Judge Erases $525G Mortgage for N.Y. Couple, Citing 'Repulsive' Acts by Bank

NY Post (via FoxNews) ^ | Thursday, November 26, 2009 | NY Post

[Rodamala]

A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to ruthless bankers trying to toss them out on the street.

[Rodamala]

...erased up to $291,000 in principal and $235,000 in interest and penalties.

[HD1200]

The bank will appeal and win. This judge went WAY beyond his authority.

[Rodamala]

[Porterville]

considering the bankster and their horrific anti American distribution of tax payers’ money amongst themselves.... grrr... I could care less. I would like to see the banks who received government funds stripped of their assets... in the end they'd be doing “God's work” as a famous fat bankster recently stated.

[Sam_Damon]

Duplicate thread, see here:

http://www.freerepublic.com/focus/f-news/2394177/posts

[HD1200]

How many Americans return tax rebate checks?

When the government comes knocking and says we would like to give you some free money; what fool turns it down? To blame banks for taking government money offered them is ridiculous.

[fatnotlazy]

My eyes are bad; didn't see whether this guy had some financial crisis or something that prevented him from paying his mortgage. I'd also like to know just what his annual income is. Too many people buy homes they can't afford or they use their money to buy sailboats, play the lottery and other such luxuries, but don't pay the rent or mortgage.

I also wonder why the mortgagor refused to work out a payment plan. Most will try to do so. Could be some other facts missing that we don't know about.

I agree this should probably be overturned on appeal...unless it gets to a judge appointed by Obama. If not, this will open up a can of worms. I wonder how many others will be crying to a judge who will relieve them of their obligation.

[KevinB]

The bank will appeal and win. This judge went WAY beyond his authority.

Correct.

[Rodamala]

scrolled through posts... didn’t see it. FAIL.

[Graybeard58]

OneWest said, "We respectfully disagree with the lower court's unprecedented ruling and we expect that it will be overturned on appeal."

In the old days - pre 0bama, I would have agreed with that. Not so much any more.

[Arizona Carolyn]

same here.....

[hinckley buzzard]

Yano-Horoski, a college professor of English and cognitive reason, and Horoski, who sells collectible dolls online, bought their 3,400-square-foot, one-level house 15 years ago for less than $200,000

Two gibbering morons who don't deserve this corrupt largesse. This judge embodies the fatal flaw of liberalism: Using collusion with the "victim" as an excuse for acting out of aggression and hate.

Presumably a higher court will throw out this irresponsible travesty. The judge should be disciplined as well for abuse of discretion.

[Arizona Carolyn]

Actually from what I’m hearing from people locally is who the banks choose to work with is haphazard and very confusing to all who have tried it... one person I heard go their loan changed to 2% fixed for 30 years, another the bank never responded to them and just started foreclosure instead... clearly this system is badly broken and it all goes back to forcing banks to lend to people who could not afford to borrow in the first place...

[hinckley buzzard]

He bought the home 15 years ago for 200K. It should have been paid off by now. Dogcrap borrowers refi-ing and squandering the money. They deserve to be thrown out on the street, with their dolls and their Englsh books. Idiots.

[JLS]

And by then the interest alone will be $470,000.

[Porterville]

Then you know nothing. Go to the woods and meditate about your ignorance. The banks are as bad as the politicians. Shame on you for not recognizing this.

[driftdiver]

The bank lied to the judge about the amount owed. The misrepresented the facts. They failed to negotiate with the borrower as required by TARP.

All bad ways to impress a judge.

[driftdiver]

“clearly this system is badly broken and it all goes back to forcing banks to lend to people who could not afford to borrow in the first place...”

Thats part of the problem. Greed and mismanagement in the banks is another.

That and not letting banks suffer from the consequences of their poor decisions.

[BenLurkin]

More eveidcne -- as if any were needed -- that a judge is just a lawyer with too much power.

OneWest's conduct was "inequitable, unconscionable, vexatious and opprobrious," Spinner wrote.

So what?

The question is whether the deadbeat borrowers were performing on their contract with the lender.

[fatnotlazy]

I was thinking maybe there was something in this guy’s credit history...maybe he had a habit of running up credit card debt and the like, and that’s why the lender wouldn’t work with him. But who knows?