Posted on 08/13/2010 6:32:58 PM PDT by NormsRevenge
PHILADELPHIA – A bank has foreclosed on a $615,000 condominium owned by the head of the Philadelphia Housing Authority, who earned $350,000 last year leading the nation's fourth-largest public-housing agency.
Carl R. Greene, PHA's executive director, bought the three-bedroom, 2,100-square-foot condo in the upscale Naval Square development in 2007. He put down $215,000 in cash and took out a $400,000 mortgage, city records show.
Greene, 53, stopped making payments on or around April 1, ..
(Excerpt) Read more at news.yahoo.com ...
distant cousin of Alvin?
Jingle mail has little to do with ability to service a mortgage. Once people feel that their payments vastly exceed their homes value, they will mail in the keys. Very few people would service a $400,000 debt on a condo now worth maybe $280,000?
For that matter, who says he is going to default? Maybe he has been tipped off to Obama’s plan to forgive delinquent loans and he is becoming delinquent to get his Obama money.
Once you stop living by the golden rule, stop living a moral life, embrace greed and opportunism, it is all bets are off. After all, “everybody does it.”
And some people wonder why our society is racing to hell.
The real story is a gubmint hack making 350k per.
Sounds like the strategic default technique to try to negotiate better terms.
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