Friday, November 28th, 2008...4:08 am
Home Builders Hammer FDIC
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“They can do anything they want,” said Earl Snyder, president of Snyder Construction Co. in Englewood, Fla., whose construction lender, Freedom Bank, was taken over by the FDIC on Halloween. Four days later, Mr. Snyder met with FDIC officials, and was told that he had 60 days to pay off his $2 million construction loan and he couldn’t draw additional cash to finish 10 houses that he is building in southwest Florida. “I felt like a criminal and I had done something wrong,” said Mr. Snyder. An FDIC spokesman said that construction loans tend to be “problematic” and the “FDIC must take into consideration what is in the best interest of the creditors of the failed banks.” more@WSJ.com
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