A federal housing discrimination lawsuit alleging an illegal housing scheme in Encinitas has recently widened its scope to include 14 defendants, one of which is controlled by private equity megalith Blackstone Group, according to new court filings.[...]
Victor Spayde, [buyer Kenneth] Reed’s associate at Finance of America’s office in San Diego, was the preferred lender for the Mackinnon property. According to the complaint, Spayde discriminated against a low-income applicant during the qualification process to “enable his co-worker Kenneth Reed, a male investor to purchase the designated affordable home.”
Finance of America Mortgage, a publicly-traded company claiming to have originated over $65 billion in loans since 2017 from a variety of financial products, is owned by Finance of America Equity Capital and controlled by Blackstone Group.
Wednesday, January 26, 2022
Wall Street giant Blackstone Group involved in Encinitas fair housing scandal
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Cue Gonzalez telling us nothing to see here just move along and accusing the press of "bias." This story continues to peel like an onion with actual fact, not the spin he and the mayor traffic in.
ReplyDeletesounds like he protests too much. could there be closer involvement than claimed?
DeleteHe was the lawyer for at least two of the parties named in the group. Everyone has been asking since the start what he knew and when he knew it.
DeleteYep. I think that explains his shoot the messenger posts and nonsensical ravings. All supported of course by Mali Woods-Drake who understands none of this.
DeleteWC could you please update with a link to the article?
ReplyDeleteOops! Thanks!
DeleteMarco is saying online that this story is "clickbait." Talk about kettle calling the pot black! He is always trying to get his name out there...except when he does something really embarrassing and he claims racism.
ReplyDeleteI'm no Marco fan. But "involved" is a stretch (to be kind), "linked to" (Coast News) is a little better, and the story is damning enough without the embellishment of Blackstone. It actually detracts from the fact that the City is complicit in this buddy-buddy game of corporate landlords of well connected insiders. Marco's argument is that the property is deed-restricted for 55 years. True. But it would be deed-restricted whether a qualifying individual owned the property or whether a well-connected LLC owned it. I would imagine that most reasonable people would prefer a qualifying individual got a fair shot at ownership.
ReplyDelete"Embellishment" of Blackstone? Their run a company whose name is on the documents. Given the business they're in this hardly should come as a surprise.
DeleteIf you read Gonzalez he sounds unhinged, deleting at least half dozen of his weird posts. "Involved" may or may not be a stretch. Time will tell. Most people don't wig out if they're not freaking out.
"They" run a company....
DeleteThere don't seem to be too many Marco fans when it is rumored that his own partners are not thrilled with him either. Do you have a theory as to why Marco is fighting so hard as to humiliate himself to defend the CC, staff, developers, and this deal 1:04?
DeleteThe city is the defendant on this lawsuit are absolutely complicit. That's the point of the lawsuit. Blackstone's name makes their behavior even worse!
Deleteyum... gotta like Blackstone's deep pockets.. so to whom will they be writing the Encinitas' taxpayer funded check? Like the $11 MUSD check written to the lady who rode her bike into a truck in the dark. Why is this city so incompetent? It is bourgeoisie Hooterville with politicians with aspirations far beyond their competence. These people are bubble dwellers.
ReplyDeleteIt's just one big club and you ain't in it
ReplyDeleteSOBLOWMEMMKAY?
Zero point zero
Marco you can't stop yerself can you
DeleteGod, you're easy. More screenshot ammo.
DeletePottymouth runs in the family. It's where they go when they don't have good arguments.
Delete