Here in the underwater wasteland that is the Las Vegas desert, the ethics of walking away and plight of the typical Vegas homeowner dominated our conversation. A member of our party sells homes for living but hasn’t made a payment on her mortgage in three years, with little harassment from the mortgage holder.
This realtor put down twenty percent back in the boom for a $650,000 home with Indy Mac providing the rest. But now the house will fetch no more than $325,000, and the $200,000 in negative equity is a bridge too far.
The Indy Mac mortgage became the property of OneWest Bank when OneWest bought Indy’s $20.7 billion loan portfolio for $16 billion, with $9 billion of it financed by the FDIC and Federal Home Loan Bank. The haircut was not passed on to Indy Mac’s borrowers.
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