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Loan Modification

: Mortgage Lender Implode-o-Meter

Builders Bank CEO: regulatory order not a threat

By Implode-Explode Heavy Industries

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On paper, Chicago-based Builders Bank appears to have just four months to raise at least $14 million in fresh capital under a new consent order with state and federal banking regulators. But CEO Mitchell Saywitz, sole owner of the 13-year-old commercial real estate lender, said he doesn?t think he will have to raise a dime despite the fact that his bank?s $135 million in combined bad loans, foreclosed property and restructured loans was nearly four times its total capital of $35 million at the end of the first quarter.

Full post as published by Mortgage Lender Implode-o-Meter on June 03, 2010 (boomark / email).

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