Interesting to note, the head of Shoma Homes (also a U.S. Century Bank Shareholder), Masoud Shojaee, is suing his fellow home builders/bank officers over at U.S. Century Bank. I wonder if Juan J. Herran is suing relatives, Augustin and Manuel Herran.
Rodney Barreto, a director of the bank, modified his mortgage with U.S. Century on January 15th but unfortunately I cannot access the document to see what he did. Sergio Pino, another director, also modified a mortgage held by U.S. Century Bank on January 28th. Why are direcrors/former directors modifying their mortgages? The mortgage that Sergio Pino is modifying had an initial indebtedness secured by $500,000, maximum principal indebtedness $10,000,000. A third officer, Armando Guerra also modified a mortgage December 12th. His original mortgage was for $3,004,400. I didn't see modifications for the other officers.
The Miami Herald reported today that U.S. Century is close to recapitalizing the Bank. The shareholders have to agree to the deal with Jimmy Tate and Sergio Rok putting $50 million in to wipe out bad loans. I wonder if Masoud Shojaee likes the deal? Personally, I like any deal that will help pay back the $50.2 million in Tarp funds this bank got.
7 comments:
This is so incestuous! I think if one would follow the bouncing ball back to the Krome Gold Ranches partnership, it's all the same people involved as directors/former directors of US Century. Gimleteye did a fabulous job of piecing this all together as your archives would show under both entities. Krome Gold Ranches is almost next door to the Shoma Homes parcel, south of Kendall Drive on Krome Avenue. This is where a group I think called Friends of West Kendall is in between to two parcels. I wonder if those homeowners who were or are still fighting Cemex even know about the approvals for the rock mining to the south of their properties on the Krome Gold Ranches parcel......
In any event, as someone wrote yesterday, I keep seeing the name Rodney Barreto - Defendent! Why is he in charge of the Super Bowl?
Why isn't Sergio Pino, Armando Guerra and the lot in jail? Where are the Fed's?
This is BS. Per the Herald article:
The deal would also provide for a negotiated amount to be paid to the federal government to repay U.S. Century’s $50.2 million in TARP funds.
The investors stated they would "negotiate" the $50 million in TARP funds, which means they are not paying back all the money but will pay $98 million for non performing loans plus $50 million....
This is a great deal for everyone but the Taxpayers! I want our $50 million PLUS interest! If they can afford $98 million for non performing loans, they can pay back all of us with interest!
We have to wait and see if the Feds go after the Board of Directors. I don't think this is over yet.
Is US Century the national bank of Cuba?
What about Regulation O? Are these directors allowed to get funding through their own bank. I was under the impression that you couldn't do that. What am I not understanding here?
You will have to look at our extensive file on U.S. Century. They have been doing a lot wrong.
http://eyeonmiami.blogspot.com/search/label/US%20Century%20Bank
We have 84 posts on them.
The new deal is apparently an attempt to paper over the crimes.
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