NCAA investigating Reggie Bush, Dwayne Jarrett (merged all)

[sandgk]

There are now several reports of this whole thing on the net from CA newspapers, AP, Reuters, ESPN et al.
Some detail more closely Michaels history with the home, purchased for 757,000. Took out a mortgage of 600,000, then another of 150,000, then a third of 60,000 (i.e. now the total of all liens exceeds original purchase price).
This makes surprising to me one thing: No-one is mentioning the tax deliquency. With a 600K lien on 757K purchased he is below the 80% lien threshold, so he would not need an escrow account. However, when he boosted the line to >95% of purchased value with the 150K loan he should have been required to run an escrow account. The only way to overcome such would be to re-value the house and hope that inflation was keeping the new sum of liens below 80% of the upwardly revised value of the property. Same thing when he took out the last 60K loan.
Regardless he is posted on the San Diego Tax Collector site as owing all taxes from the date of purchase through the present day, with penalties for non-payment. That indicates no escrow was established at any time.

Guess Michaels was going to bank on rolling this property back onto the market - perhaps with a "Bush Slept Here" plaque.
That way he could recoup all his liens, the back-taxes and still come out with a wad of cash in pocket.

[smith288]

Originally Posted by buckeye247

I just hope sc goes down hard.

Can I ask why? Jealousy from recent successes? Would you feel this way prior to their current run?

Personally, I hope USC is not at fault here because from the surface, I cant see how they could be...

[martinss01]

Originally Posted by MililaniBuckeye

If you used the search function, would kinds of implications would that carry?

none to my knowledge. not searching on the other hand is fun for everyone except the poor mod who has to move the post and the idiot who didn't perform the search in the first place .

sorry milli, thanks for moving it for me.

[smith288]

Originally Posted by sandgk

There are now several reports of this whole thing on the net from CA newspapers, AP, Reuters, ESPN et al.
Some detail more closely Michaels history with the home, purchased for 757,000. Took out a mortgage of 600,000, then another of 150,000, then a third of 60,000 (i.e. now the total of all liens exceeds original purchase price).
This makes surprising to me one thing: No-one is mentioning the tax deliquency. With a 600K lien on 757K purchased he is below the 80% lien threshold, so he would not need an escrow account. However, when he boosted the line to >95% of purchased value with the 150K loan he should have been required to run an escrow account. The only way to overcome such would be to re-value the house and hope that inflation was keeping the new sum of liens below 80% of the upwardly revised value of the property. Same thing when he took out the last 60K loan.
Regardless he is posted on the San Diego Tax Collector site as owing all taxes from the date of purchase through the present day, with penalties for non-payment. That indicates no escrow was established at any time.

Guess Michaels was going to bank on rolling this property back onto the market - perhaps with a "Bush Slept Here" plaque.
That way he could recoup all his liens, the back-taxes and still come out with a wad of cash in pocket.

Good God...and I have issues just lining things up with a my checkbook. All that zipped right over my head...

[3yardsandacloud]

Wow. Circle the wagons SC fans ... a media [censored]-storm is brewing. It's no F'in fun defending your program from people that don't know the truth, misrepresent the truth or could care less about the truth because it allows them to attack you.

Whatever happens I hope Buckeye fans don't become the same type of rival fans we loathed. I'm sure a few SC fans deserve their "just desert" but the majority don't. In any case, gloating over someone else's misfortunes doesn't eliminate or ease the hardship we were forced to endure. So act like you've been here before ... because you have. It sucked for a long time and I wouldn't wish that craptacular experience on anyone.

[sandgk]

Originally Posted by smith288

Good God...and I have issues just lining things up with a my checkbook. All that zipped right over my head...

LOL

[BB73]

Quotes from Reggie on ESPN today:

"My parents leased this house, just like any normal family would have done."

"The whole thing's being blown out of proportion."

"We've been looking for a house for 2-3 months. I'm looking for a house for my parents to take care of them."

Q from Trey Wingo - Are you concerned that this could affect your eligibilty at USC?

A - "Absolutely not. We've done nothing wrong...there's nothing to hide."

"I don't think they're (the Texans) worried - there's nothing to worry about."