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Posh W Hotel to Default, Go Back to Lenders
Don, as banker I have seen many banks take foolish risks. Whether it was Lehman on commercial side, Countrywide on residential side or Citibank taking huge deritive risks. The ones taking these huge risks created the RE bubble and economic downturn (pushed by factors such as CRA and gambling on deritives). Some banks are still on solid footing, but are having to also suffer though the bubble as the real estate and entire economy has stumbled. I would compare it to neighbors, one of whom saved 20% for a down payment, kept his credit in check and lived within his means. The other put 0% down, got interest only loan, refi'd with cash out for cars and other toys until the well ran dry and he got foreclosed on. Now both homeowners have seen their values drop by 40%, but the government is spending all their time and effort to help the second homeowner who behaved irresponsibly and took the foolish risks. The government is pushing for the banks to modify his loans, reduce his payments, in some cases reduce the principal amount. The first homeowner will have to wait for the market to rebound, hope his job is safe in this economy and sees the neighbrhood around him deteriorate with "for rent" and foreclosed" signs.— June 8, 2009 1:10 p.m.
Waring Up for Housing Commission; Protests Abound
If this City Council has any ethics (to be determined), they will slam him back. Could be interesting litmus on the new "reform" council.— June 8, 2009 9:50 a.m.
Posh W Hotel to Default, Go Back to Lenders
Pie in the sky projections. They take top W financials from the highest of the boom years (2005-2006) and project that going forward and increasing. Any banker or analyst worth his salt knows the risks with those kind of projections-based deals.— June 8, 2009 9:48 a.m.
Waring Up for Housing Commission; Protests Abound
Don, The SDBJ is reporting he was "named" Housing Commissioner. Does this mean City Council still have to approve/confirm the appointment? U-T hasnt said boo about it yet.— June 5, 2009 4:34 p.m.
1971 case of murdered Barbary Coast employee gets hot
It took a student intern to finally turn this case.— June 5, 2009 12:11 p.m.
Waring Up for Housing Commission; Protests Abound
Don, who nominates him for that appointment? I'd like to know who is backing him, besides Sanders. Waring is a hack who will be the developer's lapdog.— June 5, 2009 9:55 a.m.
El Cajon's Plus Money was to pay 2.5 percent a month
If this is real its pretty comical: http://www.helpmesue.com/post/mr-la-madrid/ "They have ran?"— June 4, 2009 4:29 p.m.
El Cajon's Plus Money was to pay 2.5 percent a month
Check of county NOD's shows that he had at least 4 Notices of Default on real estate last year with his residence almost foreclosed in October. So much for the real estate guru, I bet a lot of the investor money went into his home mortgage payments ($1.6MM mortgage debt as of October 2008).— June 4, 2009 4:03 p.m.
El Cajon's Plus Money was to pay 2.5 percent a month
What a bunch of scam artists: http://images.jugglemail.com/users/Thementor88/li…— June 4, 2009 3:31 p.m.