As you may know, OneWest Bank is proposing to merge with CIT Group, creating a Systemically Important Financial Institution, more commonly referred to as a Too Big To Fail Bank.
The California Reinvestment Coalition, along with 100 other California and national nonprofit organizations are opposing this merger, citing a lack of public benefit, concerns about both banks’ Community Reinvestment Act (CRA) records and the future CRA plan of the banks if the merger were to be approved by the Federal Reserve and the Office of the Comptroller of the Currency. In addition to the 100 national organizations who serve tens of thousands of clients every year, there are also over 21,000 people who have signed petitions sponsored by the Daily Kos and by National People’s Action against the merger.
Another issue that community leaders, homeowners, widowed/widower homeowners are deeply concerned about is OneWest’s foreclosure record. OneWest has already received over $1 billion from the FDIC for its costs related to foreclosures, and the FDIC estimates it will pay OneWest (owned by billionaires) another $1.4 billion before 2019.
Since October 2014, CRC and other organizations have asked OneWest Bank to disclose the number of foreclosures it has processed since taking over IndyMac Bank in 2009. We know from ForeclosureRadar.com data that OneWest Bank and its reverse mortgage servicing subsidiary, Financial Freedom, has conducted over 35,000 foreclosures in California.
But, so far, OneWest Bank has either refused to share additional information about foreclosures with its regulators, the Federal Reserve and the OCC, or the regulators have refused to share that information with the public.
So, starting today, we are launching the “OneWest Bank Foreclosure Tracker”
Each day, we will be adding new foreclosure notices to this tracker. If you have a link of a foreclosure notice you’d like to share, please send it to us. Or, snap a picture of a notice in your local paper and we’ll upload it to the tracker.