Post by William E. Hannum III

‘Before he became known as the guy who paid $5.5 million for a house threatening to tumble into Cape Cod Bay — and, later, as “the plaintiff” — John G. Bonomi Jr. was just a man who had fallen in love with a piece of real estate. ‘The shingled house perched on the edge of a Wellfleet cliff was mammoth, with sunset and water views, an Instagram-worthy kitchen, and so many en-suite bathrooms you’d never get rid of houseguests. ‘And if grim and widely reported environmental assessments about “catastrophic erosion” and ongoing legal action made the price tag a little high — well, who among us hasn’t ignored red flags and geotechnical engineers and listened instead to our hearts? ‘And that, dear reader, is the crux of John Bonomi v. JP Morgan Chase Bank, a case making its way through the United States District Court for the Southern District of New York. ‘Bonomi, a retired New York attorney, is alleging that the bank shouldn’t have lent him the money because — and this is directly from his own suit: “No rational person . . . would have considered purchasing the Property, and certainly not at the full asking price.” ‘… the definition of chutzpah …. Does applying for a mortgage and then blaming the bank for giving it to you also qualify?‘