Tuesday, June 16, 2009

Sam Adams defaults on 'investment' properties

From the Oregonian:

Embattled Portland Mayor Sam Adams is facing foreclosure on two houses he owns in North Portland but says he is catching up on his payments.

Hyperion Capital Group filed a notice of default on Adams' residence in Kenton. The mayor still owes $134,000, and according to the notice, has failed to make monthly payments of $1,023 since February. An auction has been scheduled for Oct. 16 at the Multnomah County Courthouse.

Hyperion also filed a notice of default on the house next door. Adams owes $122,393 on that loan and stopped making monthly payments of $959 in February.

County records show that Wells Fargo Bank may have purchased the loans.

"I am behind," Adams acknowledged Tuesday. He earns $118,144 a year as mayor.

"I've had to pay significant upfront legal fees, and now I'm getting caught up on my mortgage payments," he said. "That's all I'm going to say. This is a private issue."

Adams is under state criminal investigation after admitting that he lied in the run-up to the 2008 mayoral race about a 2005 sexual relationship he had with an 18-year-old legislative intern.

Everything is a private issue for Sam. A quick check of Portland Maps confirms Adams as the owner. It is also important to point out that Sam filed personal bankruptcy in the late 80's.

Only two weeks until the recall efforts begin.