Page 40 - Loan Modifications News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> what do you mean by how much did they pay us for the losses? >> what was the compensation for the fdic for foreclosing on homes? share loss agreement. >> the way the shared loss agreement, and i would comment, i think there's been like 400 shared loss agreements, i think, according to the fdic's public data, they believe that they saved $40 billion by using the shared -- >> the answer is $1.2 billion. $1.2 billion. >> but that's after we absorbed $2 billion of losses. >> so you're not saug that's not a motivation to foreclose on a home is $1.2 billion? >> no, it's not a motivation because t...

There's a lot of talk about this foreclosure business. 93% of the loans that we serviced, we serviced for third parties. we sold this business. so i never wanted to be in the mortgage servicing business. i didn't want to be in the reverse mortgage business. i wanted to build a regional bank. so one west is no longer. we sold years ago the servicing business because we didn't want to be in that. we sold that business. obviously, the loan that you're talking about, i mean, it sounds like an absolutely horrible situation and i simp theympathi that person. >> i appreciate. let me get to the second...

Opportunity to stay in their homes. unfortunately, not all the homes were able to be saved through these programs and despite my best efforts, some were sadly subject to foreclosure. so sincere was my concern over this, that in 2010 i instructed my lawyers to sue hsbc as trustee of the securitized loans to allow us to do loan modifications on loans and mortgage trusts that they oversaw. we won on summary judgment and were consequently allowed to do more loan modifications and keep more americans in their homes. similarly, in 2015, when hud issued a mortgagee letter 2015-2015 2015-11, i wrote h...

And foreclosures. one of the statements you made in my office when we met and i appreciated the time we had, you said one west, quote, did lots of modifications, unquote. and then on the question of foreclosure itself, you said at the time we only did 30 to 35,000 foreclosures. is that correct? >> that was for the period of time that we were talking about 2009-2010. >> so that's just 2009 and '10 number? >> i believe 36 with 2009 and 2010 versus 175,000. the 100,000 loan modifications was over a slightly longer period of time. >> let me just get this. over the whole period, that you were the l...

Are certain things that were in the press, and the most troubling loan we had was actually to the octomom, and we worked very, very hard, that was a terrible situation, and we worked very, very hard to move her to another home that they could afford. but i can assure you that as chairman of the bank i took these issues very seriously. it's not to say that we didn't have certain mistakes, there were mistakes, we regret those mistakes. as i mentioned we had hundreds of thousands of delinquent loans. and just as an aside, when you talk about loan modifications, banks are highly in scented to do l...