“[The adjustable rate bank note issued Aug. 4, 2004 is’ hereby canceled, voided, nullified, set aside and is of no further force and effect . . . the lender and its successors are barred, prohibited and foreclosed from attempting, in any manner, directly or indirectly, to enforce any provision of” the mortgage loan.”

-Suffolk County Supreme Court Justice Jeffrey A. Spinner

“We never asked for this. I was shocked, honestly. It’s not like we said, ‘Judge, please throw the loan away.’ We just wanted them [the bank] to be reasonable.”

-Greg Horoski, East Patchogue Home owner.


Here’s a fascinating development: A Long Island judge voided the mortgage of a home-owner after the legal team for the creditor behaved in an egregious manner.

The lender lied in various dunning notices and court papers, claiming a balance due of $527,437.73, including an escrow overdraft of $46,627.88 for advanced taxes — even though the outstanding loan balance was $283,992.48 as of Aug. 10 and the taxes were already paid.


A Suffolk judge awarded a Long Island family their East Patchogue house, wiping the slate clean on their mortgage debt and ruling that the bank holding their home loan had acted in a manner “so completely devoid of good faith that equity cannot be permitted to intervene on its behalf.”

In a terse, no-holds-barred decision rendered Nov. 19, Suffolk County Supreme Court Justice Jeffrey A. Spinner blasted the actions of IndyMac Mortgage Services, a division of OneWest Bank F.S.B., and its representatives – and awarded the home to Diana J. Yano-Horoski and husband Greg Horoski.

The decision came after a series of state-mandated, pre-foreclosure settlement conferences between the lenders and borrowers of subprime loans.

Spinner wrote in his decision: “It was celeritously made clear to the Court that Plaintiff had no good faith intention whatsoever of resolving this matter in any manner other than a complete and forcible devolution of title from Defendant.”

The lending institution, represented at a hearing on Sept. 22 by Karen Dickinson, regional manager of loss mitigation for IndyMac, asserted Yano-Horoski owed a debt in excess of $525,000 – and “freely concedes” that the property was worth “no more than” $275,000, Spinner wrote.”

Glad to see the screws being turned on weasels like this . . .


Hat tip Singer!

Judge cancels LI family’s mortgage, berates lender
Newsday.com, November 25, 2009


Category: Credit, Legal, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

74 Responses to “Judge Voids Mortgage Due to Bank’s “Bad Faith””

  1. Chuck Ponzi says:


    Until you realize that as a taxpayer you just paid for this person’s house.

    Money’s gotta come from somewhere.

  2. Marcus Aurelius says:


    The judge will probably be overturned on appeal and moved to the traffic court. The courts (federal, state, and local) are our most corrupt governmental institutions. If you think intrusion into the executive and legislative branches is bad, take a look at the courts and the Bar Associations.

  3. Mannwich says:

    @Chuck: Not of the lender has to take the loss onto their books. Oh, silly me, the feds will just bail them out, so you’re right. We’ll probably all pay for these in end. Why not just void all the mortgages and start over? Debt jubilee!

  4. Rikky says:

    is that type of activism from the bench even legal?

  5. Marcus Aurelius says:

    Chuck Ponzi:

    Why and where? How does this judgment get debt moved to the taxpayer? The banks already have all of our taxpayer money, current and future, so it’s not like someone at the Treasury will get the bill. Let the vampire squid bank eat it.

  6. Marcus Aurelius says:

    Rikky Says:

    is that type of activism from the bench even legal?

    It’s not like the judge created a new law — he basically said that the lender had acted in such bad faith that the court could neither come to an equitable decision, nor could it find any credibility on the part of the bank on which to base an equitable decision. Possession remains with the people living in the home. In short, the lender had wasted enough of the court’s time with BS. The bank is lucky they have the corporate shield — someone really should be going to jail for these types of shenanigans.

  7. Mannwich says:

    @Rikky: Are the bailouts or anything the Fed and treasury have done recently legal either? Does it matter anymore what’s legal and what isn’t?

