Thanks for your overall excellent report. Especially the follow-up on the Wulf financial saga. Stay on it, the devil will be in the details. Who ever is providing the refinancing will be very telling and interesting. They can't keep it a secret unless it is unsecured. If they put a mortgage on his property it will be filed in the county where the land is situated. Then it will be public information and no amount of dancing around in circles by spokesmen will be able to hide the fact.
A "bridge loan" is a short term loan while the borrower secures another long term loan to replace the loan that is past due and as in this case in foreclosure. If the lender, be it an individual or institution, feels comfortable being unsecured that is certainly possible. I can't imagine an institution would agree to be unsecured. When the longterm replacement loan is obtained, assuming it is from an institution , it would be secured. From 46 yeas of experience , the fact that the lender felt it was necessary to begin foreclosure proceedings while the borrower went through the refinancing process would indicate the borrower was probably not communicative and cooperative. Not good characteristics for a public official. It would be interesting to know the full story on how he got into this position. I've been involved in several of these deals and I can guarantee you it ain't pretty.
In the petition for foreclosure, the bank (WCF Financial) asked for a receiver to be appointed, noting (among other things) "Defendants' silence and lack of communication with WCF and its counsel for an extended period of time before the filing of this action" and "Defendants' failure to deliver current financial information"
Thank you for the information. I don't know about his finances (about a million in debt I guess) but he could win the election and get a 140k a year job. Is the what the bridge is leading to? A 4 year 140k job could clear up some of this mess with or without corruption. I can't imagine getting good terms on the refinancing but this seems like a all hat no hogs situation.
I don't think that is the solution to his problem. The foreclosure probably carries a 7% rate (maybe as high as 10%) that is $65,000/yr. His salary is $140,000 BEFORE taxes. What's left won't pay the debt+int over 4 years. 15 minutes with his last 3 yrs of fed tax returns and financial statements would tell the public what they deserve to know. Watch the recordings in the counties involved, the story will come out. You don't get sued for $936,505 without a story involved. Good observation on the refi terms. Maybe that is why it is taking so long.
Well his wife works so the income is probably closer 200k. Again, I don't know if that would solve things but it is a lifeline. Interesting story, and it could be illumanitating on the larger farm economy but I don't know if we will ever get to the bottom of it.
Thanks Laura, I gave a raise to the lt. Governor based a law that did not pass. I was also assuming his operations were close to breaking even but that may not be warranted either.
" edged out Bernie Sanders in the 2020 delegate count..."" which is true and accurate.. I've just seen lately Budijudge sp. Referred to as the winner of the Iowa caucuses.....
Which is both true and not true if you know what I mean .....
I'm not a fan of how the democratic caucuses worked....and if Pete Budijudge is the 2028 nomine I'll be disappointed...he covered up city racism as mayor...which is a big deal to me living in the worst most intentionally racist city government in the USA....
He was a war profiteer in Afghanistan...was Sec of Transportation.....Dept of Transportation....pushing climate change airports and airlines....but even if I supported him it's not fair that he is viewed as having won Iowa....
Most readers outside Iowa and maybe inside Iowa don't realize that Bernie Sanders won both the 2016 and 2020 Iowa caucuses. ....just one of many ways that the democratic party prevented Bernie Sanders from being the democratic presidential candidate....
Most people don't understand how the Iowa caucuses worked...
You weren't wrong but I assume Pete Budijudge is running for president...and unfairly described as the winner of the 2020 caucas when by normal counting he lost....
Small point. It's not fair to refer to Pete Budijudge sp. ....beating Bernie Sanders....in the ridiculous Iowa caucuses...
The democrats should release the 2016 and 2020 actual votes...especially for the first round....
While some Iowa reporters know that Bernie Sanders almost certainly won the actual popular vote in both 2016 and 2020.....
the bizarre rules of the iowa caucuses allowed opponents of Bernie Sanders to "realign" in subsequent voting rounds to deny the person with the most votes the win....
The overarching message I get from the campaigning strategies here in Iowa is openness and addressing issues on the Democratic side and keeping things secret on the Republican side.
Covering the Republican Party’s candidates appears to be like watching ants defend their queen. They mostly stay hidden until disruptions occur, then race around in confusion until the queen (in this instance the truth) can be sufficiently covered up. A question Laura, are you the only investigative reporter on the banned book..I mean banned journalist list? And, do their staffers pass around a picture to identify you? Real Keystone Cops stuff, or do they have ICE agent training? I suppose it’s pretty much the same thing without weapons or warrants.
Thanks for your overall excellent report. Especially the follow-up on the Wulf financial saga. Stay on it, the devil will be in the details. Who ever is providing the refinancing will be very telling and interesting. They can't keep it a secret unless it is unsecured. If they put a mortgage on his property it will be filed in the county where the land is situated. Then it will be public information and no amount of dancing around in circles by spokesmen will be able to hide the fact.
