A Judge erased a couples mortgage debt to a Bank for the way the bank treated the couple. http://www.nypost.com/p/news/local/judge_kos_mortgage_to_slap_bank_28ZS1oW8Y58z6gu1AQbWMI
So if you are part of this then you could be called a H.A.M.P 'er??? - ham⋅per1 /ˈhæmpər/ Show Spelled Pronunciation [ham-per] Show IPA –verb (used with object) 1.to hold back; hinder; impede: A steady rain hampered the progress of the work. 2.to interfere with; curtail: The dancers' movements were hampered by their elaborate costumes. –noun 3.Nautical. gear that, although necessary to the operations of a vessel, is sometimes in the way. Great Job BO Administration....great job....outstanding program naming!!!! Classic!
I don't mind the judge blasting the bank, but I can't believe the entire mortgage was wiped away. At least only wipe away the interest and penalties. I mean the article said I just don't see how they can erase a mortgage when there was no equity. I would think they'd erase all the penalties, force a remodification, and allow the couple to stay in the home. That's crazy, and definitely unprecedented. I would not be surprised if this was overturned on appeal. 10% loan skyrocketing to 12% too? 10% alone is incredibly high (imo), but I would think skyrocketing would be at least 15%. But that is just me disagreeing with word choice. Both rates are crazy.
There is no way this doesn't get over turned on appeal......unless there is some obscure law we don't know about. Good to see though. These banks need a kick in the a$$.
