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Article: FDIC gives credits. (Federal Deposit Insurance Corp. to give credit to property owners for money taken by failed American Savings Bank)
- Article from:
- Real Estate Weekly
- Article date:
- August 19, 1992
- Author:
CopyrightCOPYRIGHT 1992 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After six weeks of yelling and screaming over the unfairness of it all, attorney Jack Weprin has scored a major victory over the FDIC.
Property owners stung by the failure of American Savings Bank will now receive credits for money taken by the FDIC when American failed in June, a mere three weeks before semi-annual tax payments were due.
The Federal Deposit Insurance Corporation (FDIC) had taken 25 percent of all monies over $100,000 in the mortgage escrow accounts of 72 properties - including co-ops as well as commercial properties - saying the money, amounting to $2.23 million was not insured.
Weprin, a partner in Goldberg, Weprin & Ustin, ...