He's facing foreclosure himself. Something doesn't quite add up, but here's what we know.
According to court papers, Parker, a four-term Democrat representing Brooklyn's 21st Senatorial District, hasn't paid a dime in more than a year toward the $488,000 mortgage he took out in 2006.Let's start at the top. He bought a $610,000 house, putting down just about 20%, leaving a mortgage of $488,000. That's a pretty responsible thing to do, although that is tempered by whatever other costs he may have been carrying at the time and whether he had any other outside income (unreported in the Post article, and for purposes of this post I assume that his only income is that which was reported). One has to wonder what other costs Parker was carrying based on his salary, because he should be able to afford the house especially when he was living with his parents.
The bank, DLJ Mortgage Capital, Inc., is running out of patience.
"You are in danger of losing your home," the ominous foreclosure complaint, filed in November 2008, warns in capital letters on the cover page.
Property records show that Parker bought the one-family, brick row house on Bedford Avenue in December 2006 for $610,000, borrowing $488,000 from New Century Mortgage Corporation.
New Century, which has since folded, unloaded the loan onto DLJ Mortgage Capital, which claims in the lawsuit that it received only its first eight monthly payments of $3,329.20 each.
DLJ waited a little more than a year before beginning the foreclosure action.
It is unclear if the unmarried Parker, 41, who owns portions of two other properties in Brooklyn and Queens along with family members, ever lived in the Bedford Avenue home.
Experts said it's not unusual -- especially in the current down market -- for banks to wait several months before going forward with foreclosure.
"The normal course is anywhere from three to eight or nine months," said lawyer Scott Lanin, who publishes a foreclosure blog.
"Thirteen is possible. Maybe there were attempts by the senator to resolve it, and that could have added to the delay."
Court records show no response from Parker, who earns a $79,500 base salary plus an extra $22,000 for being the Senate majority whip, to contest the proceedings.
The pol has been an advocate of foreclosure relief, sending out a press release last summer announcing his backing of "Operation Protect Your Home," a cooperative effort by government and lenders to try to keep homeowners from losing their properties.
Neighbors on the pleasant, tree-lined block, just steps from Brooklyn College, said a for-sale sign has been in front of the house for at least six months -- and nobody's lived in it during that time.
He also owns interests in several other properties, and it appears that he was speculating in real estate when he found he could no longer afford to carry the house. The public would stand to benefit from learning what other costs he was carrying so that we can see just how irresponsible Parker truly is.
As it is, Parker's foreclosure appears to be the result of overextending himself after speculating in a hot real estate market, and his failure to sell the house for months has added to his problems. The property has likely lost value since he bought it, although I don't think he's underwater because he put 20% down.
No wonder he's pushing for foreclosure relief. He would stand to benefit tremendously from it, despite being a speculator (he doesn't actually live in this house).
UPDATE:
Jammie notes that Parker assaulted a Post photographer trying to take a photo of Parker as he was getting out of his car. Touchy touchy Senator Parker. He better get used to the attention, and particularly photographs - the mug shot variety.
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