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Keyword: mitakes

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  • SBA Admits to Mitakes in Loan Processing

    04/13/2007 3:47:03 PM PDT · by SmithL · 9 replies · 289+ views
    AP via SFGate ^ | 4/13/7 | ANN SANNER
    WASHINGTON, (AP) -- The government on Friday acknowledged problems in processing disaster loans after the Gulf Coast hurricanes in 2005, including loan approvals without proper paperwork and inadequacies in how damages are assessed. The administrator of the Small Business Administration, Steven Preston, said about 10,000 approved loans lacked proper documents on the borrowers' collateral. In some cases, the documents hadn't been filed with local authorities or checks and forms had mistakes. "The bottom line is that in the gush of work flow that happened, there were 10,000 loans in place where they weren't properly recorded," Preston said.