i want this judge!!

[yamahaman89]

This must be the coolest news i have ever read. Id like to meet this guy.

http://www.nypost.com/p/news/local/judge_kos_mortgage_to_slap_bank_28ZS1oW8Y58z6gu1AQ bWMI

[Vealmonkey]

I don't know. I look at this with mixed feelings. The couple took out a bigger loan than thier original loan and it had an adjustable rate. They signed the papers to say they would pay the bill. The rate went up as with most adjustable rate mortgages and then they couldn't afford it. I bought my house and had a fixed rate. Two years later I refinanced at a lower fixed rate and have been paying for 15 years or so now. I worked really hard to get my fixed rate. These people, like so many others opted for the arm and it bit them in the butt. Pay up. I wish a judge would wipe out my mortgage bill. I could have refinanced with an ARM a couple of times, but it just wasnt' worth it. I don't know if I could get a better rate for 15 years, but no way would I want an ARM. ARMs have been the bane of many a homeowner. Mortgage companies are often ruthless. But the homeowner signed the contract. Did the bank hold a gun to his head when he wanted more money for his business and money for health costs? I missed 2 or 3 payments 11 years ago when I lost my job and no one bailed me out. No judge or government came to my rescue. These things just don't make sense to me.

[harryredtrike]

wow,i hope im not invested in that bank.free house?someone else has to pay for it,probably me.

[mike from long island]

I think the judge was trying to show how,They had gotten so many millions of dollars.And there was no way for them to work with the homeowner?I mean we only see what the articles says.They could have been not payong and just living there for free.And the judgement went against them.The ban had a bad way of handling these situations and the local judge had had it!!! Is it right.I dont think so.Are they lucky yes.But think of how many people took those adjustable morgages and are on the street now.... If the GOD DAMNN banks hadnt gotten so greedy.And just tried to help the home owners.We wouldnt have had to pay back a Trillion dollars now.

[Vealmonkey]

Now I'm not 100% sure if I have all the info straight. But wasn't the government responsible for making the banks loan money to people who would never be able to afford housing and then said they would guarantee the loans? I think this couple was different though. They had already had the house and were refinancing. Why should they be so different from thousands of other americans who made the same mistake, but had to take their lumps?

[yamahaman89]

The goverment didn't make the people be irresponsible and take out loans they couldn't afford it was the peoples choice to take out loans they couldn't afford......too many people live above there needs when they dont have the money too

[Thorpe]

They get a free house for being stupid, and we get to pay for it... Yeah, real sweet deal... :banned: