Muchos Kudos to BB&T
BB&T, a large financial institution (or "bank") serving the middle atlantic and southeastern US has annouced that it won't lend to developers that use eminent domain to seize land for their development projects.
“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 BB&T Chairman and Chief Executive Officer John Allison. "One of the most basic rights of every citizen is to keep what they own. As an institution dedicated to helping our clients achieve economic success and financial security, we won’t help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership.”
This is great to see. Unfortunately there will always be somebody willing to lend, but this holds promise in that other highly reputable institutions will follow BB&T's lead and the top tier of the market will be increasingly shut off from eminent domain-abusing developers.
OK, Ken Lewis, what's your position?
“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 BB&T Chairman and Chief Executive Officer John Allison. "One of the most basic rights of every citizen is to keep what they own. As an institution dedicated to helping our clients achieve economic success and financial security, we won’t help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership.”
This is great to see. Unfortunately there will always be somebody willing to lend, but this holds promise in that other highly reputable institutions will follow BB&T's lead and the top tier of the market will be increasingly shut off from eminent domain-abusing developers.
OK, Ken Lewis, what's your position?
posted by Donny Baseball at 1:37 PM
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