DES MOINES — Community Business Lenders has joined nearly a dozen lenders in a lawsuit against Regency Cos. to recover its share of $56.76 million in defaulted loans, according to the Des Moines Register.
The July 8 article said that Community Business Lenders, which is owned by the Iowa Credit Union League, $224 million Community Choice CU and $124 million MEMBERS1st Community CU, filed the suit with the Dallas County District Court in early July to recoup $12 million defaulted loans.
The CUSO said two of Regency's executives defaulted on two loans for $9.5 million and $2.4 million, according to the article. Community Business Lenders bought the loans from Northwest Federal Savings Bank in July 2007, the publication noted. The CUSO has moved to foreclose on 76.1 acres of the Michael's Landing residential development.
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Eight lenders have filed suit against Regency for defaulting on more than $56.76 million in loans, according to the article. Regency closed shop in April, the article read.
A comment from Community Business Lenders or the Iowa Credit Union League was not immediately available.
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