  8. ezduzit says:

    coincidentally i have a mortgage with indymac bank that was taken over by one west bank. my mortgage is on time and hasn’t been late.

    one west bank is among the lowest forms of lenders. they don’t return calls and you can’t get them to discuss your loan. this is just the tip of my complaint. as far as i am concerned if a few of them were sent to a gulag it still wouldn’t satisfy me. and as far as the judge over using his authority, most people wouldn’t agree.

  9. Marcus Aurelius says:

    also, this bank is going to have a very difficult time getting traction on any other mortgage litigation it might undertake — especially if the opposing attorney is smart and if the bank is even suspected of trying to bamboozle the next judge who hears one of its cases.

  10. Mannwich says:

    Before this is over, the majority of the country won’t have any sympathy or empathy for anyone who works in, or is associated with, banking.

  11. erikvonstronhiem says:


    I’ve actually been experiencing something rather peculiar with our mortgage holder. Late last fall, our household income was cut in half though never once have we been late paying the mortgage. I applied for the mortgage modification program just to see if there was any help to be had. I figured, its not as if I won’t be paying for it one way or the other (i.e. higher taxes) so I may as well try and take advantage of the opportunity.

    So, a few months go by and we’re in the trial period that precedes the permanent modification process. I get a call saying “Fannie Mae has changed the rules and because you paid your mortgage early, your application has been denied”. hmmmm……The early payment they are referring to took place on a Friday because the mortgage due date was on a Sunday. Early No, Proactive Yes. Not only that but the lender lost track of our other payments during the trial period and now say we owe three months of back mortgage payments.

    Now here’s the awesome part: the lender is gonna file a Notice of Default.

    Candidly, I couldn’t care less about the house. Though we live in an affluent neighborhood, there has been so many foreclosures, values have plummeted by at least 1/3. Furthermore, there are excellent new or remodeled homes available for 1/2 the cost it takes to carry this house.

    Anyhow, I’m gonna call an attorney on Monday. My expectations are this will be an exercise in futility. Perhaps something interesting will come of it, perhaps not. Either way, I don’t care….and Not caring is more than half the battle.

  12. Mannwich says:

    @erik: You just made my points in the few comments above for me. Thank you, sir.

  13. S Brennan says:

    Look for lot of tut tut comments from “Friedman’s Free Lunch” brigade to talk about the implied “moral hazard” of this case ignoring the fact that false statements made during deposition and pretrial could/should lead to incarceration of the financial institutions officers involved…oh yeah, also look for “Friedman’s Free Lunch” brigade to have conveniently not have spoken out about financial institutions ability to have the government bail them out when they are unable to pay the bills because of financial greed.

    Trillions for this:

    “as a taxpayer you just paid…[trillions to bail out the financial industry's greed]…Money’s gotta come from [taxpayers paying for Banks Free Lunch]”

    Or Millions for this:

    “Yes…Until you realize that as a taxpayer you just paid for this person’s house. Money’s gotta come from somewhere.”- Chuck Ponzi at 2:42 pm

    You make the call.

  14. Mannwich says:

    @S Brennan: No kidding. The elitest Freidman’s Free Lunch bunch likes to prattle on about “moral hazard” when it’s J6P getting the free ride, but when it’s their corporate and banking buddies, it must be done “to save the system” (presumably for J6P). Yeah, right.

  15. bergsten says:

    I wonder about how well the judgement will stand when it uses “words” like celeritously (which only seems to appear in the Urban Dictionary).

  16. bergsten says:

    I don’t see how “taxpayers” are on the hook for the proceeds of a loan that is arguably bogus (527K?) and has no discernible lender with standing to be paid.

  17. Aeolus says:

    Hmm, celeritously.

    My Thanksgiving dressing will use brazil nuts and mushrooms, sauteed celeritously and onioniciously.

