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Originally Posted by Grits
I'm inclined to agree with the above. And in reading the thread, I believe it's post 5 that someone correctly defined the term, lien.
In following that definition, every subsequent bit of blather could be deleted in this, now two page thread.
Did anyone click on the link and read the DRF article?
Possibly not.
A bank doesn't want a horse anymore than it wants your house or your car. And I'm sure y'all know that.
The bank's greater problem is that they cannot locate the Whetstone's, who they're obviously searching for. Who they ALMOST granted a loan in the sum of 125 million. Mr.Whetstone having not disclosed to the bank his being charged with fraud in four states in the 80s and 90s.
There is a Commercial Loan Officer sitting in Fifth Thirds building, somewhere, whose in a lot of trouble. Since its the responsibility of lending officers to "discover" these descrepancies before extending any funds, much less a multi-million dollar loan.
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Not necessarily. Some larger banks (including my own) have their own division for that kind of research.