A former bank president at failed Oklahoma bank First State Bank of Altus is facing life in prison for his role in a massive fraud case. Paul Doughty was president and chairman of Altus, and has been convicted of 10 charges including bank fraud, conspiracy to commit bank fraud, misapplication of bank funds, making a false bank entry and unauthorized issuance of a bank loan.
Homeowners aren’t the only ones making an investment decision to walk away from their mortgages. Apparently banks are walking away from their abandoned properties too. Banks that hold properties that suffer from deferred maintenance, vandalism, or declining property values may cost more to foreclose, manage and sell than the property is worth. In situations like these, many banks are a choosing to abandon the vacated property and consider it a loss. Continue reading