Judge Slams Indymac, Sets Aside Defendant's $292,500 Mortgage: "Inequitable. Unconscionable. Vexatious. Opprobrious.
These are just a few of the choice words a New York state judge used to describe the behavior of Indymac in a decision in which he wiped out the $292,500 sub-prime mortgage owed by a homeowner to the bank."
If you default on mortgage payments to your bank, they take your house. But if your bank fails, is your loan forgiven? No, it is sold off by the FDIC to another bank. It seems lopsided. But now, a judge has forced a bank to eat 100% of a loan.
w00t.
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