After submitting a Freedom of Information Act (FOIA) request, CRC calculated that the FDIC has already paid out more than $1 billion to OneWest Bank to cover their costs for foreclosures. According to data provided by the FDIC, the FDIC estimates it will pay out another $1.4 billion to…Read PDF
(July 2017) This fact sheet outlines the types of complaints made to the Consumer Financial Protection Bureau about OneWest Bank.Read PDF
(July 2017) This fact sheet outlines the many “legacy problems” at OneWest Bank that occurred during Joseph Otting’s tenure.Read PDF
CRC Fact Sheet: CIT Group’s Financial Freedom is Responsible for nearly 40% of HECM Reverse Mortgage Foreclosures.
(2015) Using a Freedom of Information Act (FOIA) request to the Dept. of Housing and Urban Development (and a lawsuit over an improperly denied fee waiver), CRC obtained data on Financial Freedom’s foreclosure track record on reverse mortgages- and it is ugly. Despite only servicing an estimated 14 to…Read PDF
REO to Rental in California: Wall Street Investments, Big Bank Financing, and Neighborhood Displacement.
(June 2015) A survey of 80 community based nonprofit organizations finds Wall Street’s latest profit scheme of buying and renting foreclosed homes (REO to Rental) is hurting neighborhoods throughout California. The report, based on a survey of 80 community-based nonprofits, finds long-term tenants are being displaced, first time homebuyers…Read PDF