They have to stop making loans or find new capital.
We cannot make a loan on a house without a kitchen, he said.
Each had made a loan worth more than $1.75 million.
"They made loans other people turned down and there was pressure from on high to do so."
As of December 2010, the program had made 11 loans for $1.12 million.
Banks can create new money when they make a loan.
And that cuts into their ability to make new loans.
Being directly involved in making loans is something relatively new for him.
He had a solution to it which was to make loans against something else.
Whenever a bank or building society makes someone a loan.
