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Tuesday, 11 January 2011


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Follow the Money

Wow the Local Mortgage Brokers are enthusiastic supporters? I bet the banks are really excited to close some of those ARRA stimulus funds bridge loans too, their loan officers usually get 1% of all loans closed.

One of the biomass incinerators in north Georgia got a $40 million bridge loan through the ARRA stimulus for this so-called renewable energy. What's 1% of $40 million? That's right, $400,000.

This incinerator is going to cost $110 million to build. What's 1% of $110 million? It's $1.1 million dollars. Which banker in town is NOT an enthusiastic supporter of receiving that kind of money from closing a loan?

Better not be any loans closed at Guardian Bank where Chairman Ashley Paulk is on their Board of Directors.

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