Eretz Yisrael Time

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Monday, October 27, 2008
I was talking to a friend who bought a Hefziba apartment in one of the Yishuvim. He's very angry.

It's not bad enough that Boaz Yona got the equivalent of a slap on the wrists and a minor fine, but worse, anyone who bought from Hefziba is going to get royally *******.

As we all know, people gave their checks to the banks for their mortgages, and then a number of the banks, at the request of Boaz Yona, deposited the money into the wrong accounts.

And now the court has made a number of really wrong decisions.

The first is they gave exclusivity for handling this to the law firm of Yitzhak Molcho. No tenders, nothing, they just gave it to him on a silver platter. How exactly does that happen? Why does he get to get richer on the backs of everyone else?

Second, they all reached an agreement (umm, but who was representing the buyers?), that all the buyers would all pay an additional fee (1% to 2% of the cost of their house) to cover the shortfall caused by Yona's duplicity and the bank's irregularities (the banks broke the law actually by depositing the money into the wrong account, but no one is calling them on that).

So now the new homeowners (including those who thought they already paid in full) will be forced to shell out thousands of more dollars. If they don't, they can be fined, not get their apartments listed in the Minhal Karkain under their name, and possibly even even have their apartments repossessed for not complying with the court order!

There is something very wrong here.


Anonymous said...

This is beyond the pale........Can't believe that there is no recourse for all those involved.....???????

Pesky Settler said...

Is there no way the buyers can open a class action suit against the bank(s) and Yonah?

Anonymous said...

I don't know enough, other than that my friend is very upset.

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