Should San Berdoo cherry pick underwater mortgages?

July 13, 2012

By Wayne Lusvardi

What a ripoff. San Bernardino County wants to use eminent domain to let a private mortgage lender cherry pick “underwater” mortgages without paying damages to the lenders. Doing so supposedly would stimulate the resale market for homes.

The county’s policy would socialize the losses and privatize the gains of the underwater mortgages.  This would be done by acquiring underwater mortgages by eminent domain and re-selling them in the mortgage market for a discount.  Essentially, all taxpayers in the county pay would pay off the difference between the full acquisition price and the re-sell price through a municipal bond. The private mortgage company working for the county would make a fee from each sale.

Phil Angelides Previously Headed Mortgage Company

Mortgage Resolution Partners is the mortgage company selected by San Bernardino County to resell underwater home mortgages.  This company was recently headed by Democrat Phil Angelides, the former state treasurer lost a bid for governor in 2006. Angelides also was the chairman of the national Financial Crisis Inquiry Commission that mainly blamed banks, not government, for the 2007-09 economic crisis.

Angelides was also the co-developer of a residential subdivision called Laguna West in Elk Grove outside of Sacramento. Trulia.com reports there are 24 foreclosures and pre-foreclosures for re-sale in Laguna West today.

I’m no lawyer. But as an eminent domain appraiser for over 20 years, I would find the county’s proposal to condemn only “underwater mortgages” where the homeowner is still making payments as a likely violation of the legal rules for appraising just compensation in California.

The Entire Loan Portfolio Needs to be Valued

The mortgages to be acquired by eminent domain would have to be valued by appraisers for their “Fair Market Value.”  What would be appraised would not be the physical, tangible real estate of each home.  What would be appraised would be the intangible value of the underwater mortgages. An underwater mortgage is where the unpaid portion of the loan on the property exceeds the current open market value of the home.

The loans would have to be acquired for their remaining loan balance in order to make the lenders whole. Mortgage brokers or experts, not real estate appraisers, would subsequently be asked to value the mortgages for re-sale.  The mortgages would be valued not on the basis of the “comparable sales price” of actual homes, but the discount rate paid by mortgage brokers in the mortgage market.

According to securities expert and commercial real estate appraiser Steve Body of Eagle Rock, the discount is likely to be in the 50 to 60 percent range. This discount would have to be paid for by all county property taxpayers through a bond. Only the intangible loan value of the mortgages would be taken, not the physical real estate of each home with an underwater mortgage.

To comply with accepted “before and after” valuation methodology under eminent domain law in California, a condemning agency must retain an independent appraiser to value the “larger parcel” of the property to be taken.

For example, an agency may only want to acquire the farmer’s field. This is what is called a “part taking.”  But what has to be valued is the entire farm, including farm buildings, water wells, water rights, crops in place, chattels, any vertically integrated “ongoing” businesses, etc.

The same rule would likely apply in San Bernardino’s situation.  The “underwater” mortgages are part of a larger portfolio of loans.  Whole loan portfolios are valued in the private sector by discounting the cash flow from loan payments to their present value.  Loan portfolios likely have a mix of loans that are “not performing” (loan payments are in arrears) and loans that are “performing” (owner is current on payments).

As I understand it, what San Bernardino wants to do is cherry pick the best performing loans and leave the lenders with the loans that have been given Notices of Default and are in the process of foreclosure.  In short, they want to cherry pick the top of competitive lenders mortgage portfolios — all in the name of the “public interest.”

As many legal experts have stated, there is likely no doubt that the county has the right to define what is in the “public interest.”  The county can likely establish that it can take mortgages and allow a private lender to make a profit on them by reselling them.  This would be like taking someone’s home and allowing a private developer to upzone the land and make a profit on the higher use of the property for redevelopment.

But the county would have to re-write the Code of Civil Procedure and case law in California if it thinks it just wants to value those mortgages that are underwater and not the entire loan portfolio of the lenders.  This would be a gargantuan task because the county would have to appraise the entire loan portfolio of every lender, not just the 5,000 underwater mortgages it plans to take. We’re talking about countless thousands of loans valued as of a specific date. And the holders of the loans would have to be tracked down and identified, which may be an impossible task.

Severance Damages Also Need to Be Valued

Even if the entire loan portfolio could be valued, any “severance damages” to the remainder of the loans would also have to be appraised. The intent of just compensation is to “make the property owner whole,” not only for the property taken but also for any damages.

To use a farm example again, any damages to the remainder of farmland would have to also be appraised in addition to the value of the land taken.

As commenter Michael Baldridge appropriately wrote in the Wall Street Journal online:

“They want to seize the note. The note is worth what the note says. It’s the underlying collateral that is worth less. If they want to ‘seize’ the mortgage, they’ll have to pay the owner market value of the note, which is whatever is left on the mortgage. The underlying collateral is irrelevant. Using Mortgage Resolution Partner’s logic, the government could seize the note on a new car the second it drove off the lot, and the car is now worth 10% less. Then sell the car back to the owner for a 10% lower price (and lower payments), taking all the future payments while sticking the car dealer with the loss.” 

If the county cherry picked the best loans, then it would have to pay any damages to the remainder of the lender’s loan portfolio.

According to Body, if the county’s action results in leaving a greater proportion of non-performing mortgages in the lender’s loan portfolio, this would likely alter the portfolio to a status of “junk” (B-minus or lower credit rating).  The overall loan-to-value ratio, the percentage of under-performing loans, and the default rate would also have to be considered.

Uneconomic Remnant

If the remainder of a lender’s loan portfolio became unmarketable or worthless due to the county’s actions, the remainder of the portfolio could be deemed an “uneconomic remnant.” 

The term uneconomic remnant means: “a parcel of real property in which the owner is left with an interest after the partial acquisition of the owner’s property”; and which the government agency “has determined has little or no value or utility to the owner.”

