate but necessary to respond to blatantly false claims in a Web video that is being circulated” about the creation of OneWest Bank out of the assets of IndyMac, the agency’s chief spokesman, Andrew Gray, snapped back on Friday.

“The F.D.I.C. just announced it needs to start borrowing money from the Treasury.” Nonsense, Mr. Gray retorted: “We continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.”

The unusual statement by the F.D.I.C. was an effort at rumor control and a nod to the power of online media.

It was also the latest episode in the tangled afterlife of IndyMac Bancorp, which the government seized after a run on the bank in July 2008, in one of the largest bank failures ever.

Those men are alumni of Goldman Sachs — a fact emphasized by the video, which insinuates that favoritism played a role in the F.D.I.C.’s choice of buyers. “Whoever said it’s good to have friends in high places wasn’t kidding around,” the video states.

A judge in Riverhead, N.Y., went so far as to cancel a Long Island couple’s loan obligation in November, saying OneWest, which was the loan servicer, had failed to cooperate in efforts to avoid foreclosure and calling the bank’s actions “harsh, repugnant, shocking and repulsive.”

The F.D.I.C. has been sensitive to such criticism. Last September, the agency’s chairwoman, Sheila C. Bair, urged its loss-share partners to “consider” temporary forbearance plans for loans in which the primary cause for default was unemployment, or underemployment, on the part of the homeowner.

OneWest announced in late December that it would suspend foreclosure and eviction proceedings over the holidays, and create a $10 million charity to support community development. The bank declined to comment for the Wall Street Journal article.

As of Sunday night, the video appeared to have been removed from YouTube, but it was not clear why. And whatever the accuracy of the video’s claims, its effect has been felt.

Expect more damage control from the FDIC and the banks.

16 thoughts on “F.D.I.C Slaps Back at the Famous 02.08.10 IndyMac Slap in Our Face Video

  1. Would love to have copies of any documents with Wendy Traxler in one of her many transmogrifications. I have 2 documents… one where she is VP of MERS and another where she works for One West. Thanks! bubbcm@gmail.com

  2. I have an assignment of mortgage signed by Wendy Traxler, John P. Gagnon, Mary A. Fulton with Emily Butler as notary, December 19, 2011. Be glad to send you a copy for your copy.

  3. Does anyone have example signatures of John P Gagnon formerly of Onewest Bank also Wendy Traxler of Onewest or MERS and or Emily Butler Texas Notary, I have examples from recent filing of June 20th 2012I would like to trade….


  4. We have to stick together in this mess….the more signed documents you have to show to the judge/laywers and who ever you have representing you the better! But how do we share these documents? Here on this website or how?

  5. send me your copy and I shall send you mine. The more the better for proving the many hats she has and is wearing today.

  6. send me your copies and I will send you mine. If we produce more than one or two this will help all who are fighting their cases..

  7. I have an assignment of my mortgage interest to One West Bank. I need more of her signatures on the many hat she is wearing. I also know that she is still employed at One West Bank today in the foreclosure Department. She was employed at IndyMac Bank FSB. Do you want to exchange copies of her items (Suchan Murray) please help.

  8. I have 2 Substitutions of Trustee signed by Suchan Murray on March 18, 2010. Both are for the exact same substitution. One was notarized on April 4, 2010, the other was notarized on August 5, 2010. And they were both recorded in the county records. Another fabulous fraud prepetrated by IndyMac/One West Bank.

    -Ron in Santa Rosa, California

  9. Indymac is horrible. I know many people who have called well in advance of being late just to be given the runaround. The people are incompetent that you speak to and will call and YELL at you. No professionalism in the company. At one point, I thought I had a modification only to find out that they had sent me to foreclosure while they were telling me to send more paperwork (a repeat of the paperwork I had already sent). They are abusive and should be sanctioned. I doubt seriously they will be but one can only hope justice will prevail.

    I, too, am a holder of the robo signer, Erica Johnson-Seck AND Suchan Murray. They both had their signatures notarized to ‘document’ my loan.

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