California Real Estate Fraud Report

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Like father, like son: United Commercial Bank fails

United Commercial Bank, based in San Francisco, may be the first recipient of TARP funds to go belly up, at the cost of $300 million. Former Treasury Secretary Henry Paulson, the architect of the TARP raping of U.S. taxpayers, let loose the sum, chirping it was only for “health” lending institutions, although UCBH had just posted a loss for the third quarter ending in September 2008.

United Commercial Bank is (or was) the son of United Bank, a thrift also based in San Francisco that failed in the mid-1980s from its practice of “reckless construction lending”, according to Richard Newsom, a retired bank and thrift regulator.

Besides winning first place as a spectacular failure, UCBH was the first U.S. bank to wholly purchase a bank in China, buying the Business Development Bank of Shanghai in March 2007. Considering the long downturn already in motion the world economy at the time, the decision was a fatal blunder.

Read the Full Article, very well-written, in the San Francisco Chronicle.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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