Judge Blasts Bank's Foreclosure Conduct and Cancels Mortgage

[Smittie61984]

Originally Posted by Avatard

As usual, reading comprehension fail.

Hey Einstein did you read this part???

The judge observed that a modification of the mortgage would have assured the IndyMac "a regular income stream, albeit with a reduced rate of interest and without sustaining a loss of several hundred thousand dollars."

Reduced rate of interest which means a loss of money for the bank. Perhaps if the bank assumed they would give out a loan with a smaller percentage rate they wouldn't have given the loan in the first place. She agreed to a percentage and should have paid it. If she can't then it should be up to the bank (and not some snooty judge) on wether they want to accept less money.

I don't see the "Win-Win" there. If you loaned a buddy $100 and they said they were only going to give you $90 back, then you'd be pissed off as hell.