Judge Erases $525G Mortgage for N.Y. Couple,

[Frankg]

In my opinion they should be out on the street
Judge Erases $525G Mortgage for N.Y. Couple, Citing 'Repulsive' Acts by Bank

Thursday, November 26, 2009


A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to ruthless bankers trying to toss them out on the street.

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.

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

"The bank was so intransigent that he [the judge] decided to punish them," Greg Horoski, 55, said about Spinner's scathing ruling last Thursday against OneWest and its IndyMac mortgage division.

It erased up to $291,000 in principal and $235,000 in interest and penalties.
The Horoskis — who had been paying only interest on their mortgage — had no equity in the home.

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."

OneWest said, "We respectfully disagree with the lower court's unprecedented ruling and we expect that it will be overturned on appeal."
It claimed it "has been extremely active in working with consumers on home loanhttp://images.intellitxt.com/ast/adTypes/2_bing.gif (http://www.foxnews.com/story/0,2933,577105,00.html#) modifications through the Obama administration's Home Affordable Modification Program and other loan modification initiatives."

The bank is owned by a private equity (http://www.foxnews.com/story/0,2933,577105,00.html#) group that purchased the failed IndyMac bank.

Yano-Horoski, a college professor of English and cognitive reason, and Horoski, who sells collectible dolls online, bought their 3,400-square-foot, one-level house 15 years ago for less than $200,000.

In 2004, court records show, they refinanced, paying off their original mortgage with part of a $292,500 sub-prime loan from Deutsche Bankhttp://images.intellitxt.com/ast/adTypes/2_bing.gif (http://www.foxnews.com/story/0,2933,577105,00.html#). They used what was left for health care and for his business.

The loan carried an initial adjustable interest rate (http://www.foxnews.com/story/0,2933,577105,00.html#) of 10.375 percent, which soared to 12.375 percent.

It eventually ended up being either owned or serviced by IndyMac, and the bank sued the couple in July 2005 when they began having trouble making payments because of Horoski's health problems.

After a foreclosure was approved last January, Yano-Haroski successfully asked for a court settlement conference.

Spinner excoriated OneWest for repeatedly refusing to work out a deal, for misleading him about the dollar amounts at stake in the case, and for its treatment of the couple over months of hearings.

OneWest's conduct was "inequitable, unconscionable, vexatious and opprobrious," Spinner wrote.

He canceled the debt because the bank "must be appropriately sanctioned so as to deter it from imposing further mortifying abuse against [the couple]."
The bank is involved in a similar case in California, where it's trying to foreclose on an 89-year-old woman, despite two court orders telling it to stop.
http://www.foxnews.com/story/0,2933,577105,00.html

[Bill Cosby]

Why should they be out on the street???

This will likely be over turned on appeal...

Thousands & thousands X 100 have lost their homes & that is helping who exactly??

Many of these institutions refuse to work w/ ppl......... They would rather just foreclose..

[doctordog]

Why should they be out on the street???

This will likely be over turned on appeal...

Thousands & thousands X 100 have lost their homes & that is helping who exactly??

Many of these institutions refuse to work w/ ppl......... They would rather just foreclose..

Simple Bill, they were living beyond their means, people should be held accountable for bad decisions.

[Mason66]

Add free houses to the benefits of living in the US now.

How is the bank supposed to repay the money to the government if they can't collect on outstanding loans owed to it?

More and more it is a crazy world.

[doctordog]

next we will here that housing is a constitutional right!:lmao2:

[Mason66]

next we will here that housing is a constitutional right!:lmao2:

I think it is but cardboard is expensive. Somebody has to pay for it.

[Zebulon0351]

Simple Bill, they were living beyond their means, people should be held accountable for bad decisions.

How were they living beyond their means? They took out the original loan FIFTEEN YEARS AGO. After they refinanced, he came down with some expensive medical bills.

So again, exactly how is this living beyond their means? Did you even read the article? Or do you just look at the headline and assume shit?

[Bill Cosby]

Simple Bill, they were living beyond their means, people should be held accountable for bad decisions.

:lmao2: :lmao2:

http://www.roibal.net/blog/wp-content/uploads/2008/10/bush-bailout.jpg

[doctordog]

How were they living beyond their means? They took out the original loan FIFTEEN YEARS AGO. After they refinanced, he came down with some expensive medical bills.

So again, exactly how is this living beyond their means? Did you even read the article? Or do you just look at the headline and assume shit?

Hmm, if he had bought 200,000 or 300,000 less house, would that have covered his medical?

[Zebulon0351]

Hmm, if he had bought 200,000 or 300,000 less house, would that have covered his medical?

When do you plan your finances based around potential medical problems? He had been making his payments for fifteen years! You are trying to throw out a hypothetical that makes no sense.

However, it is interesting you ask that question. Why should ANYBODY, especially somebody who has been self-sufficient for years, lose their house because they did not have adequate health insurance to cover their medical costs?

[Mason66]

When do you plan your finances based around potential medical problems? He had been making his payments for fifteen years! You are trying to throw out a hypothetical that makes no sense.

However, it is interesting you ask that question. Why should ANYBODY, especially somebody who has been self-sufficient for years, lose their house because they did not have adequate health insurance to cover their medical costs?

Because you buy enough medical insurance, as well as life insurance and car insurance to protect your assets especially if you have been paying on the house for 15 years.

Any smart person does that.

The point is not that the guy couldn't pay his mortgage, or even why, the point is that a judge voided a legal contract which sets a precedent and could validate any contract in the future.

It is not the place of the courts to say who should pay their mortgage and who gets a free house.

[Zebulon0351]

Because you buy enough medical insurance, as well as life insurance and car insurance to protect your assets especially if you have been paying on the house for 15 years.

Any smart person does that.

The point is not that the guy couldn't pay his mortgage, or even why, the point is that a judge voided a legal contract which sets a precedent and could validate any contract in the future.

It is not the place of the courts to say who should pay their mortgage and who gets a free house.

You're right.. but it shouldn't be the bank's decision either. They get bailed out and don't pass any of that money down to the people who need it.

Fuck that.

[Mason66]

You're right.. but it shouldn't be the bank's decision either. They get bailed out and don't pass any of that money down to the people who need it.

Fuck that.

The bank was bailed out so it wouldn't go under and not to give free money to people.

How is it going to pay back the loan with judges taking $300,000 from the balance sheet?

Let us just stick with responsibility on this one.

The home owner signed the 2nd mortgage knowing full well how much it would cost, using his home as a piggy bank.

The forclosure after non-payment is the consequence of that action and a judge should not have gotten involved.

[doctordog]

When do you plan your finances based around potential medical problems? He had been making his payments for fifteen years! You are trying to throw out a hypothetical that makes no sense.

However, it is interesting you ask that question. Why should ANYBODY, especially somebody who has been self-sufficient for years, lose their house because they did not have adequate health insurance to cover their medical costs?

the same reason people lost their lives during Katrina, they did not plan ahead.

[MintJulep]

Hmm, if he had bought 200,000 or 300,000 less house, would that have covered his medical?Gee, ya think?

[Zebulon0351]

the same reason people lost their lives during Katrina, they did not plan ahead.

The pundits and even the politicians don't even make that argument.

You lose more and more credibility with every post.

[MintJulep]

The pundits and even the politicians don't even make that argument.

You lose more and more credibility with every post.Anyone who lives in a hurricane zone knows the deal. I live in FL and there are idiots in every hurricane state who always stay and "ride the storm out".

Where there is a will there is a way. Always.

[Zebulon0351]

Anyone who lives in a hurricane zone knows the deal. I live in FL and there are idiots in every hurricane state who always stay and "ride the storm out".

Where there is a will there is a way. Always.

Unless the buses never show up.

[MintJulep]

Unless the buses never show up.Where there is a will, there is a way.

[Zebulon0351]

Where there is a will, there is a way.



Your bus always comes asshole. Its not like that with everyone.

[doctordog]

The pundits and even the politicians don't even make that argument.

You lose more and more credibility with every post.

Only with kids like you who have very little life experience and have been brain washed with the liberal agenda by the media.

BTW- Many of the farm stores have SHEEP feed on sale, you better stock up, be sure and bring your food stamps.:thumbsup:

[Bill Cosby]

When do you plan your finances based around potential medical problems? He had been making his payments for fifteen years! You are trying to throw out a hypothetical that makes no sense.

However, it is interesting you ask that question. Why should ANYBODY, especially somebody who has been self-sufficient for years, lose their house because they did not have adequate health insurance to cover their medical costs?

I think the good folks in "the party of gawd" have forgotten (cough, cough) the parable about the ungrateful slave who begged his master to forgive him a debt he could never pay back..........

& after he did he went out & was chocking some fool that owned him just a few buck while refusing his plea of mercy...

