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IndyMac As Shylock

Shakespeare knew his bankers better than most would have guessed. More to the point, he knew the bankers of today.

Indy Mac had a loan owed by a couple. The woman's daughter (from an earlier marriage) offered to settle the loan for fair market value, in what was called a short sale. When the banker declined, the daughter (and the husband), offered to co-sign the original loan if it were reinstated, thereby tripling the security. The bank refused

The judge ruled that the bank had acted in bad faith by not accepting reasonable solutions, or even giving them due consideration. The banker, for whatever reason, was set on foreclosure, even though it was not the best or most equitable solution. Because of the bankers' bad faith, the loan was annulled by the judge, Jeffrey Spinner.

As if this wasn't bad enough, the same bank is trying to foreclose on an 89-year old widow in Calfornia, despite court orders barring them from doing so.
www.nypost.com/p/news/local/judge_kos_mo...