[Info-vax] OT. Auction of Maynard's Clock Tower Place

[JF Mezei]

On 15-03-15 17:53, BillPedersen wrote:

> It is doubtful that Saracen paid $64Million for the mortgage.  Wellesley has been behind on their mortgage 

You're right. I had not thought of that.

What is not clear is the machinations behind Saracem getting the deeds
to property.  If it foreclosed, it would send Wellesely into bankruptcy
which doesn't seem to be the case.

But if the mortgage is worth say $30 million, and Saracem offers
Wellesey $30 million + $1, then it to to Welleseley's advantage to sell.

So Saracem pays JP Morgan 30 million for mortgage.
Then it pays Welleseley $30 million to buy property.
Then Wellesely pays back its mortgage to Saracem to the tune of 30 million.

makes sense. SO the real negotiation was between Saracem and JP Morgan
to set the valuye of that non performing mortgage.