In such an event — where the portfolio remainder has no value — the county could be legally compelled to acquire the whole portfolio.

Inverse Condemnation?

There are many other flaws in the notion to use eminent domain to acquire underwater mortgages to re-stimulate the housing market in San Bernardino.  Another of them is that such an effort is likely to impair the market value of properties for sale with no mortgages on them — where the homes are owned “free and clear” of any mortgage.  Bailing out the figurative water from “underwater” mortgages would flood the market with too much of a supply of homes, resulting in a decline in value.  Fire-sale prices would likely result as the pent up demand to sell previously over-mortgaged homes would flood the market and depress prices further.  The value of non-mortgaged homes would likely be dragged down along with the value of previously over-mortgaged homes.

This could give rise to what is called an “inverse condemnation” or “regulatory taking” lawsuit, where the property owner sues the government for a loss in value.

Fatal Flaw in County Proposal

Having to pay “severance damages” could be a fatal flaw that would likely make San Bernardino County’s proposal to acquire “underwater mortgages” economically infeasible and politically unacceptable.

If damages also had to be paid, the private loan reseller for the county would be unlikely to be able to make a profit.  Another option would be to have all property taxpayers in the county additionally pay for any damages to the remainder of the lender’s loan portfolio, as well as the underwater mortgages. Taxpayers might be outraged to have to pay damages as well as having to pay for what constitutes a gift to homeowners with underwater mortgages.

And if any homeowners file an additional lawsuit for “inverse condemnation” damages for impairing the market value and marketability of their homes, this could result in the county having to pay double damages to both the mortgage lender and third-party homeowners who couldn’t sell their homes.

San Bernardino County would be wise to ask the office of Attorney General Kamala Harris to issue a preliminary ruling of whether such a use of eminent domain is legal. And if so, the attorney general’s office should indicate whether the county would have to comply with the State Eminent Domain Code and the State Rule of Appraising Partial Acquisitions of property.

Advice also should be asked of eminent domain legal experts such as Gideon Kanner.

With San Bernardino city just declaring bankruptcy, and even faces a criminal probe, San Bernardino county shouldn’t compound the area’s economic problems.

18 comments

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  1. Wayne Lusvardi
    Wayne Lusvardi 13 July, 2012, 10:42

    The City of San Bernardino has filed for bankruptcy. San Bernardino County is desperate in searching for solutions to a depression that is worse than the 1930’s. The only difference is that there are some safety nets in place such as unemployment, food stamps, and FDIC insurance for banks. Desperate governments do desperate and reckless things. Using eminent domain to get out of a depression in real estate values will only compound the problem while politically connected Carpetbaggers rip off the public. Those who are proposing to buy and resell underwater mortgages in San Bernardino are accustomed to being able to make their own laws to fit their own purposes (subprime loans, low income and affordable housing bonds, etc.). They would have to re-write the entire Eminent Domain Code and get the legislature and governor to go along with it. The public would be outraged at such an abuse, especially right before national elections.

    Reply this comment
  2. Ulysses Uhaul
    Ulysses Uhaul 13 July, 2012, 10:48

    Never going down…..

    Lets talk about Ragwus troughies. We haven’t heard much on Ragwus lately!!!!!!!!!!!!

    Reply this comment
  3. Hondo
    Hondo 13 July, 2012, 12:05

    I refer to Chesterton, that old seer. He said “Its terrible to contemplate how few politicians are hanged”.
    But I refer to an even older seer who remains unnamed. He said “Why does a dog lick his nuts?”.
    Because he can.
    Why do politicians lie and steal?
    Because we let them.
    Hondo……

    Reply this comment
  4. Donkey
    Donkey 14 July, 2012, 07:43

    Wayne, good info!

    Hondo, I have been enlightened with your succinct points. The political “dog,” which the RAGWUS controls, need to be put down. The private sector makers must make a stand against the public sector takers. I am of the belief that it all must come down with a wrecking ball and rebuilt, unless resposible people step forward, pronouncing the truth about the pay, benefits, perks, and pensions of the RAGWUS feeders of the last 15 years and cut all the costs to sustainable levels. State the truth about the Quid Pro Quo RAGWUS machine, that was not about moving the state forward, it was about making hte connected feeders rich at the expense of the taxpayer.

    Take a look at the cost of the RAGWUS members of Fullerton, CA:

    City of Fullerton Total Compensation : 2011

    .

    Classification

    Salary

    Overtime

    Other Pay*

    Pension Costs*

    Insurance Premiums***

    Total Compensation

    .

    CHIEF OF POLICE

    182,864.98

    1,973.28

    73,083.89

    22,384.35

    $280,306.50

    .

    FIRE DIVISION CHIEFOPERATIONS

    138,039.97

    28,730.79

    9,722.98

    56,929.16

    38,394.00

    $271,816.90

    .

    FIRE CHIEF

    174,826.18

    4,252.04

    70,416.84

    2,601.91

    $252,096.97

    .

    FIRE MARSHAL/DIVISION CHIEF

    141,312.34

    3,546.80

    56,269.10

    40,498.23

    $241,626.47

    .

    CHIEF OF POLICE (ACTING)

    147,292.12

    16,733.69

    54,594.33

    19,688.00

    $238,308.14

    .

    POLICE CAPTAIN

    143,021.03

    15,188.76

    60,358.41

    19,191.00

    $237,759.20

    .

    POLICE CAPTAIN

    142,005.67

    15,188.76

    56,255.97

    21,448.87

    $234,899.27

    .

    POLICE SERGEANT

    108,810.37

    28,716.70

    22,268.43

    47,575.45

    20,190.01

    $227,560.96

    .

    CITY MANAGER (ACTING)

    165,517.53

    15,382.48

    30,388.77

    14,519.00

    $225,807.78

    .

    DIRECTOR OF ENGINEERING/MAINTENANCE SERVICES

    161,561.10

    10,084.35

    30,080.27

    19,688.00

    $221,413.72

    .

