Judge slams Indymac, sets aside defendant’s $292,500 mortgage

Inequitable. Unconscionable. Vexatious. Opprobrious.

These are just a few of the choice words a New York state judge used to describe the behavior of Indymac in a decision in which he wiped out the $292,500 sub-prime mortgage owed by a homeowner to the bank.

May thousands more follow.

The court found that Indymac’s conduct was “wholly unsupportable at law or in equity, greatly egregious and so completely devoid of good faith that equity cannot be permitted on its behalf.”

So, will there be criminal prosecutions? We still have a rule of law in this country, right? Or so I’m told.

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