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.

3 Responses to FRABCo

  1. Lloyd L Potts says:

    We have three homes in the pool. We have had five contracts on the three, and lost all five due to Quantum’s inability to give answers. Each time they want updated financial information on our guarantees, but have been no help in answers themselves. While waiting on answers from Quantum, the homes have been vandalized and stripped of compressors, carpet, appliances, and in one case, a water heater. We are a small company and on the verge of bankruptcy anyway, They jumped the interest rates to 18% as if our inablity to keep current would somehow improve by increasing the payment 3 fold. Our industry should be leading the country out of this economic mess, but because we are basically non union we get no help, only blame from our illustrious President.

  2. Judy Lang says:

    Has anyone deposed any representative of Multibank, Rialto or their individual LLC that has been formed for litigation purposes? If so, please let me know. We are preparing for one of Jonathan Horowitz from Rialto.

  3. michael Phippen says:

    My partner deposed Blake Drew from Rialto now in exclusive real estate sales:

    Lennar/Rialto just received a judgement in Manatee against me for 6.2 million for a development that I had a personal guarantee on from 2005. I ran out of money carrying the loan until 2008, they let my 50% partner off as he could afford better legal representation and I assume some form of payment to them. He had a signed personal guarantee the same as mine. I believe they will file the judgement in Minnesota where I live with my family.

    Do I have any options? Please respond even if it is just a conversation!

    Michael Phippen
    Global Cash Card
    [email protected]

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