Miami CFO Larry Spring's House Of Disorder

larry spring.jpg
City of Miami
Larry Spring is a money pit.
No wonder the City of Miami's finances are in the crapper. The man in charge of its purse strings, Chief Financial Officer Larry Spring, lost his mother's house in a foreclosure sale last year. If he couldn't keep up with his mortgage payments, how can anyone expect Spring, who receives an annual $230,000 salary and benefits package, to balance the city's books? Already, Spring's revenue projections for the current fiscal year were so off the mark that the city could end up using $8 million in reserve funds to balance the budget, the Miami Herald reported earlier this month.

The CFO, who did not respond to a phone message and an email seeking comment, is also a key figure in a federal probe that the city misled bond investors by shifting restricted funds to plug big budget holes.Maybe Spring was too distracted by his own financial troubles to get a good grasp on the city's money woes.

According to copies of mortgage documents filed with the county clerk of courts, Spring purchased a four-bedroom house at 14421 Polk St. in Richmond Heights from his mother in 2004 for $150,000. Two years later, Spring refinanced the property for $191,250, securing $41,000 in equity. But by 2008, Spring stopped making mortgage payments because note holder Deutsche Bank filed for foreclosure.

He apparently renegotiated the loan, because on September 16, 2008, the lender dropped the foreclosure claim. Yet four months later, the bank again moved to repossess Spring's house. This time he didn't fight it.

Deutsche Bank won a final judgment of $223,000 against Spring on December 24, 2009. Eleven months later, the bank sold the house for $65,000, less than half of what Spring owed.

According to the Straw Buyer, an anonymous blogger who writes about mortgage fraud and was the first to report Spring's foreclosure, claims the CFO "appears to have stripped the home of all its equity then let it fall into foreclosure."

The Straw Buyer informed Riptide that Spring also listed the 14421 Polk St. house as his home on the mortgage application, even though the CFO claims a condo unit at 1111 Brickell Bay Dr. is his primary address.

"Did Mr. Spring ever live in the Polk Street house?" the Straw Buyer asks rhetorically. "If he did not, then that's mortgage fraud."

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12 comments
Tomas Regalado listening?
Tomas Regalado listening?

City of Miami CFO accused of multiple counts of mortgage fraud?

Is anyone investigating?

What happened to Mayor Regalado's Zero Tolerance policy towards corruption?

El_Bananero
El_Bananero

He's not the Chief Financial Officer, he's the Chief Puppet of Regalado. They keep hiring all of Regalado's campaign workers.

Caliz56
Caliz56

why is the local federal district attorney not looking at these potential mortgage fraud cases.are they like fernandez-rundle ?

Taxpayers pay him?
Taxpayers pay him?

Larry Spring is the CFO?Is he being investigated?How does he keep his job?

Bmndrop
Bmndrop

Straw Buyer,Isn't this precisely what Commissioner "Ethics" Sarnoff did with his two properties in the Grove? He and his wife lived in one house and ran an illegal law office out of the other. The problem is that he claimed BOTH houses as his PRIMARY residence. This is as clear cut as it gets as it pertains to mortgage fraud, claiming to live in a second residence in order to secure a much more favorable interest rate. Wouldn't we all like to get a deal like him?

How is it that the state attorney's office hasn't so much lifted a finger on "The most corrupt politician in the history of the city of Miami" ?

... I'm asking you a question Kathy.

CFO as Fraudster?
CFO as Fraudster?

THAT MORON Larry Spring commits mortgage fraud? Refuses to pay his mortgage on a home he claimed as his Homestead on his mortgage application? Mortgage fraud?

The moron can't pay his bills making $245,000 per year?

P_Nis
P_Nis

Who is going to uncover anonymous blogger Al Crespo's identity?!

uuiajssha771
uuiajssha771

The real story here is how a cadre of "anonymous bloggers" have been scooping the regular media on all matters related to the City of Miami. Never has there been such filth and corruption at the city with the Herald and others turning an acquiescent blind eye. Were it not for Al Crespo, Take Back Miami, Investigation Miami, and the Straw Buyer, all of it would go unreported.

P_Nis
P_Nis

Thanks to the straw buyer and the new times for reporting what the mainstream media won't. Shame on the Herald.

nevernot
nevernot

Hey Rundle, You listening to this? Time to do your job, stop persecuting personal vendetta's with fabricated evidence and coerced witnesses and put the real crooks in jail.

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