  18. call me ahab says:

    this story breaks my heart-

    poor bank- getting taken advantage of by the mean ol’ homeowner

  19. Mannwich says:

    @bergsten: Am surprised this dude didn’t utter the word “celeritously” in this rant (one for the ages).


  20. bergsten says:

    And another thing (I feel like Roseanne Roseannadanna)…

    I click on the news article and get the news article.

    I click on it again a few minutes later (to show it to somebody), and I get “subscribe to Newsday” BS instead. I hated that crappy paper when I delivered it as a kid (five cents an issue), and I am certainly not subscribing to it now, being 2,400 plus miles west of “Lon Gisland.”

    Has everything on the web turned to hucksterism and crap?

  21. Mannwich says:

    @bergsten: Short answer? Yes.

  22. erikvonstronhiem says:


    Glad I can help. – lol.

    You gotta admit, I’ve got everything to gain and nothing to lose. Besides the mortgage, I don’t have a use for credit so no problems there. I’ll save an amount equal to the principle in just interest payments alone over the course of the note’s term. I’ll rid myself of a declining asset. I’ll have a meaningful decrease in housing costs that can go directly to savings. The mortgage was “purchase money” and therefore non-recourse (thanks to state law). The social stigma with default is null and void (my neighbors fantasize about it constantly).

    Therefore, Is the cost of of a damaged credit report (however temporarily) worth the opportunity currently presented?

    Furthermore, the banks are doing what’s best for them why shouldn’t I do what’s best for me?

    Quite Candidly: How can I NOT tell my lender to go pound salt?

  23. Mannwich says:

    @erik: Exactly and once what you’re doing starts to become the “norm” in our culture (when the degrees of separation decrease), others will do the same thing, in large numbers. It’s the banks’ and Fed’s worst nightmare.

  24. franklin420d says:

    Mr. Bergs Ce-ler-i-tuos; Swift Moving (Websters 3rd New International DICKtionAry Copy write 1971)

    Celeritous is an adjective therefore it is persmisable to add “ly”

    “It was CELERITIOUSLY made clear to the Court that Plaintiff had no good faith intention whatsoever of resolving this matter in any manner other than a complete and forcible devolution of title from Defendant.”

    “It was SWIFTLY made clear to the Court that Plaintiff had no good faith intention whatsoever of resolving this matter in any manner other than a complete and forcible devolution of title from Defendant.”

    Now put that in your pipe and smoke it :)

    Hey I hope you have a great T-day tomorrow.

  25. I have just read your article regarding One West Bank and I must say “BRAVO”! I too am a One West Victim currently trying to save my home from this ruthless bank. I am currently in an 113/4 % predatory loan, the bank gave me a loan modification reducing my loan to 6% and then revoked it 3 months later leaving me into foreclosure. I have attempted 4 loan restructures (loan Modifications) with One West and they refuse to work with me. One West states that “their contract with the owner of my loan prohibits them from qualifying me for the HAMP program” which is what the bail out was intended for. What a slap in the face for Obama!

    I cannot afford an Attorney so I am currently representing myself in a counter suite against the bank. I have requested a trial by jury with the foreclosure court and hope to have a judge like Judge Jeffrey Spinner who will stand up for JUSTICE!

    There are thousands of homeowners being victimized by One West Bank just as I am and NO ONE is listening. This bank is predatory, and viscous! They are obviously not using the Bail Out millions to help home owners.

    Read hundreds of stories from homeowners attempting to save their home and One West will not cooperate…http://indymac-bank.pissedconsumer.com/

    If One West Victims could have a voice through the media we could share our horror stories and hope someone will hear us.

  26. investorinpa says:

    AWESOME…absolutely awesome…if the federal government wont rein in predatory lending, the local judges will…here’s to hoping that the banking industry gets ramrodded repeatedly.

