FDIC and Former IndymacBank Guys Slap Together a Deal to Transfer Wealth from Homeowners to OneWest Bank

IndymacBank was seized by the FDIC in July of 2008. OneWest Bank acquired their assets (at a discount, obviously) in March of 2009.

Now the FDIC is covering 80% to 95% of losses due to short sale or foreclosure. OneWest Bank just can’t lose on this deal.

Now tell me if this doesn’t make your blood boil! And it gets worse!