The Rich Get Richer

The longer we are in the economic mess the clearer it becomes what's really happening. Here is a great example. Indy Mac Bank went under and closed the doors in July of 08 the FDIC ceases all assets. The FDIC then sold all those mortgages to OneWest Bank in March of 2009. The 1st mortgages were sold for 70% and the helcos for 58%. The FDIC sweetened the deal insuring the loans for 80-95% from any losses or short sales. Here is a prime example of why it's so hard to get a loan modification and why banks are so quick to foreclose. FYI the loss is calculated from the original balance (or balance and payments due)not the amount OneWest Bank paid for the loan.
So, here we go:
Loan amount $478,000.00 + 6 months late payments = $485,200
One West Pd $485200*.7 = $334,600 for the loan
Short sale offer = $241,000
FDIC formula is $478,000.00 - $241,000.00 = $244,200 "adjusted gross loss to OneWest bank"
So, the FDIC writes a check (thanks to us the tax payer) for 80% of $244,200 = $195,360.00
$195,360.00 + amount of short sale $241,000.00 = $436,360 - what they bought the loan for $334,600.00 = $101,760.00 PROFIT!!!!!!!!!!!!!!!!!!
Any comments? This is truly unbelievable!