My Mello Roos got reduced!
- Thread starter Vinster
- Start date
NEW -> Contingent Buyer Assistance Program
It looks like the term was not extended. The new bonds issued to refinance the old bonds mature in 2036.http://www.irvinequickrecords.com/s...11xsk2t1a5ixgyx/1406287208302013090709143.PDF
homer_simpson
Well-known member
Wow thats awesome Vinster!!
Would you mind disclosing which hood?
Would you mind disclosing which hood?
irvinehomeowner
Well-known member
CG had probably one of the highest MRs I've seen... so it's good they are being reduced. Congrats!
homer_simpson
Well-known member
I'm guessing this is going to be across the board for all CG?
nosuchreality
Well-known member
They refinanced, what did they do to the term?
Granted CG is only about 5 years old, but MR's are time bound typically at 30 or 40 years.
Granted CG is only about 5 years old, but MR's are time bound typically at 30 or 40 years.
sgip
Well-known member
Done out of the goodness of their hearts? That's pretty rare. Why else might they have taken this step?
Not to be too "tin-foil hattery" here, but there's prior experience with this in Rancho Santa Margarita. The City renegotiated the Mello Roos with some of the bond holders in the early 1990's (from what I recall) and it turns out the $$$ per month was lower, but the overall cost over time was higher. Bonds that should have paid off right about in 2015 are now paying off in 2020.
The Toll Road refinanced it's bonds as well when the 73 Toll Road was sinking. The new bonds also were a terrible deal since the 241's tolls now have to support the 73 toll road debt.
Nice to have a significant reduction, but at what price? Any details on the "why?" question?
My .02c.
Not to be too "tin-foil hattery" here, but there's prior experience with this in Rancho Santa Margarita. The City renegotiated the Mello Roos with some of the bond holders in the early 1990's (from what I recall) and it turns out the $$$ per month was lower, but the overall cost over time was higher. Bonds that should have paid off right about in 2015 are now paying off in 2020.
The Toll Road refinanced it's bonds as well when the 73 Toll Road was sinking. The new bonds also were a terrible deal since the 241's tolls now have to support the 73 toll road debt.
Nice to have a significant reduction, but at what price? Any details on the "why?" question?
My .02c.
Vinster
New member
nosuchreality said:
It looks like the term was not extended. The new bonds issued to refinance the old bonds mature in 2036.http://www.irvinequickrecords.com/s...11xsk2t1a5ixgyx/1406287208302013090709143.PDF
irvinehomeowner
Well-known member
I believe Woodbury did that several years ago too.
C'mon... it's not just PS9 who likes to refi.
C'mon... it's not just PS9 who likes to refi.
scubasteve
Active member
I also got a letter for WBE regarding a refinance of our MR bond. They have reduced our MR by a whopping $78 down to $2607 for this year.
moonchild508
Member
We live in Portolan Springs and our bill will be reduced $200 annually.