this is disgusting!

[KTP]

Saw this today:

Judge blasts bad bank, erases 525G debt - NYPOST.com

I am disgusted by this behavior.

Not the bank, the judge and the home owner. The home owners bought the home 15 years ago for $200K and somehow managed to owe $525K on it today. It seems they refinanced it several times pulling out loads of cash for a failed business attempt selling dolls, even though one of the owners is a college professor (which means they probably make at least $60K).

So they having been paying just the interest on the loan, and when they failed to do even that, the bank wants to foreclose. The judge *awards* the owners the house free and clear.

Uhm, excuse me...I would like my house free and clear too please? I have always made sure to make my payments on time and have never pulled money out, but I am sure if you give me a few months I could probably manage to fall behind payments or something so I too can get my home free and clear.

What a country we live in today.

[Inkstain82]

I'd like more details on what he bank did that is so onerous.

[irmanator]

the bank didn't do it. They were trying to forclose as they should in this case.

The Judge decided to make the bank forgive the loan so the house would be considered paid for.

[buildmybudget]

Do we have all the information on this? It seems too good to be true... I mean, maybe the good-ol boy network was working full steam or something but it just doesn't sound right.