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Judge blasts bad bank, erases 525G debt

Submitted by Rosetteismyname | 4 months ago

NY Post - Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its "harsh, repugnant, shocking and repulsive" acts. Spinner pulled no punches as he smacked down the bankers at OneWest -- who took an $814.2 million federal bailout but have a record of coldbloodedly foreclosing on any homeowner owing money.

Tags: bailout, foreclose

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Rosetteismyname (Centrist) - 4 months ago

Reply to countryplowboy
If that's the case then I don't see any problem, but that article didn't read that way. So long as t … Show full comment

I recall that the article added interest to interest - that is just what happens on anything financial substance that goes default....

The bank was refusing to work with them in restructuring and hassled them - the judge was sick of it - especially since they took bailout money, "specifically - The judge called the bank, "MISLEADING" - they intentionally did this of course...

Second... judges wipe debts legally owed all the time - sometimes it is called bankruptcy - Sometimes - other things happen...

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Rosetteismyname (Centrist) - 4 months ago

Reply to ChipBuffalo
"The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolute … Show full comment

You are just being obnoxious here - I never denied what the bank deserved at the trial court judgement - They've taken part in a mass theft against me, against you and Greg Horoski by accepting the bailout - HOWEVER the judge stated that he wouldn't have made this had the bank been willing to work something out - they are just too greedy INTEREST ONLY.... !


re-read my comments ...

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countryplowboy 4 months ago

Reply to MrsPresident
Ummm I'm sure you know about mortgages and I'm sure that you realize that the judge did not get rid … Show full comment

If that's the case then I don't see any problem, but that article didn't read that way. So long as the bank did something illegal, for example added interest to interest, to get that astronomical interest I see no wrong in wiping away something not legally owed to them.But if it was legally owed to them then that judge was most certainly in the wrong.

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ChipBuffalo (Constitutionalist) - 4 months ago

Reply to Rosetteismyname
Mrs. president said this, "Ummm I'm sure you know about mortgages and I'm sure that you realize … Show full comment

"The bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East Patchogue." - from article.

"It erased up to $291,000 in principal and $235,000 in interest and penalties." - from article

Sorry, I guess I don t follow your point from reading the article you posted.


I stand with my original point...

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Rosetteismyname (Centrist) - 4 months ago

Reply to ChipBuffalo
So, this man got into a situation where he could not afford to pay his bills any more. The bank trie … Show full comment

Mrs. president said this, "Ummm I'm sure you know about mortgages and I'm sure that you realize that the judge did not get rid of the original loan. He wiped out the ridiculous debt that was incurred as a result of them refinancing for a bigger loan, ie. home equity loan. they still owe the 292K that they received as a result of the refinance."

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Rosetteismyname (Centrist) - 4 months ago

Reply to countryplowboy
Make them restructure and reduce interest? Sure. Wipe away money owed to them? No. If you get a loan … Show full comment

He didn't just go to the judge to have him erase the debt - The JUDGE took action - he didn't even ask for it - If he had, it is called BANKRUPTCY - duh!!!

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Rosetteismyname (Centrist) - 4 months ago

Reply to countryplowboy
Make them restructure and reduce interest? Sure. Wipe away money owed to them? No. If you get a loan … Show full comment

they tried to make them restructure - the bank just was too greedy and didn't want to do it.

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Rosetteismyname (Centrist) - 4 months ago

Reply to ChipBuffalo
So, this man got into a situation where he could not afford to pay his bills any more. The bank trie … Show full comment

He had health issues - He didn't just get into a situation - He is MS at least or a Phd in English - Someone got terminally ill -

They had an ARM - The interest rate skyrocketed - top that - they were paying interest only! Terminally ill - ARM, with a rising interest rate, etc

They tried to restructure - these banks took the money and we didn't ask for anything in return - They didn't open up the credit lines, they didn't hire people, they laid them off and took our tax paying bucks to do it.

This judge was furious b/c of they the couple had been treated -

You should read the story more closely

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ChipBuffalo (Constitutionalist) - 4 months ago

So, this man got into a situation where he could not afford to pay his bills any more. The bank tries to recoup their property and some judge wipes the debt free and clear?

I don't see anything about forcing the bank to restructure the mortgage, I see them handing the banks property to a guy who got in over his head.

You guys might suddenly "love" this judge, but he has just opened the door to more personal irresponsibility.

If this doesn't get reversed in the applet courts, we are looking at a pretty bad precedent.

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MrsPresident 4 months ago

Reply to countryplowboy
Make them restructure and reduce interest? Sure. Wipe away money owed to them? No. If you get a loan … Show full comment

Ummm I'm sure you know about mortgages and I'm sure that you realize that the judge did not get rid of the original loan. He wiped out the ridiculous debt that was incurred as a result of them refinancing for a bigger loan, ie. home equity loan. they still owe the 292K that they received as a result of the refinance.

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countryplowboy 4 months ago

Make them restructure and reduce interest? Sure. Wipe away money owed to them? No. If you get a loan you should pay back the money, not go have a judge erase the debt.

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MrsPresident 4 months ago

I just finished reading this very same article on yahoo, and I'm so loving this judge right now.

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Rosetteismyname (Centrist) - 4 months ago

I like this judge - however it explains a lot - if we all just quit paying - the collection companies and creditors would have to figure out what else to do...

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