    FIRE BATTALION CHIEF

    117,771.95

    31,914.29

    9,884.89

    46,269.78

    14,366.55

    $220,207.46

    .

    FIRE BATTALION CHIEF

    103,782.15

    26,433.29

    6,458.38

    43,245.29

    38,394.00

    $218,313.11

    .

    POLICE SERGEANT

    105,087.16

    15,927.13

    28,475.78

    46,915.17

    20,154.59

    $216,559.83

    .

    POLICE SERGEANT

    103,672.47

    24,231.66

    19,746.09

    47,885.48

    20,248.94

    $215,784.64

    .

    DIRECTOR OF COMMUNITY DEVELOPMENT

    153,699.58

    5,824.00

    28,587.44

    27,226.97

    $215,337.99

    .

    POLICE LIEUTENANT

    129,939.15

    10,616.00

    51,753.28

    19,191.00

    $211,499.43

    .

    POLICE SERGEANT

    104,637.89

    28,113.23

    11,614.62

    41,483.30

    20,080.28

    $205,929.32

    .

    POLICE LIEUTENANT

    121,671.03

    10,869.94

    51,867.02

    21,114.95

    $205,522.94

    .

    POLICE SERGEANT

    106,064.49

    2,809.13

    19,899.57

    42,762.94

    33,752.22

    $205,288.35

    .

    DIRECTOR OF ADMINISTRATIVE SERVICES

    157,067.66

    5,824.00

    28,737.84

    11,078.62

    $202,708.12

    .

    FIRE CAPTAIN

    99,442.54

    29,525.75

    14,632.60

    40,199.81

    18,537.21

    $202,337.91

    .

    POLICE SERGEANT

    114,648.94

    2,729.19

    17,973.84

    46,925.26

    18,084.00

    $200,361.23

    .

    FIRE CAPTAIN

    95,093.94

    30,276.08

    16,472.69

    43,878.88

    13,208.00

    $198,929.59

    .

    POLICE LIEUTENANT

    118,725.14

    18,063.97

    51,749.08

    8,453.48

    $196,991.67

    .

    FIRE CAPTAIN

    99,478.27

    26,898.67

    9,267.79

    43,029.27

    17,800.84

    $196,474.84

    .

    POLICE CORPORAL

    89,963.60

    33,180.31

    16,123.53

    36,861.56

    20,127.41

    $196,256.41

    .

    POLICE SERGEANT

    104,509.17

    4,126.11

    19,759.17

    47,155.31

    19,945.73

    $195,495.49

    .

    POLICE SERGEANT

    105,539.88

    6,876.31

    15,949.81

    45,424.43

    19,969.24

    $193,759.67

    .

    POLICE SERGEANT

    105,345.74

    3,008.08

    18,764.03

    48,912.47

    15,944.23

    $191,974.55

    .

    POLICE LIEUTENANT

    105,292.83

    1,110.21

    18,891.69

    46,571.11

    19,191.00

    $191,056.84

    .

    POLICE SERGEANT

    106,127.91

    4,007.80

    17,796.09

    48,882.67

    14,222.00

    $191,036.47

    .

    FIRE CAPTAIN

    95,452.01

    29,468.33

    5,679.20

    41,808.55

    18,348.70

    $190,756.79

    .

    POLICE SERGEANT

    105,667.38

    2,344.76

    20,108.30

    42,763.44

    19,844.75

    $190,728.63

    .

    POLICE SERGEANT

    106,871.91

    1,065.81

    20,513.49

    44,441.66

    17,808.00

    $190,700.87

    .

    FIRE ENGINEER

    81,940.33

    50,611.81

    5,812.17

    32,706.85

    17,840.30

    $188,911.46

    .

    POLICE SERGEANT

    98,864.31

    17,817.91

    12,293.88

    43,927.65

    15,971.15

    $188,874.90

    .

    POLICE LIEUTENANT

    114,155.32

    14,287.08

    49,931.47

    8,712.00

    $187,085.87

    .

    DIRECTOR OF HUMAN RESOURCES

    129,341.67

    11,276.59

    23,669.25

    21,233.52

    $185,521.03

    .

    FIRE CAPTAIN

    90,875.30

    27,078.94

    9,238.19

    40,984.33

    16,455.00

    $184,631.76

    .

    POLICE CORPORAL

    93,692.42

    12,265.62

    16,916.90

    41,204.08

    19,768.71

    $183,847.73

    .

    FIRE CAPTAIN

    91,274.83

    24,455.45

    8,423.04

    40,486.08

    18,255.22

    $182,894.62

    .

    POLICE CORPORAL

    96,726.55

    1,533.50

    22,090.35

    42,688.25

    19,732.11

    $182,770.76

    .

    POLICE SERGEANT

    107,054.95

    163.05

    12,490.03

    41,967.04

    21,093.71

    $182,768.78

    .

    FIRE CAPTAIN

    99,969.69

    22,513.17

    5,144.15

    39,157.66

    15,834.00

    $182,618.67

    .

    POLICE CORPORAL

    88,528.73

    28,163.75

    10,998.40

    34,471.73

    19,959.55

    $182,122.16

    .

    FIRE CAPTAIN

    95,815.88

    24,536.71

    5,792.32

    37,862.76

    17,663.08

    $181,670.75

    .

    FIRE CAPTAIN

    86,476.21

    26,072.98

    12,311.85

    40,124.18

    16,455.00

    $181,440.22

    .

    FIRE CAPTAIN

    94,643.37

    22,569.06

    4,978.91

    40,818.70

    18,226.78

    $181,236.82

    .

    POLICE CORPORAL

    87,078.28

    10,870.32

    21,149.58

    42,732.32

    17,808.00

    $179,638.50

    .