  27. call me ahab says:


    smart thinking- w/ a no recourse loan you are in the driver’s seat- the bank can only take back the collateral- so-

    if the house is a burden- let the bank take it off your hands-

    your observation- that the banks are sticking it to everyone else- makes your choice not only socially acceptable – but a “down right” patriotic form of protest-

    good luck to you

  28. CNBC Sucks says:

    franklin420d, I declare you the winner in your Ritholtz FF league trade with Evil Sauron of Dwayne Bowe for Mario Manningham and Nate Burleson. After Bowe was suspended 4 games for violating the NFL’s substance abuse policy, CFA dropped Bowe today. This is the first time in the history of FF that anyone has received Nate Burleson, yet won the trade.

    I KNEW that with anything remotely involving controlled substances, you would come out on top.

  29. DL says:

    If the creditors were to appeal, they’d likely get a much better deal. However, the judge in this case has certainly succeeded in putting them in a weak bargaining position vis a vis the borrower.

  30. bergsten says:

    @F240D — it’s use of an arcane word that is not only incorrect (“swiftly” made clear? What does that mean?) but has no value whatsoever in the sentence:

    “It was CELERITIOUSLY made clear to the Court that Plaintiff had no good faith intention whatsoever of resolving this matter in any manner other than a complete and forcible devolution of title from Defendant.”

    “It was made clear to the Court that Plaintiff had no good faith intention whatsoever of resolving this matter in any manner other than a complete and forcible devolution of title from Defendant.”

    On the bright side, you will note I didn’t complain about “devolution.”

    HappyT to you (and everybody else) too!

  31. Charlatan says:

    A poster on this board yesterday (alias: ‘plantseed’) not only referred to financially strapped homeowners as “morons”, but assumed that because I’m critical of the predatory lenders, that I must be having home problems too. Hey, plantseed — by your silly line of reasoning, BR must be having problems with his loan too, right?

  32. bobmitchell says:


    How about for an analogy?

    The banks dead and stinking on the beach, so bennie comes along with the brilliant idea to get rid of it, only he soaks the rest of the country with dead, rotting whale flesh.

    The first video I ever saw on the internet, classic.

  33. call me ahab says:

    from ZH- headline-

    “Guest Post: You Can’t Wipe Your Butt With Gold”

    hmm . . . so i guess the insinuation is that you can wipe your butt with dollar bills-

    see- i knew the dollar was good for something- lol

  34. bergsten says:

    @DL — The first hurdle would be finding creditor(s) with standing to appeal. The way mortgages have been sold, resold, packaged, split, etc. in many cases nobody is quite sure who in fact holds the note, let alone the title.

    And, before you laugh yourself hoarse, do you know for sure who holds your mortgage (especially when it’s finally paid off)?

  35. franklin420d says:

    Mr. Sucks – Did you say contolled substance? Hmmmmmm I wonder how that would taste in the herbs for the stuffing this weekend, heck that could make for an interesting day with grandma……..

  36. franklin420d says:

    Bergsten – 4:34pm That is something I have put thought into (I KNOW who holds mine) but how many other people will realize after paying 15 -20-30 years that they own NOTHING-NADA-ZILCH.

    Is the U.S. Going to have a lost decade or lost century?

  37. bergsten says:

    @Ahab — I saw that ZH headline too, and thought, sure you can. It won’t be especially pleasant, but better than say, something with splinters or…

    {we interrupt this rant for one of the best jokes, ever}

    A guy is traveling downriver with a boatload full of bananas, when he is captured by the natives.

    “Stuff bananas up his ass until he dies,” the chief exclaims.

    The guy starts laughing, and, the more bananas they stuff, the more he laughs.

    “What’s so funny?” the chief asks. “Don’t you realize you’re going to die from having bananas stuffed up your ass?”

    “Well, my partner is a few days upriver, and he has a boatload full of pineapples.”

    {digression ends}

    See? There are worse things than gold.

    I’m happy that I could return this discussion to a higher level of seriousness.

