It looks like Canada’s Harris Bank isn’t much different than the ones here in the U.S... For no reason, dozens of Reedsburg businesses are out of luck, and maybe out of business. This is almost unthinkable…and the Walker administration is missing in action. Channel3000:
Dozens of Reedsburg area business and property owners said Monday they are facing foreclosure even though many have never missed a mortgage payment. The move will force many owners to downsize their operations, but BMO Harris Bank's decision is perfectly legal, mortgage experts said.Is this just another example of Walker's "It's Working" campaign?
Dave Gonzalez's flag-making company in Reedsburg is safe because it's financed at a different bank, but his nonprofit church in Lake Delton is in jeopardy because it didn't make enough money. As many as 52 owners face losing their property, sources in Reedsburg told WISC-TV. One confirmed he was laying off some employees, while another had already moved to a new facility.
The widespread foreclosure decisions will be a burden on Reedsburg's economy, said Dave Estes, the city's mayor.
The decision comes after BMO Harris, a subsidiary of the Canadian lender Bank of Montreal, took over the assets of The Reedsburg Bank. A bank spokesman declined to answer why the lender was removing from its books businesses that hadn't missed payments.
Gonzalez, whose church has 250 members and reaches people statewide on TV, said he was shopping for another lender to continue his church property loan.