    FIRE ENGINEER

    82,635.92

    36,052.52

    6,990.40

    36,691.44

    16,455.00

    $178,825.28

    .

    FIRE ENGINEER

    82,458.58

    38,720.42

    6,820.47

    32,716.87

    17,689.99

    $178,406.33

    .

    POLICE SERGEANT

    102,935.89

    4,209.95

    17,833.22

    43,540.70

    9,372.19

    $177,891.95

    .

    FIRE ENGINEER

    82,471.70

    37,192.21

    7,562.67

    32,864.49

    17,678.79

    $177,769.86

    .

    FIRE CAPTAIN

    90,179.32

    24,533.82

    12,069.93

    37,400.07

    13,208.00

    $177,391.14

    .

    POLICE CORPORAL

    87,222.49

    11,772.40

    18,434.61

    39,538.80

    19,510.73

    $176,479.03

    .

    POLICE SERGEANT

    102,514.86

    9,244.93

    17,969.36

    44,520.29

    2,060.04

    $176,309.48

    .

    FIRE CAPTAIN

    86,365.64

    28,956.91

    9,215.00

    35,104.78

    16,515.00

    $176,157.33

    .

    POLICE SERGEANT

    103,137.51

    1,509.89

    19,252.92

    43,616.02

    8,385.64

    $175,901.98

    .

    POLICE CORPORAL

    87,071.68

    13,857.78

    18,357.28

    35,818.13

    19,716.68

    $174,821.55

    .

    POLICE CORPORAL

    82,556.29

    6,341.53

    26,062.57

    39,224.65

    19,653.90

    $173,838.94

    .

    POLICE CORPORAL

    105,781.72

    12,818.19

    13,073.55

    33,316.15

    8,498.30

    $173,487.91

    .

    FIRE ENGINEER

    79,035.91

    33,729.32

    7,721.13

    35,581.09

    16,610.04

    $172,677.49

    .

    FIREFIGHTER

    66,328.60

    55,809.28

    6,190.49

    27,017.80

    15,834.00

    $171,180.17

    .

    WATER SYSTEMS MGR/ASSISTANT ENGINEER

    124,383.60

    2,512.80

    22,879.55

    21,034.29

    $170,810.24

    .

    POLICE CORPORAL

    88,396.18

    10,816.34

    13,535.88

    38,159.03

    19,621.86

    $170,529.29

    .

    POLICE CORPORAL

    87,312.29

    8,926.06

    18,444.92

    35,908.09

    19,770.88

    $170,362.24

    .

    POLICE CORPORAL

    87,545.43

    21,176.85

    42,793.78

    18,108.00

    $169,624.06

    .

    POLICE SERGEANT

    97,511.40

    212.04

    19,580.18

    44,928.13

    6,889.01

    $169,120.76

    .

    POLICE CORPORAL

    87,834.14

    13,465.22

    10,128.55

    37,296.41

    19,602.71

    $168,327.03

    .

    FIRE CAPTAIN

    90,318.12

    23,641.08

    10,733.00

    35,827.91

    7,043.00

    $167,563.11

    .

    FIREFIGHTER

    72,247.47

    39,059.24

    5,884.45

    32,279.39

    17,533.28

    $167,003.83

    .

    FIRE ENGINEER

    81,443.57

    29,488.94

    5,771.98

    32,446.68

    17,526.25

    $166,677.42

    .

    LIBRARY DIRECTOR

    124,387.76

    8,336.88

    22,763.77

    10,645.85

    $166,134.26

    .

    POLICE CORPORAL

    87,547.82

    7,729.84

    14,132.16

    36,706.12

    19,694.40

    $165,810.34

    .

    POLICE CORPORAL

    85,218.27

    9,806.61

    15,294.20

    35,602.65

    19,707.58

    $165,629.31

    .

    POLICE OFFICER

    77,109.29

    32,874.34

    3,734.34

    32,001.91

    19,635.89

    $165,355.77

    .

    POLICE CORPORAL

    90,473.91

    602.03

    17,682.66

    41,157.78

    14,969.97

    $164,886.35

    .

    POLICE CORPORAL

    87,903.91

    8,252.21

    14,329.33

    34,511.70

    19,710.06

    $164,707.21

    .

    FIRE CAPTAIN

    91,195.15

    21,851.92

    7,409.28

    40,135.16

    3,153.60

    $163,745.11

    .

    POLICE CORPORAL

    86,253.76

    5,200.02

    16,828.06

    35,989.52

    19,378.05

    $163,649.41

    .

    FIRE CAPTAIN

    90,533.09

    23,221.44

    4,010.42

    38,740.52

    7,043.00

    $163,548.47

    .

    POLICE CORPORAL

    89,419.89

    13,210.57

    13,296.66

    39,403.66

    8,148.97

    $163,479.75

    .

    POLICE CORPORAL

    75,717.45

    6,415.94

    22,966.96

    38,941.78

    19,331.94

    $163,374.07

    .

    POLICE CORPORAL

    87,429.64

    4,181.18

    15,870.92

    35,995.29

    19,576.46

    $163,053.49

    .

    POLICE SERGEANT

    96,196.11

    11,306.18

    12,234.08

    40,892.13

    1,736.13

    $162,364.63

    .

    FIRE CAPTAIN

    87,151.44

    10,256.25

    11,245.91

    35,477.01

    18,030.47

    $162,161.08

    .

    POLICE OFFICER

    81,127.67

    6,595.35

    18,881.56

    35,999.77

    19,532.78

    $162,137.13

    .

    FIREFIGHTER

    66,910.43

    45,484.26

    5,363.97

    26,601.53

    17,371.52

    $161,731.71

    .

    POLICE CORPORAL

    92,537.76

    5,489.76

    10,115.82

    33,919.11

    19,555.03

    $161,617.48

    .

    POLICE CORPORAL

    87,723.61

    5,464.38

    9,673.04

    38,755.64

    19,599.49

    $161,216.16

    .