  38. call me ahab says:

    from NC-

    “Guest Post: Instead of Fixing the U.S. Economy or Creating Jobs for AMERICANS, Obama Will Spend The Money in Afghanistan and Iraq”


    jobs- what are they good for-

    why don’t people just start their own businesses already- here’s mine-

    “doody calls”- 1-800-got-doody?

    ties in real nicely w/ the war theme i think

  39. bergsten says:

    @Ahab — here’s my business idea (posted this before, so apologies for the repetition)…

    Indian Call Centers for individuals. This way, when “they” call “you,” “they” will get the same excellent quality communication that “they” foist upon “you.” For a Small additional charge, a convoluted phone-tree will be inserted before reaching your call center (“press *5244 for Medieval English” etc.).

    For only pennies a day, your callers will get, “the computer’s down,” “the paperwork’s lost,” “the supervisor is on another call,” and so on.

    What’cha think?

  40. call me ahab says:


    here’s a joke-

    a panda walks into a bar and sits down and order some food. After eating his food he shoots the waiter DEAD and then leaves abruptly-

    the bartender- in shock- says to everyone else in the bar- WHY?- Why did the Panda do that?

    a man stands up and says- i think i know why- i heard somewhere that Panda”s eat chutes and leaves (-:

    drum roll please

  41. dasht says:

    Re the burning controversy over the word “celeritously” – yes, it grabbed me too. And, no, it isn’t in most ordinary dictionaries. However, it comes from a latin root and is apparently a term of art in jurisprudence. E.g.:


    Those judges and lawyers got a way of talking all to themselves.


  42. call me ahab says:

    and Bersten-

    read the “4 Hour Work Week” by Timothy Ferriss- that’s his whole shtick- using an Indian call service to handle your calls – business or personal- and many other tasks-


  43. bergsten says:

    @dasht — Well, at least in your example the work applies:

    “Resuscitative efforts restored the decedent’s heart to a normal rhythm and he was transported celeritously to a nearby hospital.”

    Though, were it me, I’d want to be really sure that the ambulance drivers knew celeritously meant swiftly and not, “after a dinner break or three.”

  44. bergsten says:

    @ahab 4:58 — figures.

  45. call me ahab says:

    who the hell is Bersten?- okay, okay, okay- i meant bergsten

  46. The Curmudgeon says:

    This sort of thing is precisely why the mortgage/housing/banking business in the US is heading for another great fall. Words have to mean something, else there is no way any of these promises put to paper are anything other than fantasy. And promises on paper is all the essence of the infrastructure. This is Alice in Wonderland stuff. What does “promise to pay” mean? Anything some little dipshit judge says it does. Celebrate all you want for these homeowners, but the reality is that they owed at least as much as the house was worth. Equitably, giving them the house was ridiculously unjust. He should have fined the bank, held it in contempt, whatever, but awarding the house to the defendants and wiping the debt clean.

    Of course, by the same token, bailing out AIG and nationalizing a goodly portion of the US economy because some few investment banks were deemed TBTF was also ridiculously unjust.

    This episode strikes at the essence of the problem facing the attempted re-birth of the housing market. The whole edifice of the market, from the initial closing to the sale of the loan in the secondary markets, depends on the sanctity of contract. When the plain meaning of contractual words and phrases depend on interpretations by government bureaucrats that in turn depend on which way the political wind is blowing, there is no reason that all contracts won’t become meaningless whims, as we all decide to vote ourselves a new house. Ultimately though, someone has to pay for the new houses, whether directly, as it has been in the past through a mortgage loan, or indirectly, through taxation or government borrowing.

  47. CNBC Sucks says:

    What’s the deal here? No linkfest on the Ritholtz today?

    @ franklin420d

    Go Mangy Mutts!

    @ ahab

    cvienne wrote about this on the Orgy Blog (yeah, I occassionally lurk), that 30,000 more troops requires $30 billion per year. Here is a link: http://www.time.com/time/magazine/article/0,9171,1942965,00.html

    Obama needs the COURAGE to END one of the two wars. Some semblance of fiscal viability is also essential to national security.

  48. The Curmudgeon says:

    That’s ripe, CNBC, using a politician’s (Obama) name and “courage” in the same sentence.

