Wednesday, August 5, 2009
More on FDIC and Satilla Community GOB Bank.
http://www.jacksonville.com/news/georgia/2009-08-05/story/fdic_orders_reforms_at_st_marys_bank
I think it far more likely that Charlie Smith said that the FDIC was "exacerbating" the situatiion, vs. "exasperating."
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10 comments:
Jay you first reported this on Friday. The GOBs have been circling the wheel trying to figure out how to put a GOOD spin on this terrible situation. After the Tribune would'nt agree to hold off on the story Gordon had to step up to the plate. These people are funny.
More interesting Cecily Hill/State Representative/Real Estate Agent/Satilla co-owner is also on the State Banking and Finance Committee.
Two major contractors in the area have solicitied the advice of Charlie Smith on this matter. They received notice from Satilla that they have to pay off their loans or find someone else to carry the note. One of the two contractors confessed that Satilla loaned him about 350,000.00 more than one particular property was worth. The FDIC considers this a bad loan therefore Satilla can't renew.
Hint: This scenario involves the biggest contractor in Camden County. The second contractor mentioned use to build the most elaborate homes in Camden County he now works for the biggest Contractor. Anyone know who these two are?
Obviously you do, so tell us.
I know the first one is Bill Gross, everybody is talking about that.
Charlie Smith is up to his neck in this bank deal. He and Willis are joined at the hip. All his crap about not being able to help clients is just a cover up. Those crap loans were made to cleints that he represented in real estate transactions. They don't called him slick Charlie for nothing. It is like some said before on one of the cites, Charlie has lots of dummies that he hides behind. I almost barfed my ceral when I read his comments. He is just making those remarks to cover his butt. It is sickening to see him in action. He is something. He denied he was the attorney for Camden Partnerhip and then said he was. This just an example of his antics. He is slick.
There is no Charlie without Gary and no Gary without Charlie. This thing has given alot of good ole boys the red ass.
By the way.... The answer to the "blind item" is Bill Gross and Terry Stover. Those two I hear are squealing the loudest.
Satilla has people living in houses that have'nt made a payment since they've been there. These perks were NEVER offered to the average consumer.
The banking practices of the late Burt Lance come to mind.
Terry Stover is Cecily's step son in law. Terry built the houses and Cecily's real estate company sold the house and Charlie closed the deal at the bank she started. Sounds like it will get interesting. The rich get richer.
What's the relationship between Republican representative Hill and Stover?
I'm all for the rich getting richer, so long as they do it legally. Along the way, they invariably generate paychecks for others.
The people who feel as though they might lose everything if they can't get another lender to take their notes compare this to Madoff.
I really don't understand this entire concept. How does a person get a loan for 25% more than the value of the property? I thought you could'nt get a loan for a amount greater that the appraised value.
I don't understand all of this.... But I have heard of numerous people who have receive letters from the bank stating they must find lenders for their loans.
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