If some deep-pocketed individual put up the money, would that be unsecured? I don't know how bridge financing normally works.
A "bridge loan" is a short term loan while the borrower secures another long term loan to replace the loan that is past due and as in this case in foreclosure. If the lender, be it an individual or institution, feels comfortable being unsecured that is certainly possible. I can't imagine an institution would agree to be unsecured. When the longterm replacement loan is obtained, assuming it is from an institution , it would be secured. From 46 yeas of experience , the fact that the lender felt it was necessary to begin foreclosure proceedings while the borrower went through the refinancing process would indicate the borrower was probably not communicative and cooperative. Not good characteristics for a public official. It would be interesting to know the full story on how he got into this position. I've been involved in several of these deals and I can guarantee you it ain't pretty.
In the petition for foreclosure, the bank (WCF Financial) asked for a receiver to be appointed, noting (among other things) "Defendants' silence and lack of communication with WCF and its counsel for an extended period of time before the filing of this action" and "Defendants' failure to deliver current financial information"
https://www.bleedingheartland.com/static/media/2026/06/2026.05.12-Petition-for-Foreclosure-WCF-v.-Wulf-et-al.FINAL_.pdf-Signed-Notarized.pdf
Thank you for the information. I don't know about his finances (about a million in debt I guess) but he could win the election and get a 140k a year job. Is the what the bridge is leading to? A 4 year 140k job could clear up some of this mess with or without corruption. I can't imagine getting good terms on the refinancing but this seems like a all hat no hogs situation.
I don't think that is the solution to his problem. The foreclosure probably carries a 7% rate (maybe as high as 10%) that is $65,000/yr. His salary is $140,000 BEFORE taxes. What's left won't pay the debt+int over 4 years. 15 minutes with his last 3 yrs of fed tax returns and financial statements would tell the public what they deserve to know. Watch the recordings in the counties involved, the story will come out. You don't get sued for $936,505 without a story involved. Good observation on the refi terms. Maybe that is why it is taking so long.
Well his wife works so the income is probably closer 200k. Again, I don't know if that would solve things but it is a lifeline. Interesting story, and it could be illumanitating on the larger farm economy but I don't know if we will ever get to the bottom of it.
The lieutenant governor's salary is fixed at $103,212. The governor's salary is $130,000 a year.
Thanks Laura, I gave a raise to the lt. Governor based a law that did not pass. I was also assuming his operations were close to breaking even but that may not be warranted either.
Thanks so much for your valiant effort to cover the water front coming our way this July in Iowa!
" edged out Bernie Sanders in the 2020 delegate count..."" which is true and accurate.. I've just seen lately Budijudge sp. Referred to as the winner of the Iowa caucuses.....
Which is both true and not true if you know what I mean .....
I'm not a fan of how the democratic caucuses worked....and if Pete Budijudge is the 2028 nomine I'll be disappointed...he covered up city racism as mayor...which is a big deal to me living in the worst most intentionally racist city government in the USA....
He was a war profiteer in Afghanistan...was Sec of Transportation.....Dept of Transportation....pushing climate change airports and airlines....but even if I supported him it's not fair that he is viewed as having won Iowa....
Most readers outside Iowa and maybe inside Iowa don't realize that Bernie Sanders won both the 2016 and 2020 Iowa caucuses. ....just one of many ways that the democratic party prevented Bernie Sanders from being the democratic presidential candidate....
Most people don't understand how the Iowa caucuses worked...
You weren't wrong but I assume Pete Budijudge is running for president...and unfairly described as the winner of the 2020 caucas when by normal counting he lost....
Small point. It's not fair to refer to Pete Budijudge sp. ....beating Bernie Sanders....in the ridiculous Iowa caucuses...
The democrats should release the 2016 and 2020 actual votes...especially for the first round....
While some Iowa reporters know that Bernie Sanders almost certainly won the actual popular vote in both 2016 and 2020.....
the bizarre rules of the iowa caucuses allowed opponents of Bernie Sanders to "realign" in subsequent voting rounds to deny the person with the most votes the win....
Iowa should immediately move to a primary.....
I said he got more delegates.
Bernie had more people show up in the rooms for him.
The overarching message I get from the campaigning strategies here in Iowa is openness and addressing issues on the Democratic side and keeping things secret on the Republican side.
Do you consider yourself a journalist, Laura? Or, a (one sided) political pundit? Actually curious how you define yourself and your writing. Be well.
Covering the Republican Party’s candidates appears to be like watching ants defend their queen. They mostly stay hidden until disruptions occur, then race around in confusion until the queen (in this instance the truth) can be sufficiently covered up. A question Laura, are you the only investigative reporter on the banned book..I mean banned journalist list? And, do their staffers pass around a picture to identify you? Real Keystone Cops stuff, or do they have ICE agent training? I suppose it’s pretty much the same thing without weapons or warrants.