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Review 6/4/2009
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This company ripped us off. This company was served with a Cease and Desist Order by the Office of Thrift Supervision on January 26th, 2009. See http://www.firstfedca.com/Page_5_291.cfm.
This company issued one of those now infamous "toxic" bad loan to us and has failed miserably at offering a reasonable loan mod like every other bank in their position. Our experience has been terrible. Their employees have demonstrated that they do not care, they are rude and useless - completely ineffective and it shows in their bottom line. Their people are completely ineffective. Useless. They enticed us in with promises that if this toxic loan didn't fit our needs they had hundreds of more they could just "roll us in to". But when they tripled our monthly mortgage payments, their mortgage rep disappeared and they failed to keep their promise. While other banks have completed thousands of loan modifications, this one won't accept a penny less than their extortion rates. Beware, as we have been ripped off big time. The Chairwoman still took home her full million dollar income while she's kicked employees out the door to the employment lines. From the headlines themselves:
"Babette E. Heimbuch, the Company’s Chief Executive Officer. “Given the economic pressures we are under, doing so has become necessary. We are saddened to take this action and wish the best for all of these individuals affected so directly by this economic recession."
Published on: 1/30/2009 Last Visited: 2/3/2009
Chief executive Babette Heimbuch said her bank wanted to keep lending but had a "difference of opinion" with the OTS over what its cumulative losses were and how quickly it will see them.
"They basically told us to stop lending," she said.
While the Treasury wants banks to lend, "the regulators have a whole different mindset: They want to protect the insurance funds," Heimbuch said, referring to money that regulators use to insure bank deposits.
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At First Federal Bank of California, Heimbuch said business is running as normal albeit with no lending. She said her bank is trying to attract more capital. But she conceded there were no guarantees.
"You never know when a regulator is going to say enough is enough," she said."
Well - ENOUGH IS ENOUGH Ms. Heimbuch. Your doors should be closed TODAY. Your failure to do the right thing by the homeonwers you enticed into your toxic wastepool of loans is not rewarded with success. You and your company are the case in point. YOU COULD START MODIFYING LOANS - STOP YOUR FORECLOSURES and renegotiate with your homeowners to bring back income for your stockholders. BUT YOU WON'T AND YOU DON'T. We will be first in line to say "bye bye". Unfortunately you won't hurt financially - just your useless employees will and all of us poor sap homeowners.
Message to the OTS - please don't wait a moment longer. Just look at all of us they are taking down with them. Every day matters.
They are significantly undercapitalized and are hanging on to us homeowners dragging us down with them. Close their doors and let us get a chance of Federal intervention to modify our loans now. We need to sleep at night. For as long as this company continues to keep us frozen in their plight - we are all going down. Act now.
To do better - train your loan modification agents to be effective, personal and effective. Reapproach every loan with a fresh approach and rework the numbers until the Loan Agent has a reaonable workable financial plan to go back to the Homeowner with. Approach every single Homeowner, in foreclosure or not with a goal to rework the loans to make them effective. Don't make excuses. It will work.
Go back to each and every homeowner as if you were the FDIC or Bank of America (who has successfully modified over 50,000 loans) and reach a resolution. Your employees are too busy going through the mechanics instead of planning to resolve each and every one. It will work - just try it.
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