Another luxury development in trouble? Franklin loans questioned

I thought they said they didn't make any "risky" loans?

It says "Questionable" loans. You know Macon Bank wouldn't make risky loans. Yeah Right>>>

Oh, my apologies. They said they were "duped" and by their own closing attorney, how about that.

Sandy G wrote:

Oh, my apologies. They said they were "duped" and by their own closing attorney, how about that.

How does one get "duped"? When I wanted a mortgage, they were very specific, wanted details and proof of income, debt, etc. Maybe they were social buddies/friends or appeared to be "rich" bigwigs and overwhelmed the locals?

Sandy G wrote:

Oh, my apologies. They said they were "duped" and by their own closing attorney, how about that.

I went to the macon bank site and saw that their attorney is
Bowling Russel R in Franklin,NC .Then I checked out his site were he tells those looking at this, he is an experienced "real-estate" attorney. so........if the bank was "duped" by their own attorney...my next question is how good an attorney is he?
So far he does not sound that good.
Also, there was this story about the folks up from Fl. who were running a fake "by-land" deal.....they have done this sort of thing alot, by what the paper in NC said, as well as the Fl paper.They had purchased alot of land in and around NC. They both sounded like very shady folks.....like a "Maddoff" type.

12-16-09 Now there has been major slides.
If the county had had provisions that developers needed to follow already in place before this was approved for development....the lots sold, but no homes built, would not now have to involve the new lot owners having to pay for the developers mistake, or lake of responsibility....But since the county did not have this very important issue in place.....will the roads be fixed? If so by whom? At what price?
to whom? If the geologist report is correct....who many more slides should folks expect?
The developer not answering the question about is Wildflower in money trouble.....foreclosure...sure does not sound good. Who is going to build with out reassurance they will not have a slide come through their property....or house.....?
This whole thing sounds like a "hurry and make a mistake" plan. What a mess.
My only question would be to the county managment: at what cost is the hury worth and is the developement plans up to date?