The loan mod apparently kept changing, homeowner got peeved, stopped paying. The servicer then filed foreclosure proceedings. The homeowner then filed suit against the servicer. Not just for the breach of contract and good faith ($160,000) but also for punitive and compensatory damages which amounted to over 16 MILLION dollars! Yep, Sixteen MILLION!!
I believe that if he lost his home he should definitely be compensated. I believe that if he lost work, had medical problems, lost family, possessions, yes, he should be compensated. But, 16 MILLION dollars? For a home that wasn't worth nearly that much? I mean, not anywhere near that price point.
I was called into jury duty a few years ago. The plaintiffs attorney asked me how I felt about punitive damages. I told him I felt that it should cover expenses, lost wages, etc. but not an excessive amount .... just because they could possibly get it. I was excused. Go figure.
So, while I believe in home ownership. Believe that no one should be kicked out of their home. No one should suffer a loss, of any kind, due to inappropriate mortgage proceedings. I do not believe in the magnitude of a 16M award for this homeowner.
If I've pissed you off, I apologize in advance.