Reading
Mortgage Wiped out after Bank's Wrong Behavior
Before you start reading, study the following vocabulary:
Wipe out
Mortgage
Ruling
Relieve
Owe
Loan
Interest rate
Sue
Foreclosure
Settle in court
A New York judge was so angry with a bank's shocking behavior towards a financially struggling couple that he wiped out their $525,000 mortgage. His ruling against OneWest, a California-based bank, and its mortgage division relieved Greg Horoski and his wife, Diane, of the $291,000 they owed on the original loan as well as $235,000 in interest.
The Horoskis bought their house 15 years ago but they refinanced in 2004, taking a loan from Deutsche Bank. The interest rate went up to more than 12 per cent and the bank sued the couple in 2005, when Mr Horoski and his wife began having trouble making payments because of his health problems. A foreclosure on the 3,400 sq ft bungalow was approved but the couple applied successfully for it to be settled in court.
The judge attacked the bank for repeatedly refusing to work out a deal, for giving him false information about the sums in the case and for its behavior towards the couple. He wrote that OneWest's behavior was shocking and unacceptable. He decided to cancel the debt to stop OneWest from going against the couple.
Mr Horoski, a porcelain seller, told the New York Post, "I think the judge felt it was almost a personal vendetta. It was like dealing with organized crime."
Questions
What do the following phrases mean?
- “It was like dealing with organized crime” means
- “The bank refused to WORK OUT A DEAL” means
- “The judge RELIEVED the couple of their debt” means
- “They OWED $291,000” means
- “financially STRUGGLING” means
Are the following statements about the text correct?
1. Mr Horoski is a journalist.
2. The judge canceled their debt, but not the interest.
3. After 2004, the interest rate went down.
4. The Horoskis began to have trouble making their payments to the bank because of Mr Horoski's health problems.
5. The judge attacked the bank because he didn't like the way the bank communicated with the Horoskis.