The big boyZ on wall street had their debt forgiven by us as well as the poor folks losing their house............ The wall streeters wanna to toss families out of their homes while they rack in their bonus & receive a 14% salary increase....

AMEN!!!!! :D

[Zebulon0351]

Only with kids like you who have very little life experience and have been brain washed with the liberal agenda by the media.

BTW- Many of the farm stores have SHEEP feed on sale, you better stock up, be sure and bring your food stamps.:thumbsup:


I:lmao2: :lmao2: Do you really want to have a pissing contest on "life experience"?

My "life experience" is what brought me to side with the Democratic party. My eight years in the Marine Corps and three deployments overseas is what made me realize how much bullshit is spoon-fed to the ignorant in this country. I have lived in six states and two countries since I graduated high school. I will finish my masters program in two weeks and am the executive director of a successful non-profit organization.

If you want to play that game I will.. but tell me Wayer.. exactly what "life experience" do you have?

[doctordog]

I:lmao2: :lmao2: Do you really want to have a pissing contest on "life experience"?

My "life experience" is what brought me to side with the Democratic party. My eight years in the Marine Corps and three deployments overseas is what made me realize how much bullshit is spoon-fed to the ignorant in this country. I have lived in six states and two countries since I graduated high school. I will finish my masters program in two weeks and am the executive director of a successful non-profit organization.

If you want to play that game I will.. but tell me Wayer.. exactly what "life experience" do you have?

Over 30 years in industry expereince with 3 different trades, 4 grown kids, all with degrees, 2 with master degrees. We also have 4 grand children all being raised with the same values we raised our kids to have. So go ahead and be a stupid kid and tell me how your 8 years of commedable service compare to 30 years of industry experience with 4 kids raised and contributing to the country as successful adults.

[Boogie man]

Wrong decision in my opinion. Two people do not need that much house if they can't afford it.

[doctordog]

Wrong decision in my opinion. Two people do not need that much house if they can't afford it.

No shit, they would have been just as well off in Vegas.

[Zebulon0351]

Over 30 years in industry expereince with 3 different trades, 4 grown kids, all with degrees, 2 with master degrees. We also have 4 grand children all being raised with the same values we raised our kids to have. So go ahead and be a stupid kid and tell me how your 8 years of commedable service compare to 30 years of industry experience with 4 kids raised and contributing to the country as successful adults.

:lmao2: :lmao2: I don't give a shit about "success." That is the problem with the right.. they think "life experience" runs parallel to " success." You may have shinier toys, but that doesn't mean you have experienced life to its fullest.

Sounds to me like you popped out a few kids and worked your ass off to pay for their way through their education. I am sure you are proud of your kids, and I am sure you are an amazing grandfather as well. But I still don't see how success and experience are the same thing. How often does your "experience" go beyond your family?

[doctordog]

:lmao2: :lmao2: I don't give a shit about "success." That is the problem with the right.. they think "life experience" runs parallel to " success." You may have shinier toys, but that doesn't mean you have experienced life to its fullest.

Sounds to me like you popped out a few kids and worked your ass off to pay for their way through their education. I am sure you are proud of your kids, and I am sure you are an amazing grandfather as well. But I still don't see how success and experience are the same thing. How often does your "experience" go beyond your family?

You will never get it until you have a family, I was just like you before I had one. What I posted was not about fortune or success, it was about life. It was about relationships at home and at work, it was about teaching and being taught. It was about giving and receiving. I am not a religous man but I feel blessed to have had the opportunity to have met and known as many people as I have over the years, contributing to their growth and allowing them to contribute to mine. Trust me when I say your view points will change many times by the time you get to my age.

[Zebulon0351]

You will never get it until you have a family, I was just like you before I had one. What I posted was not about fortune or success, it was about life. It was about relationships at home and at work, it was about teaching and being taught. It was about giving and receiving. I am not a religous man but I feel blessed to have had the opportunity to have met and known as many people as I have over the years, contributing to their growth and allowing them to contribute to mine. Trust me when I say your view points will change many times by the time you get to my age.

But that is just one part of life Wayer. Nothing wrong with it.. but there is so much more to life than getting married.

[doctordog]

But that is just one part of life Wayer. Nothing wrong with it.. but there is so much more to life than getting married.

You see, all you saw was "getting married", we can't have and adult conversation because you still comprehend like one of those kids that hang out at McDonalds calling out "Fuck you" to adults that look at them in disapproval. You totally ignored everything else.

I stand corrected, you know everything and can't learn any more.

