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FDIC-owned lender says "no" to repayment, opting to keep loans on books at risk to taxpayers

By Implode-Explode Heavy Industries

This is insane, a true outrage... but long suspected around these quarters: ``... the lender was a company majority-owned by the Federal Deposit Insurance Corp.,... ?They said they wanted to keep the principal outstanding longer because they had a zero-percent loan from the government, and it was worth more for them to keep our loan out,? said Radow, 52, chief executive officer of Radco Companies, an Atlanta-based distressed-property firm that has sold 85 percent of the 244 units in the Mark, overlooking San Diego?s Petco Park stadium. ?The sooner you repay us, the worse it is for us.? ''

Full post as published by Mortgage Lender Implode-o-Meter on July 20, 2010 (boomark / email).