• Frank

    When someone defaults on their mortgage the contract clearly spells out that the bank can repossess it. Just because the bank did not readjust their mortgage does not make their activity criminal. IT’S A BUSINESS. When a judge erases someones debt all they are doing is transferring the debt to those of us who responsibly borrow and pay back our debts. This is a very bad thing for America.

    • Did you read what the judge said?

      Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its “harsh, repugnant, shocking and repulsive” acts, the New York Post reported.

      Horoski, who had begged the bankers to let him restructure the loan, said, “I think the judge felt it was almost a personal vendetta.” Dealing with the bank, he said, was “like dealing with organized crime.”

    • cheryl

      If this was a mom and pop bank that had acted in good faith, then yes, they have every right to recoup their money. But this bank – not a mom and pop but owned by a private equity firm) played fast and loose with their money and everyone else’s but didn’t want to accept any of the responsibility for their actions. Any bank that accepted any amount of bailout funds should be forced to bend over backwards to refinance or modify all equity lines. They caused the problem – they need to be part of the solution.

  • cheryl

    The clue to this debacle is in the sentence stating who owns Onewest – a private equity firm. They don’t give a damn about good banking or saving loans – they are all about immediate profit – take the money and run.

    check out this interesting interview by someone who has studied the issue:

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