Not only is the Lake Worth CRA doing business with ALL companies located out of Lake Worth regarding the $23 million HUD Grant but one bank profited nicely from property sales. Most of their acquired properties were bought right in the midst of the CRA receiving its Grant. It has to make you wonder. Many of the acquired property appraisals far exceed the market values according to the Property Appraiser's office.
Tiger Investment Group, formed in June 2008, is an agent for Florida Capital Bank of Jacksonville and has made right under $1 million dollars in Lake Worth from these CRA deals. Florida Capital is rated ZERO from Bauer Financials, Inc. which uses a five star rating system based on its analysis that banks and thrifts file with the FDIC. A zero rating is the same as if you equated it to your own personal credit score. See some of the sales.
Florida Capital was established in 2005 and has been in trouble for some time. The bank continues to suffer from the effects of unsafe or unsound practices, particularly in connection with its commercial real estate loan portfolio. But they made out like a pig in Lake Worth.
Again, it has to make you wonder why this City Commission did not support Commissioner Jo-Ann Golden regarding the CRA. Politics is a dangerous thing when it comes to lots of money.
I don't know if you've been following the Herald's articles on the CRA but they are very interesting and they are showing that the CRA is over-spending for properties. The CRA is a volunteer Board with millions of dollars to blow and accountable to no one but HUD who doesn't care either. It's a big scam on the U.S. taxpayer.
ReplyDeleteJ.D.
What does the director, Joan Olive Oyl Oliva have to say about this?
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