  49. Marcus Aurelius says:

    dasht Says:

    “Those judges and lawyers got a way of talking all to themselves.”

    That’s because they belong to the most corrupt pseudo-governmental organization known to man: The Bar Association. The more complicated, convoluted, and secretive they can make things, the more exclusive of, and unresponsive to, the citizenry they become.

  50. Marcus Aurelius says:


    badda bing, badda boom!

  51. call me ahab says:


    cvienne- i thought he was all in on the war/s? no?

    the way i see it- when you aint got the dough- well somethings gotta give-

    we can’t aford it all- this isn’t 1960′s great society- we need to make choices-

    the war/s- sadly- i don’t really give a shit one way or the other


    get your point 100%- but the way i see it- the banks have bent over the whole country- that someone wan’t to turn around and stick it to the banks-

    Halle- fucking- lujah-

    also- how are things- all well i hope?

  52. Marcus Aurelius says:


    I don’t think there was any injustice done. The bank tainted it’s own case, called into question the legitimacy of everything it did, wrote and said involving this mortgage, and tried to defraud the borrower, apparently hoping the court wouldn’t notice. Well, the court noticed, and decided it didn’t need any more evidence as to the veracity of ANY of the bank’s claims – documented (including the original mortgage) or otherwise. The remedy was to invalidate everything the freekin’ liars said.

    The bank might appeal, but they will have to use the “evidence” they presented at trial to argue that the judge went overboard. I don’t think the court will waste its time.

  53. call me ahab says:


    just caught your drum roll-

    thanks dude-

    awesome joke i know (-:

  54. S Brennan says:

    The bank might appeal, but from my comment above “the fact that false statements made during deposition and pretrial could/should lead to incarceration of the financial institutions officers involved” might disuade.

    Let’s remember, the bank appears and was so found to be engaging in fraud and perjury…they may want to let this drop…the option for them to do jail time is still open.

  55. CNBC Sucks says:

    MA wrote: “The bank might appeal…”

    I was thinking about that, but wouldn’t IndyMac have to take it to a higher level of jurisdiction, to the State of New York? This ruling in question was already by the Suffolk County Supreme Court. I suspect that the case was under the jurisdiction of the county because it involved county real estate tax.

    Is there any competent attorney involved with the Ritholtz blog? ;)

  56. NaveenM says:

    This is good news.

    Next, I’d like to see someone taking on the credit card companies who raise people’s rates to egregious levels. These companies are not acting in good faith — their business model is to trap people into debt they take to the grave.

  57. call me ahab says:


    “Global warming exposed as UN-funded fraud”


    i hate to say “i told you so” but . . .

    what about you CNBCS- you were all in on this- no?

  58. The Curmudgeon says:

    @ ahab…

    so far so good…thanks for asking.

    Zerohedge does have quite a talent at writing headlines that cut to the heart of the matter. But UN funded? I would rather have thought Al Gore funded. Whatever.

    And Marcus:

    I cry crocodile tears for the bank. But this a hard case, and hard cases make bad law. And no dispute about the Bar, either, even if I am a member.

  59. royrogers says:

    Bernanke should cover the loss for the bank + the legal bills, that way everybody is a winner.

  60. The Curmudgeon says:

    @CNBC Sucks:

    “Supreme” courts in NY are actually what other jurisdictions call “circuit” courts or plainly “trial” courts. In NY, these are not appellate courts. They have original jurisdiction.

  61. call me ahab says:


    THE HAGUE — The Dutch government said Friday it wants to introduce a “green” road tax by the kilometre [starting in] 2012 aimed at cutting carbon dioxide emissions . . .”Each vehicle will be equipped with a GPS device that tracks how many kilometres are driven and when and where. This data will be then be sent to a collection agency that will send out the bill,” the transport ministry said in a statement.”


    whew- god forbid you went to the red light district and picked up a hooker . . .oh yeah . . .i forgot . .that’s legal

  62. CNBC Sucks says:

    @ Mudge

    Yeah, that terminology has always confused me. What we need is consistency in judicial terminology. That is why I support one-world government.

