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Hundreds Trying To Get Money Back from Real Estate Operation
Trust Deed investements-that is an area so full of scams that I almost, not quite but almost, feel no remorse for anyone who invested. NEVER invest in TD's.— March 11, 2008 3:11 p.m.
Dalliances with Hookers Can Get You the Hook from Top Private Sector Job, Too
There is a CEO of a big OC firm recently, forgot which one, but the guy was married and going around the country having affairs off of internet dating sites and telling all these women he would marry them and take care of them forever and so forth. Long story short-he got his fanny sued off for fraud by a few of the women and he was fired. How Sptizer fell down so far and so hard is amazing. I personally feel very strongly (based on Spitzer being a former US Attorney for NY who prosecuted prostitution crimes) that Spitzer should be prosecuted. He should be hauled into court with the full force of US law. I also think his actions involve acts of moral turpitude and are grounds for disbarrment.— March 11, 2008 3:09 p.m.
Blackwater Drops Bid for Training Facility in Potrero
Chalk up a win for the little guy.— March 7, 2008 9:55 p.m.
Longhorned
OK, who can remember when Mesa Oil tried to take over Texaco....Bwahahahahahah!— March 6, 2008 4:24 p.m.
Smart Corner units at 11th and Broadway don't sell too fast
#7. Response to post #6: Sure hope everyone in San Diego has five years of spare liquidity in buckets to ride out the "downturn" until the "boom" returns. ___ _______ You just identified the major problem, no one has the equity in their properties to ride out the bad times, because of the non-existant underwriting standards the lenders were using. 85% of the loans in 2003-2006 were to unqualified buyers with little-IF ANY- money as a down payment. Since the feds allow mortgages to be bundled and then sold on the market as mortgage backed securities there was no incentive for lenders to provide good, quality loans. The lender would wash their hands of the bad loans as soon as the ink was dry-unloading the bad loans on the market and unsuspecting investors. Many of those investors were hedge and equity funds who are now really getting their clock cleaned on them. In the old days saving and loans would make a mortgage/trust deed and then they would keep the loan and service it themselves-so they had good reason/incentive to make sure the borrowers were credit worthy. I have said it before and will say it again, this real estate market was not created by jobs-which virtually every other real estate boom was created by. It was created by low interest rates from 99-2002/3, and from 2002-2006 it was maintained by bad loans, loans with no underwriting criteria to qualify buyers. That is a recipe for disaster. Greenspan deserves much of the blame, and so do bank regulators for allowing the underwriting of the bad loans. Now we have a credit crunch that is causing harm that is 100 times worse than the benefits the bubble created. Time will tell how the story ends.— March 6, 2008 11:47 a.m.
Smart Corner units at 11th and Broadway don't sell too fast
Real estate goes in cycles. We are in a serious downturn, and it will stay that way for 2-3, maybe even 5 years, and then it will boom again. So it is a smart move to rent the units out. Back in the last severe downturn, 90-96, the condos downtown (not many) and commercial space on market dropped like crazy. A good example was the Palladian indoor shopping mall right across the west (bayside) side of Horton Plaza-built for $37 million. Completed in 92 and promptly went BK, was sold by the bank for $7 million dollars in 94. But, if you could hang on and could ride out the bad times you were OK. Example, the owner of the condos right across from the Convention Center (and Market Street-3 story brick facade) had a 50% equity stake in his property, and did not lose it to the bank. He cold not sell them so he rented out the units, and when the market turned 8 years later in 2001 he converted them back to condos- and made a fortune. So, only time will tell.— March 5, 2008 11:04 p.m.
Aguirre To Announce Wednesday That He Will Run for Second Term
I have a hard time seeing Sunroad getting much money, if any, out of their lawsuit. It is obvious that they assumed the risk of tearing part of the building off when the went ahead and built the extra 2 stories- under conflicting circumstances at best. Throw in the millions in legal fees and it is not a wise way to spend their money. They would be better off calling it a day and writing off the loss on their taxes.— March 5, 2008 10:44 p.m.
Former Insurance Commissioner, Now a Cop, Under Investigation Again
I was pretty shocked when I found out the Quack was now a cop. Very weird transition of jobs. The only way I can see someone with his background getting a law enforcement job is thru connections (which is how the vast majority of these better paying gov jobs are filled, a la Jim Duffy here in San Diego). So, it is way too early to determine if his use of force was in line with policy or not.— March 5, 2008 5:57 p.m.
Aguirre To Announce Wednesday That He Will Run for Second Term
As for Johnny V.... Mike, with a spokespeople like him and BBH, you can't go wrong! By sdblogger 12:15 p.m., Mar 4, 2008 > Report it _________________________ Who is this BBH character you speak of?? That name rings a bell or two. PS-who "won" Sunroad??— March 4, 2008 4:58 p.m.
Aguirre To Announce Wednesday That He Will Run for Second Term
I have to laugh, in this mornings UT they have an article on Sanders and his new "plan" to fix the pension system! Wow, talk about a day late and a dollar short! Although I think the plan Sanders laid out is not that bad-it is just too late to have any confidence in the guy. I just do not trust him at this point-and Sunroad is a big part of that mistrust. So, say good bye to Sanders-we already have Mike working on the pension mess-and Mike been working on it for close to 4 years-not the last 24 hours.— March 4, 2008 8:37 a.m.