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Some Of the Best Investigative Reporting That I’ve Read in a Long Time

By Cyrus Kemp, on April 25th, 2008

Monrovia Sweetheart Deals Final Edition…I Hope.

By Frazgo | April 24, 2008

   Find out what our City Council thinks about telling the truth.  With them the End Does Justify the Means.  I think it proves that there is very little information that comes out of City Hall that even closely resembles the Truth.

April 25th, 2008 |City Hall | Comments are closed

4 comments to Some Of the Best Investigative Reporting That I’ve Read in a Long Time

  • frazgo
    April 25th, 2008 at 5:38 pm

    Thanks for the complimentary headline.

  • Miss Havisham
    April 25th, 2008 at 7:12 pm

    So he buys the house in Monrovia for $785k

    1st He gets conventional financing for $510k (30 year term?)

    2nd He gets loan from the city for $275k (expires 1 year after employment ends)

    If he loses his job, how does he refinance the $275 (assuming it’s an interest only)

    You said, fraz, that if there is a foreclosure, the first loan gets paid off and the second is maybe just SOL. But what if he keeps paying on the 1st and defaults on the 2nd? The what happens? How does the city recoup? Sue?

  • Miss Havisham
    April 25th, 2008 at 7:14 pm

    PS. I could be wrong on these exact figures. The story has been a little fragmented. Plus I don’t read good. (hiccup)

  • frazgo
    April 26th, 2008 at 9:16 am

    In your scenario Ms H if he defaults only on the 2nd, the second is kind of stuck as foreclosing on a current 1st has difficulties. What happens is that the first still remains in a position to be made whole first, then the redsiduals of the sale go to satisfy the 2nd.

    In a downward trending market the second tends to be left holding the back. Not that I think the scenario will play out that way, but that is what would happen.