Accurate transcription of handwritten mathematics is crucial for educational AI systems, yet current benchmarks fail to evaluate this capability properly. Most prior studies focus on single-line expressions and rely on lexical metrics such as BLEU, which fail to assess the semantic reasoning across multi-line student solutions. In this paper, we present the first systematic study of multi-line handwritten math Optical Character Recognition (OCR), revealing a critical failure mode of Vision-Language Models (VLMs): over-correction. Instead of faithfully transcribing a student's work, these models often "fix" errors, thereby hiding the very mistakes an educational assessment aims to detect. To address this, we propose PINK (Penalized INK-based score), a semantic evaluation metric that leverages a Large Language Model (LLM) for rubric-based grading and explicitly penalizes over-correction. Our comprehensive evaluation of 15 state-of-the-art VLMs on the FERMAT dataset reveals substantial ranking reversals compared to BLEU: models like GPT-4o are heavily penalized for aggressive over-correction, whereas Gemini 2.5 Flash emerges as the most faithful transcriber. Furthermore, human expert studies show that PINK aligns significantly better with human judgment (55.0% preference over BLEU's 39.5%), providing a more reliable evaluation framework for handwritten math OCR in educational settings.