    FIRE ENGINEER

    73,879.33

    33,624.53

    4,619.44

    31,824.40

    17,226.80

    $161,174.50

    .

    CONSTRUCTION SERVICES MANAGER

    113,452.17

    5,590.09

    21,107.91

    20,919.79

    $161,069.96

    .

    POLICE OFFICER

    81,585.83

    18,081.53

    9,547.50

    31,930.50

    19,691.60

    $160,836.96

    .

    FIRE ENGINEER

    81,953.24

    25,699.47

    4,269.80

    35,234.68

    13,620.88

    $160,778.07

    .

    POLICE CORPORAL

    91,368.12

    224.12

    16,742.31

    37,381.89

    14,849.80

    $160,566.24

    .

    FIRE CAPTAIN

    83,942.77

    23,308.33

    3,824.48

    32,005.81

    17,444.63

    $160,526.02

    .

    FIRE CAPTAIN

    86,497.43

    23,740.64

    12,475.54

    35,162.69

    2,308.32

    $160,184.62

    .

    POLICE CORPORAL

    88,384.56

    85.14

    8,862.90

    33,144.70

    29,670.40

    $160,147.70

    .

    POLICE CORPORAL

    93,928.23

    6,664.03

    12,250.64

    35,220.42

    11,905.16

    $159,968.48

    .

    POLICE OFFICER

    92,624.79

    18,867.61

    4,539.64

    28,819.05

    14,954.48

    $159,805.57

    .

    POLICE CORPORAL

    87,546.36

    10,790.95

    11,956.00

    33,754.99

    15,700.23

    $159,748.53

    .

    POLICE CORPORAL

    87,611.42

    3,916.41

    13,738.06

    34,362.48

    19,513.34

    $159,141.71

    .

    FIRE CAPTAIN

    81,238.51

    23,327.66

    7,338.18

    33,688.92

    13,475.00

    $159,068.27

    .

    POLICE CORPORAL

    88,335.36

    3,803.40

    11,886.68

    35,278.57

    19,616.34

    $158,920.35

    .

    POLICE LIEUTENANT

    121,006.46

    10,176.08

    27,737.11

    $158,919.65

    .

    POLICE OFFICER

    81,062.37

    18,245.45

    9,386.19

    30,538.35

    19,563.04

    $158,795.40

    .

    FIRE ENGINEER

    82,921.00

    32,876.55

    3,460.95

    31,175.98

    8,346.27

    $158,780.75

    .

    FIREFIGHTER

    73,577.04

    35,758.73

    3,152.06

    28,541.63

    17,441.06

    $158,470.52

    .

    FIREFIGHTER

    73,511.35

    36,622.15

    7,167.34

    32,556.27

    8,185.84

    $158,042.95

    .

    POLICE CORPORAL

    87,416.09

    9,816.64

    16,607.42

    28,301.27

    15,751.64

    $157,893.06

    .

    POLICE CORPORAL

    87,953.60

    561.89

    12,123.31

    37,357.06

    19,567.27

    $157,563.13

    .

    FIRE ENGINEER

    74,123.80

    24,642.07

    10,928.18

    31,175.72

    16,515.00

    $157,384.77

    .

    POLICE CORPORAL

    87,866.49

    3,002.15

    9,673.04

    37,322.64

    19,444.84

    $157,309.16

    .

    POLICE CORPORAL

    87,312.75

    20,368.58

    13,676.54

    33,589.17

    1,759.70

    $156,706.74

    .

    POLICE CORPORAL

    83,907.40

    13,837.73

    13,457.19

    37,276.33

    8,201.41

    $156,680.06

    .

    FIRE ENGINEER

    85,330.73

    14,349.48

    6,240.30

    33,768.05

    16,455.00

    $156,143.56

    .

    POLICE OFFICER

    80,126.33

    17,207.17

    6,254.95

    32,774.25

    19,610.03

    $155,972.73

    .

    POLICE OFFICER

    81,624.88

    9,365.92

    10,555.93

    34,277.13

    19,580.44

    $155,404.30

    .

    POLICE OFFICER

    80,211.35

    19,720.32

    8,813.00

    31,403.75

    14,848.80

    $154,997.22

    .

    POLICE OFFICER

    78,144.75

    5,905.37

    14,839.71

    36,471.81

    19,420.86

    $154,782.50

    .

    POLICE CORPORAL

    85,636.30

    4,978.22

    15,956.72

    39,871.10

    8,134.27

    $154,576.61

    .

    POLICE CORPORAL

    87,893.03

    9,954.48

    14,033.37

    33,893.61

    8,090.30

    $153,864.79

    .

    POLICE OFFICER

    80,881.80

    23,547.27

    10,694.66

    30,470.93

    8,137.31

    $153,731.97

    .

    POLICE OFFICER

    77,823.06

    12,376.03

    19,933.64

    35,396.37

    8,185.89

    $153,714.99

    .

    FIRE ENGINEER

    74,081.93

    29,915.94

    985.1

    30,763.40

    17,356.27

    $153,102.64

    .

    POLICE CORPORAL

    87,863.96

    2,790.27

    12,489.47

    33,888.02

    15,596.56

    $152,628.28

    .

    POLICE CORPORAL

    84,502.03

    908.77

    20,517.04

    37,524.43

    9,095.92

    $152,548.19

    .

    FIRE ENGINEER

    73,999.73

    32,306.59

    895

    27,712.09

    17,388.45

    $152,301.86

    .

    POLICE CORPORAL

    87,355.29

    3,817.69

    10,134.93

    35,241.92

    15,569.95

    $152,119.78

    .

    POLICE OFFICER

    81,311.91

    12,976.26

    9,034.54

    33,759.96

    14,891.18

    $151,973.85

    .

    POLICE CORPORAL

    88,928.64

    632.13

    8,208.57

    34,054.19

    19,525.67

    $151,349.20

    .

