San Diego Loan Collateral: Torrey Pines and Police HQ

How ignominious things have become in financially struggling San Diego. To secure some loans, it has, in the past, put up as collateral the Torrey Pines golf club. Yes that Torrey Pines, the one that just hosted the Tiger-won U.S. Open.

Things are now to the point where the city has had to put up the police headquarters downtown as collateral. Should be great in the near future as real estate prices continue to collapse and property taxes plummet further: "Come on downtown to the police tent for booking."

More here.