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Oakland Mayor Jean Quan slashing salary 25%
San Francisco Chronicle ^ | 2/9/11 | Phillip Matier, Andrew Ross

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 ...


TOPICS: Culture/Society; Extended News; Government; US: California
KEYWORDS: boardofstupidvisors; cohen; foreclosure; oakland; quan; sanfranciscovalues; yourtaxdollarsatwork

1 posted on 02/09/2011 8:15:10 AM PST by SmithL
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To: SmithL

“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.


2 posted on 02/09/2011 8:18:34 AM PST by all the best
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To: all the best

Gee Homeless in San Francisco she will fit right in with the rest of the bums.


3 posted on 02/09/2011 8:20:32 AM PST by troy McClure
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To: all the best

>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...


4 posted on 02/09/2011 8:20:51 AM PST by max americana
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To: SmithL
a predatory bank loan on the two-bedroom condo she bought with no money down

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.

5 posted on 02/09/2011 8:21:44 AM PST by ClearCase_guy (BO + MB = BOMB -- The One will make sure they get one.)
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To: SmithL

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.


6 posted on 02/09/2011 8:22:38 AM PST by cripplecreek (Remember the River Raisin! (look it up))
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To: troy McClure

Her Salary is $90k per year. It must have been going up her nose.


7 posted on 02/09/2011 8:24:23 AM PST by troy McClure
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To: SmithL
A rare story of a politician giving money back. I have to draw some skepticism about the mayor's motives.
8 posted on 02/09/2011 8:30:43 AM PST by oyez (The difference in genius and stupidity is that genius has limits.)
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To: ClearCase_guy
But I would like to see a definition of a "predatory bank loan"

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.

9 posted on 02/09/2011 8:31:24 AM PST by Darth Reardon (No offense to drunken sailors)
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To: all the best
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.
10 posted on 02/09/2011 8:32:18 AM PST by SmithL
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To: all the best
I would think a city supervisor would have brains to recognize a predatory loan.
11 posted on 02/09/2011 8:32:39 AM PST by oyez (The difference in genius and stupidity is that genius has limits.)
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To: SmithL

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?


12 posted on 02/09/2011 8:34:04 AM PST by RexBeach
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To: SmithL

A community organizer can buy a $500,000.condo with no money down,and be a “victim”?Typically crap from the crap throwers.


13 posted on 02/09/2011 8:34:42 AM PST by peteyd (A dog may bite you in the ass,but it will never stab you in the back.)
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To: RexBeach

how does one get a 500K loan on a 90K income?

especially in SF where 90K is subsistence level.


14 posted on 02/09/2011 8:38:57 AM PST by rahbert
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To: all the best
“She says she was the victim of a predatory bank loan”

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.

15 posted on 02/09/2011 8:40:41 AM PST by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: rahbert

You know the answer to that one, don’t you, Rath? RHIP.


16 posted on 02/09/2011 8:42:00 AM PST by RexBeach
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To: ClearCase_guy

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.


17 posted on 02/09/2011 8:46:08 AM PST by Mr. K (Empty, Stupid Happy Talk is NOT 'Reaganesque'! Palin/Bachman 2012 UNBEATABLE TICKET!)
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To: SmithL

“...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...


18 posted on 02/09/2011 8:47:28 AM PST by Da Coyote
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To: all the best

LOL, true, the woman thinks she has money in the bank because the bank gave her a check book.


19 posted on 02/09/2011 9:10:05 AM PST by org.whodat
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To: SmithL
Community organizing must pay pretty well to afford a 500k condo that you can't afford on a mayors salary.
20 posted on 02/09/2011 9:43:09 AM PST by Roland (The person who provides for you is called parent or master. Which role does the gov fill?)
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To: SmithL

She is from Hunter’s Point (ghetto/gangland) where the 49’ers play in the southwest side of town...it’s where OJ Simpson hails from....

Here are Ms. Cohen’s positions on the issue:

Malia Cohen, District 10, Bayview-Hunters Point - San Francisco Supervisor Candidate Profile
District 10 supervisor candidate Malia Cohen answers questions from The S.F Chronicle. For more candidate profiles: S.F. Supervisors page

2010 Elections
Ballot Measures: Malia Cohen’s positions

B (Retirement and Health Plans) No, I do not support Jeff Adachi’s pension reform plan.

D (Noncitizen Voting in School Board Elections) Yes

G (Muni Reform) I support Muni reform, but do not support this specific initiative.

J (Hotel Tax Increase) Yes

L (Civil Sidewalks) No, the answer to solving San Francisco’s homelessness does not stem from a law that forbids men and women from sitting or lying on sidewalks


21 posted on 02/09/2011 9:52:56 AM PST by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: ClearCase_guy

“She signed the paperwork. She volunteered for the situation.”

The banks saw how much money the states were making on the lottery from people who couldn’t do math so they wanted in on some of the action.


22 posted on 02/09/2011 10:41:42 AM PST by PLMerite (Thanks for fixing the clock.)
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