Friday, April 30, 2010

Disgruntled Shareholder Sues Bank to Gain Access to Records

- The Island Packet

A shareholder who says he is concerned about the direction of CoastalStates Bank is urging fellow investors to "hold management accountable for their actions and ask questions" during an annual meeting Wednesday on Hilton Head Island.

George N. Snelling of Augusta, Ga., placed advertisements in Sunday's Island Packet and Beaufort Gazette. In the ads, he says he is the largest individual shareholder of the Hilton Head-based bank's parent company, CoastalSouth Bancshares, and has sued to gain access to the bank's records.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Tuesday, April 27, 2010

America's Mortgage Fraud Capital? New York, N.Y.

- housingwatch.com

Start spreading the news: New York City -- home to embattled investment banks and notorious fraudster Bernie Madoff -- has another infamous distinction to add to its list. According to a new report, the metro area is the nation's leader for mortgage fraud in 2009.

As cases of fraud skyrocketed across the country last year, New York City rose to the top, claiming 12 percent of the nearly 70,000 reports of suspicious activity filed nationwide; this according to a report by LexisNexis. Los Angeles came in second with 8 percent and Chicago was third with 5 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

Wednesday, April 14, 2010

Nonperforming Loan Market Still Not Performing

- GlobeSt.com

Most would-be investors in distressed debt think the market for such debt hasn’t gotten up to speed, with 76% of respondents to an Ernst & Young survey saying the market is “still developing” and another 13% opining that it hasn’t even begun. So it stands to reason that while all respondents to the E&Y survey did due diligence on nonperforming loan portfolios during 2009, fewer than 17.5% actually completed a purchase.

The reason: there wasn’t enough distress to go around, writes E&Y’s Mark Grinis and Christopher Seyfarth in a report released Monday. "Up until now, most, but not all, banks have not been engaged in selling distressed loans," leaving the FDIC to take the lead, according to the report.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

Sunday, April 11, 2010

Beach First Bank Places First in South Carolina Race

Beach First Bank becomes the first South Carolina bank to fail - who will be the second?


Monday, April 5, 2010

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Michael Dodds, MAI, CCIM, MRICS