Nov 27, 2009

Legislation from the bench?

Judge Erases $525G Mortgage for N.Y. Couple, Citing 'Repulsive' Acts by Bank - Local News | News Articles | National News | US News - FOXNews.com

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"Yano-Horoski, a college professor of English and cognitive reason"
Imagine a college professor, of cognitive reason no less, is dumb enough to take an interest only mortgage.  If a person only pays interest on a debt, when will the principal of that debt be payed?

I think that both parties are idiots.  First the mortgage company for issuing "interest only" loans, second Horoski for signing the contract.

I guess you can agree to a contract, sign it, and then modify it by judge later?

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