FLU this is an interesting article. I don’t really understand what is going on here. Someone please correct me if I am wrong… Here is a quote from the article…
“OPFM owner Wesley A. Snyder told customers that they would be responsible for significantly larger mortgages the company had brokered through its mortgage lending partners.”
To me that statement seems a bit different then the standard bonehead 5/1 or 3/1 ARMs. To me it seems like these guys originated mortgages and then resold them at HIGHER rates! Like BSR said that is crazy crazy crazy stuff and I think it is fair for a judge to stop that silliness. What would be interesting would be to read the original loan docs of one of these loans to see if there was some clause in there about the ability of the loan to be modified.
However if this is just a case of loan reset then IMO it is improper for the judge to do what he did.
