How many times can I say it, Why doesn't the Globe tell the WHOLE story instead of trying to hide or "overlook" the parts they find inconvenient? Today's "Stupid Boston Globe Trick" involves the article by Boston Globe correspondent Christina Pazzanese titled "Neighbors are tired of boarded-up eyesore"
Where to start. Let's see, John J. Casciano, Jr. buys the home at 15 Maynard Street for $76,000 on 07/08/1996 (Suffolk Registry Book 20700 Page 144) but, because of the ill fated attempts to "democratize" home ownership (which the Boston Globe regularly praised on their editorial pages) he's helped to finance the property with an "affordable" soft-second mortgage product. A first mortgage to Boston Safe and Deposit and Trust for $57,000 (now part of Bank of America) and a "soft second", also to Boston Safe, for $15,200 and a grant (in the form of a 3rd mortgage) to the Massachusetts Housing Partnership.
You fine folks on Maynard Street can thank the Commonwealth for what your ex-neighbor bequeathed to you. But how come the Globe doesn't tell when programs they've long championed go wrong? Maybe that would require telling the truth!
If you want to put a face on the "Great Recession", it's 15 Maynard Street.
PS: There is one additional twist in this tale of woe but is less certain than above so I'll add it as this post script. You see, Mr. Casciano refinanced his home with a $140,000 first mortgage to Fleet Bank on 06/21/2005 and his original first and "soft second" were paid off and discharged. There are no liens or blemishes on the title to the property until Bank of America initiates foreclosure on 09/24/2008 (Book 44063 Page 054). Now, this DOES NOT mean he paid his bills on time. A bank in Massachusetts doesn't initiate foreclosure until the borrower is at least 90 days late. BUT, if Mr. Casciano made the original mortgage payments on time, the "mortgages for everyone" do-gooders would be able to claim this debacle as a success and evidence of why these loans should continue to be written. They don't care if the house is subsequently foreclosed because of later mortgages, if the original mortgages were paid on time .... it's a success. So Roslindale ... Stop complaining!!! Mr. Casciano's purchase of the home WAS A SUCCESS!!!! Can't you reproachable neighbors see that? In fact, we should write more mortgages like his!!!
You KNEW the Globe would never tell you this, didn't you.
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