More Heat For Foreclosing Lender That Bought IndyMac Mortgages For Failing To Offer Loan Modifications

In Southern California, the Pasadena Star News reports:

• A group of nearly 30 homeowners converged on the Pasadena offices of OneWest Bank [last] week to protest the bank's alleged refusal to modify their mortgage loans. The homeowners [obtained] their mortgage loans from IndyMac Bank, which failed last year and was seized by federal regulators. After several months of operation by the Federal Deposit Insurance Corp., the bank was taken over by OneWest Bank, a newly formed Pasadena-based federal savings bank organized by IMB HoldCo LLC.(1)

For the story, see: Homeowners demonstrate against bank in Pasadena.

(1) This is the same outfit that drew recent attention for:

(A) reportedly trying to boot an 89-year old widow from her Oakland, California home by initiating a foreclosure action against her despite two court orders telling them not to:

• IndyMac Intent On Foreclosing On 89-Year Old Widow, Despite Two Court Orders Telling Them To Stop,
• For the 89-year old widow's lawsuit against these characters, see Jones v. One West Bank F.S.B., et al.; and

(B) having a Suffolk County, New York judge hit the "delete button" on the mortgage debt and lien it held on the home of a Long Island homeowner that was the subject of a foreclosure action. In cancelling the debt and the lien of the mortgage, the judge described this outfit's conduct toward the homeowner as "inequitable, unconscionable, vexatious and opprobrious" and "harsh, repugnant, shocking and repulsive":

• New York Law Journal: Judge Blasts Bank's Foreclosure Conduct and Cancels Mortgage (A lender's "unconscionable, vexatious and opprobrious" conduct in attempting to foreclose on a Long Island home has prompted a state judge to cancel the mortgage on the property),
• New York Post: Judge blasts bad bank, erases 525G debt (Judge KOs 525G mortgage to slap bank),
• ABC World News Tonight: Judge Rescues Struggling Couple From Foreclosure (New York Judge Cancels Mortgage in Thanksgiving Surprise; Bank Will Appeal),
• For the court ruling, see Indymac Bank F.S.B. v Yano-Horoski, 2009 NY Slip Op 52333(U), November 19, 2009.