Gleason and his honchos should be in prison, and not for six months or a year either.
This bank’s abuse of the FDIC’s share loss agreements, the terms of which include loaning successor banks (i.e. those that take over failed banks) the funds to buy the failed institutions at ZERO interest, selling the failed banks at pennies on the dollar, but guaranteeing 80% of the FACE VALUE of paper so acquired, PROVIDED only that the new banks promise to treat the newly acquired loans as if they had been generated in-house, that is as if these loans were not 80% guaranteed by the FDIC.
What happens instead, at least where BOO is the acquiring bank, is that the unfortunate debtors whose obligations have been bought by BOO are promptly forced into foreclosure, so that BOO can cash in their 80% coupon with the FDIC. The damages done to communities through job loss and business failure is just unfortunate collateral damage, so far as BOO is concerned.
BOO is a criminal enterprise, systematically defrauding the FDIC and hence the American taxpayer (don’t imagine for a second that losses suffered by the FDIC aren’t eventually passed along to the public via higher premiums to participating banks).
This reprehensible behavior, of course, is exactly the opposite of what the government expected -- and required -- the Share Loss agreements to accomplish.
The fine people at the Belfair branch are pleasant, knowledgeable, and easy to work with. I enjoy dealing with them.
Bank Of The Ozarks Bluffton is a US Bank based in Bluffton, Georgia. Bank Of The Ozarks Bluffton is located at 3 Clark Summit Dr #100, Bluffton, SC 29910, USA.
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