Cal. Federal Judge Ditches Cash Bond Requirement In Granting Injunction Blocking F'closure; OneWest Unilaterally Xcelled Loan Mod Agreement, Says Suit

In Sacramento, California, News 10.net reports:

• A Fair Oaks homeowner suing OneWest Bank in Sacramento federal court achieved a notable victory last week. Judge John Mendez granted a preliminary injunction March 3 blocking a foreclosure auction while not requiring the homeowner to post a cash bond equal to the home's value.

• The homeowner's attorney, Jonathan Stein, told News10 it was the first case he knows of in California where the customary bond requirement was lifted.

• Stein said OneWest had entered into a loan modification with his client and then unilaterally cancelled it.

Source: Homeowners claim bank prefers FDIC bailout over house payments.

Go here for a video presentation on an explanation of the sweetheart deal that the Indymac/One West operators were given by the FDIC on mortgages it acquired and are now looking to foreclose on.