Skip to comments.Oakland Mayor Jean Quan slashing salary 25%
Posted on 02/09/2011 8:15:06 AM PST by SmithL
Oakland Mayor Jean Quan is voluntarily giving back 25 percent of her $183,397-a-year salary.
Quan will make $137,000 - or about $46,000 a year less than her immediate predecessor, Ron Dellums.
"We are going into some very, very tough times, and I wanted to lead the way," Quan said.
. . .On the home front: San Francisco Supervisor Malia Cohen has joined the ranks of the foreclosed, having lost her $581,178 condo to the bank.
The 33-year-old Cohen was a community organizer and ran a social-media business before her election in November from District 10. She says she was the victim of a predatory bank loan on the two-bedroom condo she bought with no money down in 2006 at 501 Crescent Way just west of Candlestick Park.
(Excerpt) Read more at sfgate.com ...
“She says she was the victim of a predatory bank loan”
Not sure what a “predatory” loan is. If one pursues and accepts a loan that one is not qualifies for, then it is perhaps the borrower who is the predator.
Gee Homeless in San Francisco she will fit right in with the rest of the bums.
>San Francisco Supervisor Malia Cohen has joined the ranks of the foreclosed, having lost her $581,178 condo to the bank.
The 33-year-old Cohen was a community organizer and ran a social-media business before her election in November from District 10. She says she was the victim of a predatory bank loan on the two-bedroom condo she bought with no money down in 2006 at 501 Crescent Way just west of Candlestick Park.<
There we go again with the ‘community organizer’ stuff...
I'm not going to defend the bank. The banks caused a lot of trouble. But I would like to see a definition of a "predatory bank loan". She signed the paperwork. She volunteered for the situation. Now she blames the bank.
A little personal responsibility would go a long way, but "community organizers" aren't big on that.
Seems to me that elected officials shouldn’t get paid at all. Few of them have no other means of support.
The taxpayers should pay for strictly audited expenses and call it good.
Her Salary is $90k per year. It must have been going up her nose.
The bank could steer her to an appraiser that they know will come in high. It could also offer her a loan on terms that would not be in the bank's best interest if they were keeping the loan, while planning on offloading the loan.
I think that most people complaining about "predatory" bank loans are just trying to find someone else to blame, and that ultimately they are responsible for the deal they signed. But I'm sure that the banks did some things they should not have as well.
If one pursues and accepts a loan that one is not qualifies for, then it is perhaps the borrower who is the predator.Of course she was qualified! After all, she was a Community Activist.
Ms. Cohen made 90M a year...and she lost her house?
Well, she may have had an interest only loan, and no money down on the property.
Or...she can’t count.
These community organizers aren’t real good with the old do-re-mi, are they?
A community organizer can buy a $500,000.condo with no money down,and be a “victim”?Typically crap from the crap throwers.
how does one get a 500K loan on a 90K income?
especially in SF where 90K is subsistence level.
She was making dinner one evening, just about to start chopping some fresh Belgian endive, when suddenly one of the envelopes she's just brought in from the mailbox and dumped on the kitchen counter, one of the envelopes jumped out from under the pile, opened itself, and a loan-application form unfolded itself, bared sharp teeth, and forced her to pick up a pen and fill it in. Against her will, she wrote down the limit of her borrowing power, 125% of the equity in her home, which, since that home was located in Oakland, was listed as sixty-two million dollars, even though it's in what some would consider kind of a "transitional neighborhood."
As a California public servant, she was able to handle the payments of $860,000/month for a while, but then the housing market went south and the bank started to bug her to start paying more than just the minimum. Like so many others, she realized "hey, I'm underwater on my home." The rest is history. Next thing she knew, she had joined the ranks of millions of innocent Californians who had been victimized by predatory lending practices.
You know the answer to that one, don’t you, Rath? RHIP.
The BANKS did NOT cause this problem
Barney Frank and Chris Dodd made the laws requiring them to make bad loans.
The banks were NOT doing it, at first- they are not stupid, the are not going to obey a law forcing them to lose money.
But the bomb was created.
Then Andrew Cuomo lit the fuse by bringing a lawsuit against one of them for NOT making bad loans, and won the largest single verdict in history at the time($billions)
Then the banks all knew they were in a lose/lose situation.
So they did what all businesses do- they tried to make money in the environment they were forced to live in.
When the $hit hit the fan, the bailouts were for the payoffs to political friends in order for the banks to not spill the beans on what the government made them do.
So the circle was complete, and the taxpayers foot the bill.
“...The 33-year-old Cohen was a community organizer and ran a social-media business before her election in November from District 10....”
That kind of experience merits about a 99% salary reduction.
She’s an idiot...just like someone else we know....can’t quite remember his name...
LOL, true, the woman thinks she has money in the bank because the bank gave her a check book.
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