As a result, OneWest appears to simply ignore the intent and just foreclose (as far as I can tell).
So, OneWest’s failure to modify loans may actually amount to fraud on the Treasury and US taxpayers.
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Let’s see… I’m supposed to take seriously a legal analysis that (1) misidentifies the primary parties to the transaction (What do the Treasury and the taxpayers have to do with the loss-share arrangements?), and (2) includes the caveat “as far as I can tell” (which tends not to hold up well in court).
I suspect that by the time a “real” analysis is performed on this issue at the micro level, neither OneWest, the FDIC nor their detractors will be covered in glory.
