Saturday, May 1, 2010

Minnwest Bank is Being Watched...


Post and photo by the Hawthorne Hawkman

Two mortgage-geeky things happened today. First, I received the postcard above from John as he was on the road. The caption reads "Tennessee Mortgage Lifters," and I for one don't get the joke or point. But it's the first time I've seen mortgages referenced on a postcard.

John noticed the same thing and had to send this one my way. He also pointed out, "Don't get used to it, I save my postcards for the chicks."

The other mortgage item relates to Minnwest Bank, the lender behind most of Paul Koenig's (pronounced Kay-neg) Pamiko loans. It turns out that Minnwest...

...has been cited by the FDIC for "unsafe or unsound banking practices." The link to the FDIC's order can be found here. (WARNING: DO NOT COMBINE THIS DOCUMENT WITH ALCOHOL, AMBIEN, OR ANY OTHER DEPRESSANT. DO NOT OPERATE HEAVY MACHINERY WHILE READING THIS DOCUMENT. DO NOT ATTEMPT TO OPERATE A MOVING VEHICLE WITHIN FOUR HOURS OF READING THIS DOCUMENT. IF YOU ACTUALLY FIND THIS DOCUMENT INTERESTING, SEE A DOCTOR IMMEDIATELY. YOU NEED HELP.)

Minnwest has been ordered, among other things, to analyze the value of its collateral (such as foreclosed Pamiko properties) and to not extend further credit to "adversely classified borrowers." One thing that is missing is any way to force Minnwest to be part of cleaning up the colossal damages done to NoMi as a result of their loans to Koenig. Admittedly, I would not expect the FDIC to impose such a burden. But our State Commerce Department should press for this.

For the sake of Minnwest employees and shareholders, I do hope they emerge from this as a solvent and profitable financial institution. But the heat on Koenig should only intensify.


13 comments:

Your Eyedea said...

Mortgage Lifter – One of the more famous heirlooms (Tomatoes) due to its fanciful history, described in great detail in the catalog of the Southern Exposure Seed Exchange company. The enormous pink tomatoes are sweet and tasty.

Anonymous said...

It's like on "It's Compliated" where we have to see Alec Baldwin nekid but for a Macbook. Wahhh!

MeganG. said...

Mmmm, Tennesee Mortgage Lifter tomatoes sound yummy. I wonder if some seeds will make it back to Minnesota. hint, hint.

Anonymous said...

John mailed you a post card from the raod? Wowza, I didn't relize you fellas were that close!

The Hawthorne Hawkman said...

Here's a link to the Tennesee mortgage lifters.

The tomatoes are in alphabetical order so you have to scroll down a bit.

Looking for work said...

I would like an explanation why my comment wasn't posted. It was certainly more relevant to this discussion than tomatoes!

Johnny Northside said...

Not clear what comment you are referencing.

Your Eyedea said...

Sometimes its best not to let some comments on cause they start fights... and I don't want to fight anymore...

Shamika said...

Eyedea,

I really don't get where you're coming from with all the criticism of how John runs this blog.

John and I probably disagree on a lot of things, especially when it comes to the relative merit of snitches. But one thing is for certain, he runs a great blog. Part of that is his comment policy. People go back and keep reading his blog to see what people are saying. Not because people want to hear things they agree with, but because people want to have a discussion.

I say keep up the good work John. You are #1 for a reason!

I said...

I say keep up the good work John and outlaw "Shamika" comments. If she has so much to say she should start her own blog and stop dumbing this one down.

Your Eyedea said...

You confuse me Shamika

MeganG. said...

Eyedea, that's what Shamika was trying to do, sort of like that 3 shell hustle came, keep moving it around so fast you lose track, make you think YOU'RE the outsider/troll and Shamika is a JNS "fan" or whatever impression he/she is trying to leave.

Johnny Northside said...

Exactly.

John (Heart) Your Eyedea.

Also, please note here we have a comical instance of a troll advocating for troll-friendly policies. Pathetic.