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By Jason Werner

WASHINGTON - Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair
absolutely lied to the United States House Financial Services Committee today.

She spoke in a hearing on a prepared statement regarding the modification loan plan
the FDIC unveiled beginning at the end of August for IndyMac Bank, F.S.B. customers
severely delinquent on payments.

Chairman Bair said, “I am pleased to report that these efforts have prevented many
foreclosures that would have been costly to the FDIC and to investors.”

Fact is, I began research of more than 150 lawsuits in Cuyahoga County (Cleveland,
OH is the main city in the county) for foreclosure when foreclosure was filed for the
alleged default of my construction not being complete; I found the following:

•        The extreme majority ignored service and either saw or will see default judgment
•        I actually found 21 people through reverse phone lookups, whereby all of them
involved fraud by IndyMac Bank, F.S.B.
•        Three of 21 actually had an ability to modify
•        One of those three still has not heard from IndyMac Federal Bank regarding a
follow up answer
•        One had her payment due in a previous modification, but she did not know the
payment was due Sept. 1, wherefore she did not pay it and still might file ch. 7 and rent
in a different city
•        The other who was approved online filed bankruptcy literally as the modification
was taking place

Furthermore, of the 4,000 letters with modification proposals that were sent before
Labor Day and potential 20,000 after Labor Day will not even have a payment due until
Oct. 1 at the very earliest, so Chairman Bair cannot firmly say with proof that the
modification plan is working.

And in my fraudulent misrepresentations case by the FDIC, a silly offer was made,
whereby my damages would essentially be paid in a time frame of 40 years with a rate
of 3%, but it is fraud as well because FDIC knows most homeowners will refinance
within three years and they’ll get tons of interest earlier in the loan anyway. FDIC is still
ignoring the blatant and obvious fraud in my case and has actually gotten more
aggressive in not only my case, but others as well.

Also, I learned today in conversations with people on Capitol Hill that Sheila Bair is on
Senator Barack Obama’s short list for Treasurer after Henry Paulson’s term ends. That’
s scary. And let’s not forget that President George W. Bush is the one who nominated
Sheila Bair.

For the record, my case is the only case with FDIC’s actual name as Plaintiff in the
entire county. I’ve had communication with Chairman Bair’s puppet (Deputy) John
Bovenzi, whereby I was cut off as soon as I used the f-word: Fraud. They know the truth.

Finally, FDIC no longer exists in actions, but rather exists in name. The organization is
usurped every day by the Federal Reserve and Treasury because the FDIC is broke.
Chairman Bair is trying very hard to prevent a run on banks.