    FIREFIGHTER

    70,737.08

    29,973.19

    5,074.82

    28,218.21

    17,235.87

    $151,239.17

    .

    POLICE OFFICER

    81,679.64

    11,753.11

    16,224.26

    33,335.38

    8,179.04

    $151,171.43

    .

    POLICE OFFICER

    80,589.60

    5,815.53

    9,862.02

    34,733.63

    19,503.86

    $150,504.64

    .

    POLICE OFFICER

    81,495.97

    7,898.52

    10,255.00

    34,801.50

    15,666.92

    $150,117.91

    .

    POLICE SERGEANT

    108,163.49

    2,019.26

    12,458.57

    27,207.23

    $149,848.55

    .

    POLICE CORPORAL

    84,990.30

    266.53

    8,233.11

    36,961.47

    19,342.61

    $149,794.02

    .

    POLICE CORPORAL

    89,148.62

    280.94

    10,018.43

    37,344.85

    12,926.02

    $149,718.86

    .

    ASSISTANT TO THE CITY MANAGER

    104,049.00

    5,671.25

    19,142.22

    20,782.90

    $149,645.37

    .

    FIREFIGHTER

    70,325.80

    44,534.40

    3,105.29

    29,450.08

    2,003.53

    $149,419.10

    .

    FIREFIGHTER

    59,416.65

    40,396.74

    5,576.09

    26,419.63

    17,362.13

    $149,171.24

    .

    POLICE OFFICER

    83,369.93

    2,758.03

    7,634.92

    35,526.81

    19,346.58

    $148,636.27

    .

    POLICE OFFICER

    79,560.98

    16,956.39

    3,281.89

    29,123.48

    19,434.09

    $148,356.83

    .

    POLICE CORPORAL

    87,648.56

    799.83

    10,431.46

    35,465.46

    13,272.00

    $147,617.31

    .

    POLICE CORPORAL

    87,819.07

    6,390.04

    11,000.38

    34,454.83

    7,903.55

    $147,567.87

    .

    DIRECTOR OF REDEVELOPMENT (ACTING)

    109,052.76

    1,649.88

    20,596.92

    16,125.98

    $147,425.54

    .

    POLICE CORPORAL

    86,797.18

    7,276.13

    15,082.52

    35,849.04

    1,882.76

    $146,887.63

    .

    POLICE OFFICER

    79,692.78

    11,440.03

    3,289.52

    33,029.55

    19,356.11

    $146,807.99

    .

    FIRE CAPTAIN

    78,945.08

    28,906.23

    5,243.48

    30,211.84

    3,046.92

    $146,353.55

    .

    POLICE CORPORAL

    73,087.10

    1,167.44

    24,891.45

    35,286.07

    11,730.63

    $146,162.69

    .

    REVENUE & UTILITY SERVICES MANAGER

    112,384.80

    2,270.40

    20,909.47

    10,379.60

    $145,944.27

    .

    POLICE CORPORAL

    86,881.41

    5,493.38

    8,869.38

    36,457.90

    8,057.03

    $145,759.10

    .

    POLICE OFFICER

    77,114.84

    17,377.02

    10,529.22

    31,993.43

    8,111.79

    $145,126.30

    .

    FIREFIGHTER

    64,762.62

    34,934.73

    2,324.95

    24,468.40

    17,910.33

    $144,401.03

    .

    POLICE OFFICER

    71,387.01

    15,234.24

    10,349.14

    32,531.05

    14,799.05

    $144,300.49

    .

    FIRE CAPTAIN

    86,805.59

    17,987.94

    3,563.27

    32,826.48

    2,978.19

    $144,161.47

    .

    POLICE OFFICER

    81,994.16

    1,268.86

    11,662.95

    33,536.39

    14,769.38

    $143,231.74

    .

    POLICE CORPORAL

    91,548.11

    11,052.45

    10,115.82

    15,222.56

    14,906.35

    $142,845.29

    .

    POLICE OFFICER

    78,361.56

    1,472.90

    11,109.28

    32,305.23

    19,426.64

    $142,675.61

    .

    POLICE OFFICER

    81,670.95

    1,655.74

    16,957.18

    34,245.94

    7,922.15

    $142,451.96

    .

    POLICE CORPORAL

    86,039.36

    8,115.00

    13,199.88

    33,267.42

    1,556.63

    $142,178.29

    .

    POLICE OFFICER

    62,677.08

    6,674.16

    24,126.72

    33,842.27

    14,748.38

    $142,068.61

    .

    FIREFIGHTER

    61,496.83

    25,162.56

    1,661.57

    25,645.23

    27,884.65

    $141,850.84

    .

    FIRE ENGINEER

    67,443.70

    27,166.63

    3,414.84

    29,222.06

    13,754.38

    $141,001.61

    .

    SENIOR CIVIL ENGINEER

    105,878.67

    19,700.68

    15,199.72

    $140,779.07

    .

    POLICE OFFICER

    81,740.99

    8,219.89

    1,283.87

    29,859.76

    19,310.04

    $140,414.55

    .

    POLICE CORPORAL

    54,678.96

    3,407.75

    35,961.40

    30,527.67

    15,464.73

    $140,040.51

    .

    POLICE OFFICER

    79,782.34

    4,227.96

    9,051.90

    32,104.06

    14,742.39

    $139,908.65

    .

    POLICE OFFICER

    76,473.67

    12,523.41

    9,721.12

    33,080.11

    8,020.40

    $139,818.71

    .

    POLICE OFFICER

    73,999.87

    20,281.53

    9,379.22

    28,968.37

    6,812.10

    $139,441.09

    .

    FIRE ENGINEER

    74,039.42

    28,473.13

    4,530.00

    30,830.54

    1,552.11

    $139,425.20

    .

    POLICE OFFICER

    72,811.61

    15,067.43

    11,144.34

    32,455.76

    7,927.87

    $139,407.01

    .

