Billionaire investors at OneWest Bank rec'd $1 billion from FDIC. Expected to receive $1.4 billion more

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Billionaire investors at OneWest Bank rec’d $1 billion from FDIC. Expected to receive $1.4 billion more

Billionaire investors at OneWest Bank rec’d $1 billion from FDIC. Expected to receive $1.4 billion more

via: CalReInvest

Fact Sheet: OneWest Bank Expected to Receive Over $2.4 billion from the FDIC

CALIFORNIA
REINVESTMENT
COALITION

Background: When the Federal Deposit Insurance Corporation (FDIC) sold IndyMac in 2009 and La Jolla Bank in 2010, it agreed to share losses from bad loans with the billionaire investors who bought the two banks. Under the shared loss agreements, once a certain threshold of loans goes bad, the FDIC agrees to share in the costs of future losses. In July of 2014, OneWest Bank, which has the IndyMac and La Jolla shared loss agreements, announced plans to merge with CIT Group, creating a Systemically Important Financial Institution (SIFI). While executives from the two banks told community leaders they would answer any questions about the proposed merger, they later refused to answer questions about the shared loss agreements. The California Reinvestment Coalition (CRC), a non-profit coalition of over 300 member organizations, was forced to submit a Freedom of Information Act (FOIA) request to the FDIC to obtain the information.

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