In a recent article in the November 25th New York Post entitled “Judge Blasts Bad Bank, Erases 525G Debt”, the author details how Suffolk Judge Jeffrey Spinner wiped out more than $525k in mortgage payments to the California bank formerly known as IndyMac Bank, now known as OneWest. At American Economic Solutions (AES), we have run into several issues with this bank and the way they handle – or better yet mishandle – the clients that we represent.

AES has continually found OneWest’s loan modification practices to be disconcerting. The New York Post seems to be in agreement with our company’s viewpoint, “Spinner pulled no punches as he smacked down the bankers at OneWest — who took an $814.2 million federal bailout but have a record of coldbloodedly foreclosing on any homeowner owing money.” AES’s stance is this – if the banks received a bailout from the TARP (Troubled Asset Relief Program) – so should their clients!

Now, in the case of OneWest (IndyMac), at least they are getting exposed for the lack of service they have provided their clients who had qualified for loan modifications. It’s just a shame that it took this long for something to happen. We hope to see more people take action against these types of unethical business practices. Thank you Judge Jeffrey Spinner.

To read more from the New York Post’s Article visit: http://www.nypost.com/p/news/local/judge_kos_mortgage_to_slap_bank_28ZS1oW8Y58z6gu1AQbWMI#ixzz0YMzCXGKQ