Greenspan's Body Count - W.C. Varones

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4.01.2008

Greenspan's Body Count

Two Body Count updates in one day. The pace is picking up.

Let me introduce Esequiel "Paul" Garcia, a mortgage broker and real estate agent who's just been arrested for the execution-style murder of a business associate:
Garcia, a 1996 Bellarmine graduate and a longtime coach of the school's freshman football team, earned his bachelor's in business administration from San Jose State University in 1999. While working, he went on to earn a master's degree in human resources administration from the University of San Francisco in 2003.

Soon after, Garcia, embarked on his real estate venture and friends say he talked regularly about his success "flipping" houses - buying them, improving them and then selling them for profit.

It was about this time, public records show, that Garcia began taking out big-dollar real estate loans. In the year and a half before his transactions with Achilli, and as the subprime mortgage market began its meltdown, records show Garcia borrowed more than $2.5 million, either pulling out equity from homes he owned or borrowing against equity in property he was buying.

Several of the loans appeared to have adjustable rates, and one transaction, for a $1.45 million home in Discovery Bay, appeared to have been purchased with no cash down at all. It was not known where any of the loans stood Tuesday. Garcia's attorney, Harry A. Robertson, did not return a call and a message seeking comment.

Never mind that Greenspan's bubble was obviously the cause of his mortgage problems. He never would have been in a financial position to have done any business with, or even met, the victim without Greenspan's funny money. Alan Greenspan, this kill's for you.

Greenspan's Body Count now stands at nine:

Mark Achilli
Raed Al-Farah
Andrew Kissel
Rufus Shaw Jr.
Lynn Flint Shaw
Mr. Pierce
Walter Buczynksi
Marci Buczynski
Jason Washington

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