Philadelphia Housing Authority chief Carl Greene facing foreclosure (got $127M stimulus)

Philadelphia Inquirer ^ | Fri, Aug. 13, 2010 | Jennifer Lin , Inquirer Staff Writer

[Liz]

The mortgage foreclosure crisis has claimed an unlikely victim: Carl R. Greene, executive director of the Philadelphia Housing Authority (PHA). Wells Fargo Bank has foreclosed on Greene's $615,035 condominium in the upscale Naval Square development in the city's Schuylkill section. In a lawsuit filed July 27, Wells Fargo said the amount in dispute was $386,685.22.

Greene, 53, runs the nation's fourth-largest public housing agency and is one of the highest-paid public officials in the city. His salary is $306,370, and last year he got a $44,188 bonus. Kirk Dorn, a spokesman for Greene, confirmed Thursday that the housing chief was "involved in a dispute with his mortgage company." "It's unfortunate that the dispute is now public, but he plans to deal with the matter in private," Dorn said. Dorn added that Greene "knows people will find it hard to understand how he could be involved in a possible foreclosure proceeding on his home, but he would prefer not to say more about it at this time."

Greene bought his three-bedroom, 2,100-square-foot condo in 2007. Wells Fargo is not seeking to evict him. Like any other Philadelphia homeowner threatened with losing a house, Greene will have to participate in the city's mortgage-foreclosure program. He is scheduled to appear Sept. 16 in the courtroom of Judge Annette Rizzo. PHA, a state authority, is funded mostly by the U.S. Department of Housing and Urban Development and is responsible for providing housing for Philadelphia's poor. It maintains rowhouses and apartments for low-income residents and develops affordable housing for purchase. Greene took over PHA in 1998, after serving as executive director of the Detroit Housing Commission. He also worked for housing authorities in Atlanta and Washington. Under Greene, PHA has aggressively eliminated outdated public-housing projects that concentrated families in fortresslike structures. Instead, the agency has developed low-rise communities with a mix of rental units and affordable homes for purchase. The developments often helped transform neighborhoods, such as the Hawthorne section of South Philadelphia.

Greene has drawn praise for his results in building housing and reviving neighborhoods and criticism for his sometimes combative, forceful style. During the administration of President George W. Bush, Greene sued HUD and accused the agency of punishing PHA for not giving land to the politically connected Philadelphia music producer and developer Kenny Gamble. The case was resolved out of court.

With the Obama administration, Greene has drawn attention and accolades from HUD for quickly putting to use economic-recovery money. In the last two years, PHA has received an additional $127 million in stimulus money that Greene has used to build or renovate 1,200 housing units.

[Liz]

Can this Bozo prove where he spent $127M stimulus? Not to mention the millions PHA got from HUD. Maybe his nose knows (/snix)?

Greene's $306,370 salary (last year he got a $44,188 bonus) comes from taxpayer who are supposed to believe high salaries pare meant to attract and keep "major talent." These "major talents in govt jobs" are getting paid by taxpayers who constantly struggle. There are too many people making a fat living in government. How many people on Greene's staff are getting big bucks?

Carl R. Greene's salary as executive director of the Philadelphia Housing Authority is $306,370 a year (last year he got a $44,188 bonus).

Based on his income and probable mortgage payment he has a +/- 14% front end debt-to-income ratio. Most people have a 30-40% DTI. And this loser gets foreclosed on? This guys runs PHA and can't even manage to run his own finances properly? Talk about having unqualified people in positions of power.

How did that "stimulus" money help out the economy? Spending $165,000 tax dollars per unit to build and then selling said units for between $30,000 and $60,000 isn't a stroke of genius. It borders on the absurd. $127 million basically went into the toilet.

[cranked]

They tell me KARMA is a mofo..... =.=

[Lurker]

Greene took over PHA in 1998, after serving as executive director of the Detroit Housing Commission.

Well that program is such a stunning success it's no wonder he gets the big bucks in PA.

[Ann Archy]

OMG he’s BLACK!! I’m SHOCKED!!

[Ann Archy]

$306,000.00 SALARY and a $44,000.00 BONUS to GIVE OUT OUR MONEY TO OTHER PEOPLE???? OMG!! ENOUGH!!!

[Liz]

CNBC's outspoken Rick Santelli opined: Obama's so-called stimulus spending went to govt payrolls---and not infrastructure improvement---Obama and the Congress lied when they sold the plan to taxpayers.

The $700B TARP Bailout is now being called, "A MASTERFUL DECEIT." In HR 1424, there are enough rules, regs and CONGRESSIONAL OVERSIGHT REQUIRED that not one Thin Dime should have been misspent.

The fact is Congress flagrantly violated the law by throwing tax dollars around like it was popcoon....to people that had connections. Congress screwed-over the taxpayers. They should be charged with several felonies.

TITLE I—TROUBLED ASSETS RELIEF PROGRAM (required 'Congressional Oversight' sections listed)
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 111. Executive compensation and corporate governance.
Sec. 116. Oversight and audits.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 125. Congressional Oversight Panel.
Sec. 127. Cooperation with the FBI.
Sec. 129. Disclosures on exercise of loan authority.

