I took a look at public records on the property appraisers website on mortgages given under the name US Century Bank. Didn't find Foreclosures surprisingly. I did find that most of their loans appeared to go to developers or corporations. They did less than half of their Mortgages to individuals and, at least during 2006, most were either "future advance clauses," like the Rubio mortgage, what we know as "home equity loans" and "Florida Real Estate Mortgage Assignment of Leases and Rents and Securtiy Agreement" (what ever that is). They wrote one of these to Pedro Robau, who, if I remember correctly, owns land on the other side of the UDB in South Dade. They also had "Mortgage Modification and Spreader Agreements." Again, I don't have a clue. Surprisingly, over the years, a lot of mortgages they wrote went to members of their Board of Directors and their business partners. I wish I could see the terms. Will have to give this some more time, but with all these loans to developers, what is going to happen to this bank?
6 comments:
Follow the money and connect the dots.
Is Rubio going to walk away from the loan, like so many others? What about the other bank board members who got loans? Talk about conflicts of interest. Did the board and their friends steal the money and plan to stiff the Feds, FDIC, and all of us with the bill. Sounds exactly like the Savings and Loan scams of the 1980s, friends loan governemnt insured money to friends and then the whole house of cards falls. Rubio such a supporter of private markets, wonder what other banks would say to his loan application.
Rubio whole explination sounds strange, who approached who for the loan? The way he tells it, the bank approached him with the higher est. and offered him the loan.
and the beat goes on...
It's sort of comforting, also, to know that Crook County, IL isn't the only locale saddled with a passle of crooks and their cronies in its government, even though ours are far away the biggest and most arrogant.
I am sorry, did I understand you right. A bank regulated by the OCC and Fed Reserve is loaning money to its Board of Dir.? And nobody is taking notice?
WHAT!!!
yep, you heard me right!!!
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