Posted on 01/26/2006 2:17:22 PM PST by floridarocks
Regional bank BB&T Corp., one of the nation's largest financial institutions, will make no loans to developers who plan to build commercial projects on land taken from private citizens by the government through the power of eminent domain, the company said Wednesday.
"The idea that a citizen's property can be taken by the government solely for private use is extremely misguided; in fact it's just plain wrong," said John Allison, the bank's chairman and CEO, in a statement.
(Excerpt) Read more at dailybreeze.com ...
Whoa. This is hardcore. Money, meet mouth.
Now I like that.
Guess I'm getting LIEberal cause this seems like an ACTIVIST good cause!~}
Based on that, I'd say their motivations are pure.
Bravo! Now that's an angle I hadn't considered, but if people threaten to not utilize banks that fund projects on confiscated lands, and there are alternatives, such as this bank, then perhaps that would put a halt to the communist practice of land confiscation. But really, the ruling is in error and needs to be overturned.
Bank loans on property of HOMEOWNERS come into play here. Does eminent domain tell the banks to take a loss like a good bank. I wonder what the ramifications of emin. Dom. are on bank lenders
Good for them. Private enterprise fights back.
Good business practice.
Why should they lend money on a project that should be reversed in a just world.
Another major bump for BB&T!!!!
http://www.freerepublic.com/focus/f-news/1565592/posts
BB&T opposes eminent domain
related thread
BB&T won't lend for seized land (through eminent domain)
http://www.freerepublic.com/focus/f-news/1564897/posts
Wow. Morality before the almighty dollar. Who woulda thunk it.
BB&T bump!
I believe the problem might be getting clear title for these lands which might expose the bank's first lien position or their ability to secure their interest in the property.
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