Word: ozarks
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Dates: during 1990-1999
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...last May joined a 96-3 vote authorizing the ethically challenged Senator Alfonse D'Amato to chair the Whitewater Committee, now are holding firm against an open extension of the hearings. After eight months there's no smoking gun, no smoking anything, just a simmering stew of subdivided Ozark property without sewer lines and endless minutiae about closing costs and mortgage points. No one knows the protagonists--imagine trying to cast the pudgy David Hale, a confessed felon and owner of a failed burial insurance company. The best visual from the first Whitewater trial is already gone: the Trekkie alternate...
...Ozark's loan committee considered, among other things, the Whitewater loan. Proctor reported on a visit he had made to Whitewater the previous month, which resulted in the bank's valuing all of Whitewater at $104,000. The committee gave the loan a risk rating of 3, meaning the bank should start preparing for a default, but still hoped the loan would perform. The committee attached several conditions to approving the loan renewal, including obtaining the Clintons' personal financial statement for the bank's files...
That winter, 1st Ozark wasn't the only bank seeking the Clintons' disclosure statement. Security Bank of Paragould, the lender of the money for the Hillary house, had also written Hillary asking her to "complete the enclosed financial statement" in order to extend the Paragould loan. Such a document in Security Bank's files is signed by both Bill and Hillary Clinton. The form lists the same asset values as the one submitted to 1st Ozark, and carries the instruction, "Do not include assets of doubtful value." The statement concludes with the admonition that "each undersigned represents and warrants that...
...April 1988, 1st Ozark again contacted Hillary about renewing the Whitewater loan. Efforts to reach the McDougals in California had failed, and the bank had waived the requirement that the McDougals submit a financial-disclosure form, noting in a memo that the loan was "guaranteed by Bill Clinton." But the bank set about getting the Clintons' form, as well as a financial statement for Whitewater itself. In a letter dated April 12, 1988, Wes Strange wrote Hillary, "I have also enclosed a renewal note, hoping that you could help me in getting all the signatures on this and returning...
...days later, 1st Ozark agreed to waive requiring the Clintons' and Whitewater's financial-disclosure forms, according to a document in 1st Ozark's files, "Request for Loan Documentation Waiver," dated July 15, 1988. Over the words approved by are the initials WS, evidently referring to Wes Strange. According to the document, reasons for the waiver were that the escrow account was making the payments, and the value of the collateral was "sufficient." Still, waiving such a requirement was highly irregular, especially on a commercial loan, and Vernon Dewey felt it was imprudent to do so. For the first time...