brewer12345
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 6, 2003
- Messages
- 18,085
It has recently come out thet Amboy National Bank (aka Amboy Direct) has a large wad of loans that have gone bad. They are the largest creditor of Simon Dwek, a RE developer that went bust, and I believe they are the largest creditor of the newly-bankrupt Kara Homes. My best judgement is that these loans will produce modest losses, if any. But BK has a way of exposing more problems than anyone knew about, and RE developer bankruptcies have a nasty habit of cascading.
Bottom line: I don't think Amboy is likely to have any solvency issues, but if this stuff bothers you, it might be time to shop around. E-Loan, for example, is now paying more for savings accounts.
Bottom line: I don't think Amboy is likely to have any solvency issues, but if this stuff bothers you, it might be time to shop around. E-Loan, for example, is now paying more for savings accounts.