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.
Walker is in the wings making sure it happens. Democratic Reedsburg has been gerrymandered and still actively supports recall efforts. This is just the same anti-opponent scorched earth policy the Republicans have been unleashing on the workers and economy these past few years.
ReplyDeleteOh, and bye the way, so far this administration has helped my business in reedsburg more in 6 months than the Doyle admin did in 8 years. I hope he keeps it up because NONE of you non clear thinking activists could run a business period. Not a single one of you show any ability to understand a balance sheet.
ReplyDeleteSorry, as a small business owner, I understand a balance sheet.
ReplyDeleteYou of course made a general statement with no details or facts to back up how Walker helped you.
Funny thing, you're okay with government help for business, just not when it comes to the people it's supposed to serve.
As for the legality of the Harris Bank's actions, no one said it wasn't. What a stupid made up thing to say.
You do know what Harris is doing does negatively affect businesses that were legally making their payments on time. You're not very business friendly, are you? Screw em right?
Harris also now offers the Harris Modification Program for its own loans, which incorporates key elements of the Home Affordable Modification Programs.
ReplyDeleteAppreciation for great content. I’m certainly glad I had taken the time to learn this.
ReplyDeletei own a couple of commercial properties in Illinois, and when business was good, Harris Bank was practically kissing my butt to refinance my loans with them, which I ended up doing. Now that I do not show the same income as before, they are calling the loans due and starting the foreclosure proceedings. Talk about a two-faced bank. I never missed a payment with them, and now I am having my future ruined by a suit hiding behind his desk following a bank's misguided policy. It may be legal what Harris is doing, but that does not make it right. The irony is that Harris stands to lose more if they foreclose on the property versus simply accepting my payments.
ReplyDeleteP.O. I'd be interested to speak to you about this experience as my family is facing the same thing and you're right- its not right! Let's do something about it. Respond so we can connect.
ReplyDelete