02-09-2011, 08:34 PM
This case is a little different because it sounds like the borrower may have committed fraud; however, I'm sick and damn tired of everyone blaming everything on the "greedy" developers. That's a crock! Had I known what was going on, there is no way I would have signed my name on a development loan, but the FDIC was privy to all the facts and were one of the few who could see the big picture and they did nothing to stop it.
If anyone at all deserves to be sued for the losses resulting from this huge real estate meltdown, it's the FDIC themselves!! Better yet...fire every damn one employee and do away with the department. Hell, they were asleep at the wheel.
Honest developers like myself and many others never dreamed something of this magnitude could actually happen with the measures FDIC supposedly had in place to ensure this would never happen. The ones charged with protecting the American public (FDIC) didn't follow or enforce their own guidelines, rules, and regulations, and now they want to sue others for doing the same thing they did. This is sick because they are the government and they can get away with it. How many of the FDIC auditors that were charged with auditing these failed banks have lost their jobs?
If anyone at all deserves to be sued for the losses resulting from this huge real estate meltdown, it's the FDIC themselves!! Better yet...fire every damn one employee and do away with the department. Hell, they were asleep at the wheel.
Honest developers like myself and many others never dreamed something of this magnitude could actually happen with the measures FDIC supposedly had in place to ensure this would never happen. The ones charged with protecting the American public (FDIC) didn't follow or enforce their own guidelines, rules, and regulations, and now they want to sue others for doing the same thing they did. This is sick because they are the government and they can get away with it. How many of the FDIC auditors that were charged with auditing these failed banks have lost their jobs?