FDIC Lennar/Multibank/Rialto/Quantum Affected Borrowers Coalition
We (FRABCo) are independent business owners caught up in the FDIC/Lennar/Rialto/Multibank 2009/Quantum Servicing structured loan fiasco that was created as a result of the FDIC closing and taking into receivership over 22 failed community banks across the US. We have formed a grass roots nationwide coalition to expose the travesty of the FDIC’s failed structured loan Multibank 2009 LLC partnership with Rialto Capital. This wasteful structure was the FDIC’s attempt to increase recovery of loans and assets the FDIC took into receivership. Instead, it is only making Wall Street Venture Capitalist hedge funds, like RIALTO CAPITAL, huge profits of millions, with little or no risk, at the expense of the taxpayer and the OUR government. The unintended affects of FDIC’s approach is also killing small community based business, and increasing job losses on Main Street, and perpetuating the length of the economic depression. One of FRABCo’s goals is to expose the corruption of this approach to Congress and get it changed, since Congress directs the FDIC. States are considering legislation to limit the amount of judgment deficiencies that note buyers like Rialto Capital can collect. Nevada passed a law to limit losses, with AB 273 and our Senators and Congressional representatives in DC need to quickly pass similar legislation. Every voice is important. This could happen to you or someone you know. Even if you have already settled with Rialto on your loan, or had to go bankrupt because of the FDIC, please join us. We need you to share your story and experience in having dealt with the FDIC/Lennar/Rialto/Multibank 2009/Quantum Servicing structured loan fiasco. As taxpayers and citizens it is up to us to put a quickly stop to this current waste and get changes made by the FDIC so that other citizens do not have to go through a similar FDIC structured sale nightmare.