[Moby]

the same reason people lost their lives during Katrina, they did not plan ahead.
So the government claims that an area is safe when it is not. A president ignores his advisers and doesn't take the risk seriously and this is compared to people that over extended?

Your logic is wrong.

While I agree that the judges decision seems wrong and the debt should not have been erased, you're way off base.

[Independent Harry]

Hmm, if he had bought 200,000 or 300,000 less house, would that have covered his medical?

The house was only a 200 something k house. The 525 was the total amount of interest and back payments owed over the course of 30 years...

[doctordog]

The house was only a 200 something k house. The 525 was the total amount of interest and back payments owed over the course of 30 years...

Which is what should have been considered when buying the house, Economics 101.

[doctordog]

So the government claims that an area is safe when it is not. A president ignores his advisers and doesn't take the risk seriously and this is compared to people that over extended?

Your logic is wrong.

While I agree that the judges decision seems wrong and the debt should not have been erased, you're way off base.

The whole damn area is below sea level, Forrest Gump would have left with 9 days notice to get the fuck out. Damn wake up. I feel like a fucking croc waiting for the stupid wildebeast to cross the damn river.

[JJGlanton]

Why should they be out on the street???

This will likely be over turned on appeal...

Thousands & thousands X 100 have lost their homes & that is helping who exactly??

Many of these institutions refuse to work w/ ppl......... They would rather just foreclose..

They should not be out on the street. But they should not be in a home that they cannot pay for. What legal cause does a judge have to wipe out a purchase contract that is not on its face unconscionable? And then give the property to a private citizen?

[JJGlanton]

How were they living beyond their means? They took out the original loan FIFTEEN YEARS AGO. After they refinanced, he came down with some expensive medical bills.

So again, exactly how is this living beyond their means? Did you even read the article? Or do you just look at the headline and assume shit?

By living in a house that they could no longer afford.

[JJGlanton]

When do you plan your finances based around potential medical problems? He had been making his payments for fifteen years! You are trying to throw out a hypothetical that makes no sense.

However, it is interesting you ask that question. Why should ANYBODY, especially somebody who has been self-sufficient for years, lose their house because they did not have adequate health insurance to cover their medical costs?


Because the house was not theirs.

[JJGlanton]

I think the good folks in "the party of gawd" have forgotten (cough, cough) the parable about the ungrateful slave who begged his master to forgive him a debt he could never pay back..........

& after he did he went out & was chocking some fool that owned him just a few buck while refusing his plea of mercy...

The big boyZ on wall street had their debt forgiven by us as well as the poor folks losing their house............ The wall streeters wanna to toss families out of their homes while they rack in their bonus & receive a 14% salary increase....

AMEN!!!!! :D


so- we should base contract law on biblical teaching?

[JJGlanton]

I:lmao2: :lmao2: Do you really want to have a pissing contest on "life experience"?

My "life experience" is what brought me to side with the Democratic party. My eight years in the Marine Corps and three deployments overseas is what made me realize how much bullshit is spoon-fed to the ignorant in this country. I have lived in six states and two countries since I graduated high school. I will finish my masters program in two weeks and am the executive director of a successful non-profit organization.

If you want to play that game I will.. but tell me Wayer.. exactly what "life experience" do you have?

whateevr experience he has is sufficient for him to realize that the ability to simultaneously void a contract and transfer a windfall to the party that never owned the property is more damaging to society than two people being put out of a house they could no longer afford. A simple principle that your life experience has denied you.

[JJGlanton]

:lmao2: :lmao2: I don't give a shit about "success." That is the problem with the right.. they think "life experience" runs parallel to " success." You may have shinier toys, but that doesn't mean you have experienced life to its fullest.

Sounds to me like you popped out a few kids and worked your ass off to pay for their way through their education. I am sure you are proud of your kids, and I am sure you are an amazing grandfather as well. But I still don't see how success and experience are the same thing. How often does your "experience" go beyond your family?

Thats the problem with the left. They are self-absorbed jerks much of the time.

[Bill Cosby]

They should not be out on the street. But they should not be in a home that they cannot pay for. What legal cause does a judge have to wipe out a purchase contract that is not on its face unconscionable? And then give the property to a private citizen?


Well that all may be true......... But life aint fair they say :lmao2: & it is damn sure a lot less fair for the little guy in this country so tuff shit for the big guy this time..:thumbsup:

The big guys don't seem to mind about right or wrong, nor the spirit of the law.. They care about what puts money in their pocket.......... I guess this time, @ least for now, the little guy got a little taste of how the other half lives........

