Bank of Marin to return $28 million i...

Bank of Marin to return $28 million in federal bailout money

There are 45 comments on the Marin Independent Journal story from Mar 16, 2009, titled Bank of Marin to return $28 million in federal bailout money. In it, Marin Independent Journal reports that:

San Rafael-based Bank of Marin Bancorp is seeking to return a $28 million capital infusion that it was awarded by the federal government in December as part of the government's effort to ease the credit freeze ...

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school

Fairfax, CA

#42 Mar 22, 2009
Mike Friedman wrote:
I found the attitude of the CEO of Bank of Marin distasteful at best. He actually said on the radio (when discussing the limitations on executive compensation):
"Good people find jobs, people that are untalented don't."
Tell that to everyone who's unemployed these days. What a jerk.
Post more. Really. The main reason this bank is
alive is because conservative widows leave their
money in savings, and like the signed birthday
cards. I'm not saying the bank is bad, just very
conservative, and only in Marin would this business model work. Idiotic rich widows=Bank of Marin.
factchecker

Seattle, WA

#43 Apr 2, 2009
Pharaoh wrote:
They didn't ask for it and neither did Wells Fargo.
Many banks did not want to get involved in the sub-prime lending required by the Community Reinvestment Act. Acorn sued banks for NOT making risky loans. Guess who the lawyer was in one of these law suits?
Acorn is getting many millions of dollars from the Spendulous Bill......do you think there is a connection?
1. Wells Fargo DID ask for TARP funds.

2. Acorn didn't sue banks for not making risky loans. They did threaten to bring suit against banks that practiced fraudulent and predatory lending practices (certain banks charged higher interest rates on loans to minorities who had the same credit criteria that non-minorities had.)

3. Acorn is not getting millions of dollars from the stimulus bill. They, like any other non-profit organization will have to apply for funds. No guarantee they will get anything. Don't believe everything you hear from conservatives like John Boehner.

4. If your next act is to blame CRA, don't bother. Banks that are regulated by the CRA didn't cause this mess. Unregulated mortgage outfits, and Wall Street, and sketchy unregulated speculators/lenders caused it by offering variable rate mortgages instead of 30 year fixed loans. And most of the people who took on those loans were, on average: white, 28 - 55 years old and looking to make a quick buck on investment housing that they would resell before the variable interest rate kicked in.
Wait

United States

#44 May 11, 2009
Leslie Arthur Byrd worked at West America in San Rafael. Who hired him?
Wrong

Napa, CA

#45 May 12, 2009
Terri Alvillar wrote:
Puzzled, the bankers get it. There is nothing they love more than to first loan on properties on which they make billions then refinance on properties on which they make billions, then foreclose on properties on which they make billions, then auction properties on which they make billions. Now bankers love it even more because their friends in Washington are giving them food stamps and welfare with no requirement to pay it back.
Banks may make money with the first loan and with a refinance, if the borrower does not default before they do. However banks don't make money on foreclosures... they lose money... a lot of money. The auction is not a money making opportunity, its where they lose the money from taking the property back from the defaulting borrower.

Don't forget to allocate some blame to the borrower that lied to get the loan, took equity out on a refi and then lost the property to foreclosure because their speculation on values was wrong. They got the money and never paid it back...
Dana

San Anselmo, CA

#46 Jun 5, 2013
So what? If they hadn't paid back a dime of the governments loan you'd be singing their praises? But since they dared pay back a debt they owed they are 'clearly' a bunch of crooks and scumbags? They put $27 million IMMEDIATELY back into the community that helped them grow as a Community Bank at a time when the community needed money the most. Why not question the banks who haven't paid back a dime?
Common sense
Common decency
Common courtesy----
3 things that aren't so common anymore.....

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