====================================

FBI TIP PAGE http://tips.fbi.gov/ (you may remain anonymous)

[Ann Archy]

His salary is TOTALLY ENOUGH to COVER HIS MORTGAGE!! WTH is going on?

[Liz]

Greene took over PHA in 1998, after serving as executive director of the Detroit Housing Commission that was such a stunning success it's no wonder he gets big bucks in PA.

Beautiful downtown Detroit........Former Detroit Mayor Kwame Fitzpatrick's home.

[cranked]

He may be participating in that going mortage trend: underwater home owners purposely defaulting....if true, criminal if you ask me.

[End Times Sentinel]

Instead, the agency has developed low-rise communities with a mix of rental units and affordable homes for purchase. The developments often helped transform neighborhoods, such as the Hawthorne section of South Philadelphia.

Spending $165,000 tax dollars per unit to build and then selling said units for between $30,000 and $60,000 isn't a stroke of genius. It borders on the absurd.

Being a long time resident of the Greater Hawthorn Area, I had a first hand look at the redevelopment.

And yes, it has come a long way, but your point is spot on: At what cost? These "homes for low income people" likely cost more than your 165,000 figure (I believe I'd read that it was about $280,000).

Why do low income people need central air, washers, dryers, driveways and garages???

As soon as the houses hit the market, they were snapped up by anyone connected with the criminal enterprise known as City Hall and flipped.

Great use of our tax dollars, but as long as we have one party rule, it's business as usual.

[Liz]

Greenes' govt salary is more than enought to cover his mtge......WTH is going on?

Ask his nose (/snix).

[Liz]

Being a long time resident, I had a first hand look at the PHA redevelopment.These "homes for low income people" likely cost more than the $165,000 figure (more like $280,000). As soon as the houses hit the market, they were snapped up by anyone connected with the criminal enterprise known as Philadelphia City Hall and flipped. Great use of our tax dollars, but as long as we have one party rule, it's business as usual.

Thanks for the realtime report. Nice addition to the thread.

[Ouderkirk]

can't even manage to run his own finances properly? Talk about having unqualified people in positions of power.

Nope, not that at all. By being foreclosed upon, he does not get evicted, gets to keep his missed mortgage payments in his pocket, and will get a mortgage modification to a lower interest rate and the arrears forgiven. He's gaming the system.

[Liz]

Greene may be participating in that going mortage trend: underwater home owners...... purposely defaulting....

L/E should take a look at his tax returns---particulary what he claims for "interest income." Keep in mind, stolen money is taxable.

IRS TOLL-FREE 1-800-829-0433 (you may remain anonymous when reporting tax fraud)

===================================

POSSIBLE CHARGES Official acts prohibited, misuse of Congressional funds, abuse of public office, violating oath of office, misuse of government position, abuse of government power; conflict of interest; influence buying; conspiracy to deceive; misuse of elective office, collusion, conspiracy to collude.

All official campaign finance records filed with the FEC, and state election commission, should be scrutinized for possible violations. Determine if Greene made contributions that are legit and whether Greene illegally used campaign funds, and/or made contributions to influence Congressional votes.

Greene may have colluded to give something of value, a govt gratuity, a job, etc, in exchange for getting govt monies.

[oldironsides]

Camden NJ is moving on with a housing project by the government. Years ago they ripped down a group of homes that were in a bad neighborhood. Drugs and crime ran wild there. They announced yesterday on the news the place will be rebuilt with money from the government. It will cost $350,000 a home and the home will be “green”. Can you believe they are placing homes that cost that much in a bad neighborhood? The builder will get how much? How will they get a mortgage for that much? The government is being run by crazy people

[Liz]

By being foreclosed upon, Greene does not get evicted, gets to keep his missed mortgage payments in his pocket, and will get a mortgage modification to a lower interest rate and the arrears forgiven. He's gaming the system.

Nice take. But he has to meet some criteria.

L/E should take a look at his tax returns---particulary what he claims for "interest income." Keep in mind, stolen money is taxable.

IRS TOLL-FREE 1-800-829-0433 (you may remain anonymous when reporting tax fraud)

[moovova]

Quick math tells me...

Sales price:............$600,000
5% Down:..............-$30,000 (more like Zero down...)
Loan principle:......$570,000

6% mort rate

P/I payment:...........$3,417
Taxes:.....................$1,000
Insurance:..................$300
SUB-TOTAL:.........$4,717
plus HOA dues:.........$500
TOTAL:..................$5,217

Let’s just round that up to $6000 a month just to be sure I didn’t underestimate anything.

Annual salary $360,000 divided by 12 for gross monthly salary of...$30,000!!!

Someone with a gross monthly salary of $30,000 can’t make a $6,000 house payment?

What’s wrong with this picture?

[CTOCS]

See Post #6

“throwing tax dollars around like it was popcoon....”

Hey, Liz. You sure this is a typo? Maybe a Freudian Slip?

[longtermmemmory]

You have to make the bribe payments to repay those who put you in the job....or else.

(/s)

[Liz]

Oops-—should be popcorn.