Thu
Dec 20 2007
05:05:pm

Josh Flory at the KNS says GreenBank announced more non-performing loans and their shares were hammered:

Shares of Green Bankshares, the parent company of GreenBank, plunged Thursday after the company revised its fourth quarter earnings estimate and withdrew full-year 2008 guidance because of "credit quality concerns related to the deterioration in residential real estate loans primarily located in its urban markets."

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What a shocker!

25% plunge? Watch the big red line on the graph in the middle of this page go up (link...) . They are going to have to offset their bad decisions somehow.

I hope they don't use our $37+ million to bail out local developers that should have never been allowed to build here anyway - much less get financing.

bail out local

bail out local developers

They already got their money and moved on to the next project. The realtors got theirs. The loan officers got theirs.

It's the mortgage holders who will get stuck. When they get foreclosed, the realtors get another bite from the apple, and so do the loan officers, etc. etc.

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