Asheville Citizen-Times reports:
Former Rep. Charles Taylor blamed increased federal regulations and a bad economy for Blue Ridge Savings Bank closing last Friday.
But regulators said Blue Ridge Savings Bank had failed to keep enough capital last year after being cited in late 2008 for poor management and a large number of bad loans. ...
“Unfortunately, as employment in the region hit near-Depression levels, and many small businesses had to close their doors, it has been impossible for the bank to maintain the high rate of capital and the reserve demanded this year,” Taylor said. ...
[FDIC spokesman Eric] Raines said Blue Ridge had concentrated in development and construction lending, which borrowers were unable to repay in bad economic times.Read the full article
Former Rep. Charles Taylor blamed increased federal regulations and a bad economy for Blue Ridge Savings Bank closing last Friday.
But regulators said Blue Ridge Savings Bank had failed to keep enough capital last year after being cited in late 2008 for poor management and a large number of bad loans. ...
“Unfortunately, as employment in the region hit near-Depression levels, and many small businesses had to close their doors, it has been impossible for the bank to maintain the high rate of capital and the reserve demanded this year,” Taylor said. ...
[FDIC spokesman Eric] Raines said Blue Ridge had concentrated in development and construction lending, which borrowers were unable to repay in bad economic times.Read the full article
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As Romney said, "Where does the money go? To people-corporations."
The Cagle-Martin case was interesting, but Taylor's bank was hit by the Office of Thrift Supervision more than once before 2008 for mismanagement and focusing on development.
How much of the developments and property in the district Taylor supposedly represented were in one way or the other owned by Taylor, his family and business network (including the mortgages). Taylor is more more of a feudal lord than anything. 'Is', present tense, because while his corporation is being disolved there is a lot of paper out there his name, family members and his network still named.
So what is the percentage of NC 11 mortgaged, owned or majority controlled by 'Taylor Inc.' before and after the BRSB dissolution? Hard to find out but a good research-based series story or book.
By Viking
10/18/2011