In the rough economic times we’re in, it’s always heartwarming when you see the story of an NFL player and a pastor joining forces to rip off a bunch of people facing foreclosure.
(should we be encouraged that NFL crimes are getting more cerebral?)
That’s what Ravens cornerback Anwar Phillips is accused of doing. The former Penn State star and the as-yet unidentified pastor were allegedly telling homeowners in the San Diego area that they could avoid foreclosure by letting them put someone else on the title temporarily. But instead of helping out, they were just interested in gaining ownership of the house so they could take out a new mortgage and cash out the equity.
The whole plot’s a bit confusing (to me, anyway) and some red flags should have been showing up for the scammed homeowners, but it goes to show how desperate people can be to get out of financial trouble these days.
It turns out that George Brett’s not the only athlete to have his self-named eatery suddently bite the dust.
The HARTFORD COURANT chows down news that Vin Baker’s Connecticut restaurant has been closed down. TD Banknorth, the bank that financed Vinnie’s Saybrook Fish House, says they’re owed almost $1 million in unpaid loans from the former NBA star.
David Collins of the NEW LONDON (CT) DAY believes that Baker’s business going belly-up was brought about by booze. Read more…
The ASSOCIATED PRESS gets all choked up on the failing financial fortunes of Latrell Sprewell. The ex-NBA player recently had his house foreclosed on and his yacht auctioned off.
Citizens Bank has foreclosed on the $405,000 suburban Milwaukee home, claiming that Sprewell still owes almost $300,000 on the house, and that he hasn’t made any mortgage payments since September 2007. Meanwhile, Spree’s 70-foot sloop, the “Milwaukee’s Best”, was sold off for $856,000 - still about $500,000 short of what North Fork Bank says is owed to them.