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Bank: No Loans For Seized Property FreeMarketNews.com | January 27 2006 BB&T, Washington D.C.'s second-largest bank, announced it won't lend money to developers who obtain land for commercial projects through eminent domain, according to A Washington Times story. "The idea that a citizen's property can be taken by the government solely for private use is extremely misguided; in fact, it's just plain wrong!" said John Allison, the bank's chairman and chief executive officer in the article. Meanwhile, Chief Credit Officer Ken Chalk reportedly has admitted the North Carolina-based bank expects to lose only a tiny amount of business, but considers itself "obligated to take a stand on the issue." At this point no other large U.S. bank has
taken such a policy step. |