    POLICE CORPORAL

    84,453.26

    2,243.22

    8,869.38

    36,569.85

    6,694.67

    $138,830.38

    .

    POLICE OFFICER

    81,740.58

    6,531.44

    4,141.37

    31,040.39

    14,732.99

    $138,186.77

    .

    POLICE OFFICER

    81,072.61

    4,455.45

    12,030.92

    32,442.87

    8,003.64

    $138,005.49

    .

    BUILDING & CODE ENFORCEMENT MANAGER

    96,011.87

    3,416.90

    17,866.85

    20,639.00

    $137,934.62

    .

    POLICE OFFICER

    77,633.67

    16,224.12

    4,385.56

    31,550.36

    7,892.55

    $137,686.26

    .

    POLICE OFFICER

    78,798.78

    1,201.10

    4,935.32

    33,246.05

    19,339.54

    $137,520.79

    .

    FIRE ENGINEER

    73,754.91

    7,987.65

    7,871.74

    29,939.84

    16,963.43

    $136,517.57

    .

    POLICE CORPORAL

    86,060.48

    4,282.29

    10,886.04

    33,400.84

    1,467.84

    $136,097.49

    .

    POLICE OFFICER

    76,966.90

    8,462.58

    3,235.28

    31,800.28

    15,507.65

    $135,972.69

    .

    POLICE OFFICER

    78,306.45

    3,888.31

    8,052.64

    30,815.54

    14,587.63

    $135,650.57

    .

    INFORMATION SYSTEMS TECHNOLOGY MANAGER

    112,384.80

    400

    20,569.37

    2,286.20

    $135,640.37

    .

    SENIOR CIVIL ENGINEER

    105,269.07

    780

    19,266.99

    10,251.21

    $135,567.27

    .

    FIRE ENGINEER

    72,009.74

    11,738.98

    7,559.84

    29,658.73

    14,531.96

    $135,499.25

    .

    POLICE OFFICER

    79,970.67

    6,970.34

    4,120.62

    29,486.88

    14,713.44

    $135,261.95

    .

    INFORMATION SYSTEMS PROGRAM MANAGER

    96,497.38

    17,905.33

    20,592.32

    $134,995.03

    .

    FIREFIGHTER

    83,970.02

    8,325.44

    6,764.93

    32,511.33

    2,843.40

    $134,415.12

    .

    POLICE OFFICER

    80,551.05

    13,750.01

    6,853.21

    26,432.05

    6,775.73

    $134,362.05

    .

    POLICE OFFICER

    85,338.74

    513.09

    8,737.72

    24,827.24

    14,764.53

    $134,181.32

    .

    DEPUTY DIRECTOR OF MAINTENANCE SERVICES

    93,132.61

    4,047.31

    17,222.66

    19,191.00

    $133,593.58

    .

    POLICE OFFICER

    84,319.51

    2,524.90

    3,922.74

    30,769.27

    11,609.14

    $133,145.56

    .

    POLICE OFFICER

    73,453.59

    19,233.76

    4,464.53

    27,540.67

    7,852.69

    $132,545.24

    .

    POLICE OFFICER

    78,420.10

    2,691.04

    5,542.04

    30,154.40

    14,649.52

    $131,457.10

    .

    POLICE OFFICER

    80,526.33

    4,919.82

    7,858.01

    30,182.67

    7,820.88

    $131,307.71

    .

    FIRE ENGINEER

    75,061.32

    9,561.10

    520

    28,090.21

    17,044.59

    $130,277.22

    .

    WATER SUPERINTENDENT

    105,878.67

    2,600.00

    19,700.68

    1,574.57

    $129,753.92

    .

    DIRECTOR OF PARKS & RECREATION (ACTING)

    88,574.88

    3,701.79

    16,842.26

    20,529.80

    $129,648.73

    .

    FISCAL SERVICES MANAGER

    101,542.83

    17,919.76

    10,160.34

    $129,622.93

    .

    POLICE OFFICER

    84,743.42

    4,390.88

    2,230.02

    29,544.10

    7,913.83

    $128,822.25

    .

    POLICE OFFICER

    76,962.19

    2,988.13

    10,675.22

    30,236.13

    7,903.04

    $128,764.71

    .

    POLICE OFFICER

    82,355.44

    3,434.93

    5,703.65

    29,307.89

    7,915.71

    $128,717.62

    .

    CIVIL ENGINEER

    96,550.99

    145.42

    16,805.29

    14,793.16

    $128,294.86

    .

    FIREFIGHTER

    78,307.85

    2,765.76

    1,020.00

    29,515.45

    16,455.00

    $128,064.06

    .

    MAINTENANCE SERVICES MANAGER

    88,007.09

    3,310.04

    16,113.12

    20,516.74

    $127,946.99

    .

    AIRPORT MANAGER

    104,049.00

    2,600.00

    19,045.80

    2,082.19

    $127,776.99

    .

    ASSOCIATE PLAN CHECK ENGINEER

    91,920.84

    16,000.75

    19,750.82

    $127,672.41

    .

    FIREFIGHTER

    74,833.12

    5,170.37

    5,407.70

    29,350.55

    12,215.45

    $126,977.19

    .

    FIREFIGHTER

    56,737.47

    28,079.83

    5,228.80

    22,750.49

    13,662.69

    $126,459.28

    .

    FIREFIGHTER

    60,205.20

    25,898.49

    790

    25,046.63

    14,200.93

    $126,141.25

    .

    POLICE OFFICER

    73,615.14

    3,415.29

    5,446.38

    28,523.35

    15,117.94

    $126,118.10

    .

    POLICE OFFICER

    71,447.04

    8,324.85

    8,860.87

    30,561.32

    6,594.17

    $125,788.25

    .

    POLICE OFFICER

    72,877.28

    2,414.86

    3,607.64

    27,658.68

    19,131.09

    $125,689.55

    .

