Word: mcdougals
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...long after their trip to Flippin, Jim and Susan bumped into Bill and Hillary having dinner at the Black-Eyed Pea. Jim started telling them about the great piece of property he'd just stumbled upon near Flippin. "You'll want to go in with us on this," McDougal confidently predicted...
...take care of it," McDougal said. "You may have to sign a mortgage." McDougal explained that the investment would involve little or no cash; they'd borrow the full amount and flip the land as quickly as possible. Both Bill and Hillary seemed excited at the prospect of making some money and agreed on the spot to join in the venture...
Given that Wade was a founder and director of the Citizens Bank & Trust Co. of Flippin, it wasn't surprising that McDougal turned there first to finance the purchase of the 101 tract, with Wade's encouragement. The loan officer was a young senior vice president, Frank Burge, who was soon to be named president of the bank. The president then was James Patterson, who happened to be one of the investors in 101 Development Corp., which was selling the land...
Burge discussed his concerns with the bank's board members. They were, of course, aware that Clinton was likely to be the state's next Governor. They were flattered that he was interested in investing in their part of the state, and even more flattered that, as McDougal informed them, Bill and Hillary were planning to use one of the lots for their own vacation home. Nonetheless, the bank insisted that the McDougals and Clintons come up with a 10% down payment. It also insisted that all the owners, including both Bill and Hillary, be jointly and severally liable...
...McDougals and Clintons didn't tell Citizens Bank that they were borrowing the down payment. The Clintons agreed to cosign the mortgage and appear at the closing. The risk seemed minimal given the speed with which McDougal expected to resell the property and pay off the mortgage. The loan would be short-term--principal and interest due in six months--and the interest rate would...