    @ ahab

    Yes, I am completely behind the whole “global warming” conspiracy, just to pump up my holdings in SPWR and FSLR. It’s all about the Benjamins, my Inuit loving friend. It’s all about the Benjamins.

  63. bergsten says:

    My last pithy comment got eaten by snakes. I guess I’ll have to wait for Barry to get off of the LIRR and home before it’s released — there to be placed in submission-time order, and ignored by all who only read the bottom-most comment. Sigh.

  64. bergsten says:

    Hey, gang. Did you know Barry seems to have this other, secret Blog?


    My trapped comment somehow led me to wonder whatever happened to the “LIRR Commuter from Hell” (which, CNBCS rivals peopleofwalmart). Google led me to this “other” Blog.

    Love the bathroom floor (you’ll see).


    BR: Posterous is not so much a blog as a file cabinet that you post to via email — Its very convenient way to capture random flotsam and keep it all neat in one place. Some of the stuff there ends up here — others are just junk

    Also, the LIRR Commuter from Hell is here:

  65. Wes Schott says:


    wtf, that’s wierd – the secret blog, that is

    yeah, it is also strange when a comment gets hijacked and reinserted later

    at the original time…

  66. Wes Schott says:


  67. CNBC Sucks says:

    I have seen Ritholtz’s other blog before. I didn’t think too much about it. I don’t find Ritholtz having a secret blog so weird as his obsession with calling everything “the big picture”.

    Happy TG to all. Get me many, many FF points, my boys (CJ, Peyton, Fitz, The Crab, Barbarian, THT, Olsen, Chargers D, Longwell), and I will all see you again soon. Be cool. Peace out, homies.

  68. bergsten says:

    A pair of Turkey Day gifts (especially for those quants still roaming free):
    Happy T-day to all, and to all a good night!

  69. Darkness says:

    Chuck Ponzi Says: Money’s gotta come from somewhere.

    It already has. You could also view it as moving some bailout money out of the CEOs pocket.

  70. Darkness says:

    erikvonstronhiem: Yours sounds like a fine plan, but I’d bill them to get back the three payments they say you didn’t make but did. I mean, if you are going to default, you should get to do it properly, with the cash redirected from the mortgage payments.

  71. Spitzer says:

    @Chuck Ponzi
    «(…)Money’s gotta come from somewhere.»

    No it doesn’t.

    Money has not got to come.. that’s what the judge said: the bank no longer «has money coming».

    The fact is that companies in general and banks and insurance companies in particular ABUSE the legal system, over-emphasize formatilies and abuse their better knowledge of the legal system in order to blackmail honest reasonable citizens: «either you pay whatever I ask for or we go to court and we have more lawyers than you ever can». That sort of attitude is unreasonable in itseklf and it is a good idea that judges commit more to the essence of whatever happened than to formalisms and corporate manipulation.

    Chuck, read the article properly: this has nothing to do with taxes. Get a grip.

  72. [...] a Judge in the US has voided the balance of a mortgage loan because of the lies and bullying tactics of the lenders to take possession of the property. Someone [...]

  73. hue says:

    bergsten must not understand that part of law school involved learning a new English that non lawyers don’t understand, hence you have to hire lawyers to get all the laws they write.

  74. angmanny says:


    Some thing started as a program to help low middle class get housing exploded into a massive crimminal enterprise to rob and defraud without penalty backed up those like jp morgan ,the innocent people were sold a bill of goods they didnt need and could not afford the mortage brokers chased the couple relentlesly to get their dividend [cut or percentage ]on a scam they[mortage brokers ] would never be held responsable for some as high as 20%,judge Spinner should have the suffolfk district attornerys office look into fraudulent documentation, it is nearly certain that Yano-Horoski possibly should have never got the mortage in the first place,where are you on this suffolk county DA??? suffolk da office is only interested in headline grabbing and personal profit sharing glory and self aggrandizement