    REDEVELOPMENT PROJECT MANAGER II

    88,007.09

    16,379.45

    20,467.79

    $124,854.33

    .

    POLICE OFFICER

    73,721.67

    5,012.48

    6,856.36

    31,387.78

    7,830.08

    $124,808.37

    .

    SEWER SUPERINTENDENT

    88,007.09

    16,113.12

    20,468.74

    $124,588.95

    .

    POLICE OFFICER

    78,426.18

    1,253.55

    11,493.65

    31,563.26

    1,621.99

    $124,358.63

    .

    STREET SUPERINTENDENT

    88,007.09

    4,336.35

    16,113.12

    15,859.04

    $124,315.60

    .

    HOUSING & COMMUNITY REHABILITATION INSPECTOR

    74,941.12

    1,760.20

    14,238.78

    33,307.16

    $124,247.26

    .

    SENIOR PLANNER

    85,674.60

    1,730.80

    15,867.72

    20,459.89

    $123,733. 🙂

    Reply this comment
  5. Donkey
    Donkey 14 July, 2012, 08:28

    Great post Hondo!! 🙂

    Reply this comment
  6. Ulysses Uhaul
    Ulysses Uhaul 14 July, 2012, 10:51

    The SB troughies are too personally challenged to use technical eminent domain to seize interests in foreclosed real property. A bizzare communist fantasy!

    They most likely will harass, bash, use public nuisance ordinances to fine, regulate arbitrarily, condemn, demolish, etc.

    Painful…..and cut local services to wild west era levels….you and your shotgun on your own!

    Reply this comment
  7. BobA in San Diego
    BobA in San Diego 15 July, 2012, 09:31

    “The county’s policy would socialize the losses and privatize the gains…”
    Translation: screw the tax payers for the benefit of big campaign donors. And like idiots we keep voting the same politicians back into office again and again and again.

    San Berdo is just a microcosm of what’s happening all over the state. Given the stupidity of the average uninformed voter, we deserve our fate at the hands of the conniving, self-serving and morally “challenged” politicians we elect to public office.

    Shut up, grease up, bend over and enjoy being “serviced” by your local elected representative.

    Reply this comment
  8. Ulysses Uhaul
    Ulysses Uhaul 15 July, 2012, 11:52

    Yep!

    Assume your positions….your not happy unless you glooming……

    Reply this comment
  9. BobA in San Diego
    BobA in San Diego 15 July, 2012, 16:46

    Mr. Uhaul:

    FWIW:

    The problem as I see it is everyone thinks the politician they elected is great but it’s the other politicians who suck. By that standard all politicians suck. I say it’s high time we throw the baby out with the bath water and get rid of them all. We can’t do any worse.

    BTW:

    I’ll bet anyone that the politicians who got San Berdo into the mess it’s in are still collecting their salaries and their pensions are secure.

    Reply this comment
  10. Ulysses Uhaul
    Ulysses Uhaul 15 July, 2012, 17:50

    Your problem has a fallacy. Too long between elections and name a politican that is effective….part time legislature and strict term limis.

    Reply this comment
  11. Ulysses Uhaul
    Ulysses Uhaul 15 July, 2012, 17:51

    Faith politi ans is madness.

    Reply this comment
  12. BobA in San Diego
    BobA in San Diego 15 July, 2012, 21:20

    Mr. Uhaul:

    I don’t see the fallacy but why quibble over the facts when we both come to same conclusion? As far as being effective, it depends on how you define effective. Politicians are quite effective at wasting tax payers money, passing inane laws, regulating businesses out of existence and kissing ass and doing the bidding of their political puppet masters.

    A part time legislature is a good start if it’s limited to 2-3 months out of the year with the following stipulations:

    a) They are only paid for the time that the legislature is in session
    b) State property can only be used while the legislature is in session
    c) Weekly expense reports are mandatory
    d) State or local government employees who are elected representatives must take an unpaid leave of absence from their jobs while the state legislature is in session.
    e) Elected state legislators are not allowed to accrue and/or receive pension benefits regardless of the length of time they have served.

    Under the above conditions, the charlatans, grifters, hustlers and those who are only there for the pay check will clear out and find a more lucrative way to make a living.

    Reply this comment
  13. Ulysses Uhaul
    Ulysses Uhaul 15 July, 2012, 22:52

    Go for it

    Reply this comment
  14. Rex the Wonder Dog!
    Rex the Wonder Dog! 16 July, 2012, 00:45

    I agree with Bob

    Reply this comment
  15. Rex The Wonder Dog!
    Rex The Wonder Dog! 16 July, 2012, 03:54

    I guarantee you one thing, the COPS ABD FIREWHINERS in SB are going down, they WILL be taking kmajor hits in both pay and benefits.

    The scam days are over.

    Reply this comment
  16. Donkey
    Donkey 16 July, 2012, 06:21

    Yes Rex, the LE & FF RAGWUS members are going to find out that anyone with a GED can fill their position for less, and do just fine sitting in air conditioned cars and buildings all day taliking about what they are going to do in retirement. 🙂

    Reply this comment
  17. BobA in San Diego
    BobA in San Diego 16 July, 2012, 08:06

    I don’t begrudge police and fire fighters their pay but in these tough times they must be reasonable and realistic. Cities can no longer afford their generous, to say the least, pensions and benefits. They should contribute towards their pensions just like everyone else via a 401K plan or something similar. John & Jane Q public are tapped out and can no longer afford to be as generous.

    If local and state governments ran their affairs like a business instead of a a bunch of 10-year olds with a “magic piggy-bank” they wouldn’t be in the dire situations they’re in now.

    Reply this comment
  18. Ted Steele, The Decider
    Ted Steele, The Decider 16 July, 2012, 10:12

    Bob A.— reforms have happened and are all the time! Your point is well taken !

    Reply this comment

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