[JJGlanton]

Well that all may be true......... But life aint fair they say :lmao2: & it is damn sure a lot less fair for the little guy in this country so tuff shit for the big guy this time..:thumbsup:

The big guys don't seem to mind about right or wrong, nor the spirit of the law.. They care about what puts money in their pocket.......... I guess this time, @ least for now, the little guy got a little taste of how the other half lives........

Actually, its tuff shit for all of us when the danger of decisions like this is unappreciated. Your analysis of "big guy and little guy" and what they taste in life might have some validity on the playground, but law is expected to be impartial.

[Bill Cosby]

Actually, its tuff shit for all of us when the danger of decisions like this is unappreciated. Your analysis of "big guy and little guy" and what they taste in life might have some validity on the playground, but law is expected to be impartial.

Yea I am real scared about it.............:lmao2:

As I said when the big boyz on wall street took all that money I hope you were just as concerned about the danger....

Funny it seems that often shit like this is only dangerous when the average MF gets over..............

Wall street robbers do it & get raises & bonuses..............:banghead:

[JJGlanton]

you have an intersting idea of the importance of respect for property rights. And you should be worried when courts make decisions like this. Just ask the re4sidents of New Haven.

[kres24GT]

According to Bill people should never be responsible for themselves and their actions.

[MichMike]

According to Bill people should never be responsible for themselves and their actions.

two percent.

[Bill Cosby]

you have an intersting idea of the importance of respect for property rights. And you should be worried when courts make decisions like this. Just ask the re4sidents of New Haven.

I have lots of property......... I have some for sale to if you are considering moving up here.......lol

I understand your point.... & I agree w/ it to a point... As I said in my first comment on it, I think it will be over turned..........

My issue is this fear of ppl's property rights or any rights being trampled when these are the very ones that are usually doing the trampling.. Sorry I am not feeling their pain--->>> like they don't when they are unwilling to work w/, restructure etc for the very citizens that are bailing their asses out..........

[JJGlanton]

I have lots of property......... I have some for sale to if you are considering moving up here.......lol

I understand your point.... & I agree w/ it to a point... As I said in my first comment on it, I think it will be over turned..........

My issue is this fear of ppl's property rights or any rights being trampled when these are the very ones that are usually doing the trampling.. Sorry I am not feeling their pain--->>> like they don't when they are unwilling to work w/, restructure etc for the very citizens that are bailing their asses out..........

If you own a house- it doesn't matter how big of an asshole you are. You should not be forced to give your house to another private entity. Its not about feeling the pain of the owner. Property rights are being eroded- this case is a prime example. And lots of people own property. Kelo used to, until the lefties on the Supreme Court decided that the Kelo house should properly be given to another private entity.

[Bill Cosby]

If you own a house- it doesn't matter how big of an asshole you are. You should not be forced to give your house to another private entity. Its not about feeling the pain of the owner. Property rights are being eroded- this case is a prime example. And lots of people own property. Kelo used to, until the lefties on the Supreme Court decided that the Kelo house should properly be given to another private entity.


I own two........ & I am not giving up shit...........

Property rights have been eroded for a long, long tme.......... Now that the fucking crooks are getting a taste of it, it is a problem........... TUFF SHIT...

I don't care if you or they like.............

Oh yea when the bad lefties do it those fools should be heading to the penitentiary & when the good righties do it they should be heading to the bank...:lmao2:

Sorry I am not buying...........

[JJGlanton]

I own two........ & I am not giving up shit...........

Property rights have been eroded for a long, long tme.......... Now that the fucking crooks are getting a taste of it, it is a problem........... TUFF SHIT...

I don't care if you or they like.............

Oh yea when the bad lefties do it those fools should be heading to the penitentiary & when the good righties do it they should be heading to the bank...:lmao2:

Sorry I am not buying...........

your not buyin what? Do you think a wealthy person has any less right to their property? I really don't understand your reasoning.

it does not sound to me like you have much concern with property rights, or the rights of individuals to enter into contractual obligations that have binding legal effect. Which seems awfully strange for someone that owns two houses.

[Bill Cosby]

your not buyin what? Do you think a wealthy person has any less right to their property? I really don't understand your reasoning.

it does not sound to me like you have much concern with property rights, or the rights of individuals to enter into contractual obligations that have binding legal effect. Which seems awfully strange for someone that owns two houses.

I own more than two houses but so what..

I am for property rights....

I already told you what & why I feel the way I do...........:thumbsup:

If you don't like it or agree that is fine w/ me...........:D