patrick.net

Yes, he is a scum bag

http://www.keithbohr.com/aboutkeith.htm

Keith B. Bohr
Real Estate Broker/Consultant
Huntington Beach resident of 22 Years

"A Successful Small Business Owner Who’ll Be Tight with YOUR Tax Dollars."

"A story of how a politician decided to stop paying his mortgage, which is reasonable. But than ended up suing the bank because he did not receive his bail out."

Hardly reasonable...He has a job.. actually has two jobs.. Govt Gig + RE Agent

“My wife and I bought our home in the spring of 2005 for approx. $2.5m, with a traditional 20% cash downpayment of approximately $500k a traditional loan, not a subprime loan. We also invested in excess of $500,000 remodeling the 15-year-old home."

So whats the problem? Clearly overpaid and believed in his own hype.

"As we all know the recession hit and our home of course has lost approx. 30% from the purchase price and the value is now considerably below the loan amount. In early 2010, I began communications with Wells in an effort to renegotiate a loan modification."

OH! prices only go up forever even in sunny Hunnington Beach... Jez! what a moron!

This story makes me sick and proves my point that politicians are in cahoots with mortgage lenders and bankers, and also how even city leaders who have wives and husbands who are Realtors, were drinking the kool-aid and now find themselves on the wrong end of their own delusional expectations.
If this guy put down 500K on this home, why did he not buy with a fixed rate and what was the interest rate back in 2005? The Adjusted rate mortgages and interest only loans were a gambling device in which it would be beneficial for him to continue the 10 to 15 % yearly value gain and refinance in a few years, and when a few years rolled around, he had the realization that he lost his bet.
And now it's "poor me" I was led into a bad loan...Well join the club there dude, and since we really need "smart" city leaders, be prepared to also get voted out of office in the next term.
What happened here is happening all over California and there will be great pain for ALL to get this sorted out...

People who are in cahoots with each other don’t sue each other, usually.

Unless they are trying to cover their tracks, to throw everyone off track, you know, not take responsibility fot his situation and BLAME someone else, but now...he risks his council job and respect of the community....but it isn't his fault.

He setting a good example for the people to follow in his foot steps. :)

shrekgrinch says

People who are in cahoots with each other don’t sue each other, usually.

Funny enough I've seen that in business way too much. They don't sue each other while both are getting something out of it. Once one side feels they aren't getting their share they start fighting like a pack of hungry dogs.

Human greed at times has no limits.

“My wife and I bought our home in the spring of 2005 for approx. $2.5m, with a traditional 20% cash downpayment of approximately $500k"

People this stupid should be forcibly sterilized.

I'm missing the part in there where he states he's having difficulty making the current payments.....

It's true, if you can afford the home (not delinquent) they probably won't mod you. That's because you don't need one. HAMP is an attempt to keep underwater borrowers who cannot pay, paying something. It's not designed to make things more "fair" for every a$$hole who overbought and is now underwater, or make you feel a little less stupid about making the worst decision of your life.

"Oh, well I just wanted you all to know that I'm justified in strategically defaulting and suing the bank for not subsequently forgiving that, because unlike many of my constituents I never liquidated my equity to buy a boat or take vacations."

There is a reason pain exists in the animal kingdom. It teaches consequence, and cause-effect. Without it, animals do not learn to avoid that which caused the pain in the first place. Trying to put a nice soft pillow down under those who's face is about to smash the pavement is not helping them become better people, nor is it helping enrich our communities. It only seeks to assuage personal guilt, eliminate the immeasurable gains in wisdom that consequence can avail us, and encourage individuals to eschew risk analysis and want-vs-need considerations the next time they seek out some material good which is not of absolute necessity. This is not beneficial for anyone.

(and yes, I understand a home is a necessity. A $2.5M home is not.)