NY Rocks: Diana Yano-Horoski speaks out and gives thanks in Indymac Case

Readers of Livinglies:

Firstly, might I say we were as shocked as anyone to learn of Judge Spinner’s ruling, so eloquently documented in his Jeffersonian-writing style.

We appreciate the notes and calls of support, but we are ordinary people whose only wish is to return to a normal life. As the court records indicate, we did act in good faith and the only reason we had taken this case into the judical system was because we could go no further. Every possible avenue was pursued to strike a deal with this bank, but to no avail. At one point, one of their own employees disclosed that a deal would never be struck. In our efforts to modify our loan, we maintained copies of all transactions that transpired; the evidence we provided to the court was sufficient and supported the Judge’s ruling. No matter what the ultimate outcome, we greatly respect Judge Spinner and his staff.

Many have accused us of profiting from this and view the bank as being wronged. One blogger went so far as to call me “Yoko,” an attempted slur at my Japanese surname, bastardized by Ellis Island, and referencing my husband as “doll man.” Perhaps, reviewing the court document would provide some insight to him, but his commentary was humorous. We, like millions of others, refinanced before the home market crashed; in fact, we supplied out-of-pocket money to propel the deal.

While this court order may be construed as a victory by some, but it came not without great price. While speaking with a news reporter, our beloved Shih Tzu, Timmy, was killed by an oncoming car; nothing can replace him or the sadness his death has caused. It has been a bittersweet time for us, and I am certain marks the beginning of yet another round with this bank.

Our views in today’s world may be unpopular: we believe in God, are proud to be Americans, residing in the greatest Nation in the world, and feel the real heroes are those who defend our freedoms here and abroad. It is for these that we offer thanks.

A Happy Thanksgiving to all, be appreciative of those you love and the blessings you have. For us, it will be wonderful to have a holiday after all this time without the sword of Damocles over our heads, even if it is short lived.

Sincerely,
Diana Yano-Horoski

See Article Below

Judge blasts bad bank, erases 525G debt

Judge KOs 525G mortgage to slap bank
By KIERAN CROWLEY, RICH WILNER and DAN MANGAN

Last Updated: 3:34 PM, November 25, 2009

Posted: 3:46 AM, November 25, 2009

A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to ruthless bankers trying to toss them out on the street
Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its “harsh, repugnant, shocking and repulsive” actsThe bombshell decision leaves Diane Yano-Horoski and her husband, Greg Horoski, owing absolutely no money on their ranch house in East PatchogueSpinner pulled no punches as he smacked down the bankers at OneWest — who took an $814.2 million federal bailout but have a record of coldbloodedly foreclosing on any homeowner owing money
“The bank was so intransigent that he [the judge] decided to punish them,” Greg Horoski, 55, said about Spinner’s scathing ruling last Thursday against OneWest and its IndyMac mortgage divisionIt erased up to $291,000 in principal and $235,000 in interest and penaltiesThe Horoskis — who had been paying only interest on their mortgage — had no equity in the homeHoroski, who had begged the bankers to let him restructure the loan, said, “I think the judge felt it was almost a personal vendetta.” Dealing with the bank, he said, was “like dealing with organized crimeOneWest said, “We respectfully disagree with the lower court’s unprecedented ruling and we expect that it will be overturned on appeal
It claimed it “has been extremely active in working with consumers on home loan modifications through the Obama administration’s Home Affordable Modification Program and other loan modification initiatives.The bank is owned by a private equity group that purchased the failed IndyMac bank.
Yano-Horoski, a college professor of English and cognitive reason, and Horoski, who sells collectible dolls online, bought their 3,400-square-foot, one-level house 15 years ago for less than $200,000.

In 2004, court records show, they refinanced, paying off their original mortgage with part of a $292,500 sub-prime loan from Deutsche Bank. They used what was left for health care and for his business.
The loan carried an initial adjustable interest rate of 10.375 percent, which soared to 12.375 percent.It eventually ended up being either owned or serviced by IndyMac, and the bank sued the couple in July 2005 when they began having trouble making payments because of Horoski’s health problems.

After a foreclosure was approved last January, Yano-Haroski successfully asked for a court settlement conference.
Spinner excoriated OneWest for repeatedly refusing to work out a deal, for misleading him about the dollar amounts at stake in the case, and for its treatment of the couple over months of hearings.
OneWest’s conduct was “inequitable, unconscionable, vexatious and opprobrious,” Spinner wrote.

He canceled the debt because the bank “must be appropriately sanctioned so as to deter it from imposing further mortifying abuse against [the couple].”

The bank is involved in a similar case in California, where it’s trying to foreclose on an 89-year-old woman, despite two court orders telling it to stop.

kieran.crowley@nypost.com

Tags: disclosure, Eviction, foreclosure defense, foreclosure offense, fraud, mortgage meltdown, predatory lending, securitization, trustee
Posted in bubble, Corruption, Eviction, securities fraud |