Here is why they don't modify. The agreement the FDIC made with Onewest was that Onewest will take over Indy's loan portfolio but ANY losses incurred will be 100% guaranteed by the FDIC. So, do they want to get a few bucks on each loan each month or do they want to foreclose and get 100% of the face value of the note on a depreciating asset? The agreement is posted on the fed reserve website for all to cherish. I've been trying to get this publicized for months.
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