CIRONA: It’s never too late.
McCAIN: What’s the best approach? Voluntary guidelines instead of a compulsory order?
DECONCINI: How long will it take you to finish the exam?
PATRIARCA: Ten days.
GLENN: Have they been told what you’ve told us?
PATRIARCA: We provided them with our views and gave them every opportunity to have us hear what they had to say. We gave them our classification of asset materials and went through them loan by loan. This is one of the reasons the exam has taken so long.
SANCHEZ: We gave them our classification materials on January . On March 9 we received 52 exhibits, amounting to a stack of paper this high [indicating approximately two feet of material] responding to that. We went through every page of that response.
PATRIARCA: We didn’t use in-house appraisers. We sent the appraisals out to independent appraisers. We sent the reappraisals to Lincoln. We got rebuttals from Lincoln and sent them to the independent appraisers. I don’t think there was any case that Lincoln agreed with the re-appraisal.
SANCHEZ: None where the reappraisal indicated insufficient collateral.
PATRIARCA: In every case, after reviewing the rebuttal, the independent ap-
praiser has stood by his conclusion.
DECONCINI: Of course. They had to.
PATRIARCA: No. The rebuttals claim specific problems with the independent appraisers’ reappraisals: “You didn’t consider this feature or you used the wrong rental rate or approach to value.” The independent appraiser has come back to us and answered those specific claims by saying: “Yes, I did consider that, and here’s why I used the right rate and approach.”
DECONCINI: I’d question those reappraisals. If you want to bend over back-wards to be fair I’d arbitrate the differences. The criminality surprises me. We’re not interested in discussing those issues. Our premise was that we had a viable institution concerned that it was being over-regulated.
GLENN: What can we say to Lincoln?
BLACK: Nothing with regard to the criminal referral. They haven’t, and won’t be told by us that we’re making one.
GLENN: You haven’t told them?
McCAIN: What’s the best approach? Voluntary guidelines instead of a compulsory order?
DECONCINI: How long will it take you to finish the exam?
PATRIARCA: Ten days.
PATRIARCA: We provided them with our views and gave them every opportunity to have us hear what they had to say. We gave them our classification of asset materials and went through them loan by loan. This is one of the reasons the exam has taken so long.
SANCHEZ: We gave them our classification materials on January . On March 9 we received 52 exhibits, amounting to a stack of paper this high [indicating approximately two feet of material] responding to that. We went through every page of that response.
PATRIARCA: We didn’t use in-house appraisers. We sent the appraisals out to independent appraisers. We sent the reappraisals to Lincoln. We got rebuttals from Lincoln and sent them to the independent appraisers. I don’t think there was any case that Lincoln agreed with the re-appraisal.
SANCHEZ: None where the reappraisal indicated insufficient collateral.
PATRIARCA: In every case, after reviewing the rebuttal, the independent ap-
praiser has stood by his conclusion.
DECONCINI: Of course. They had to.
PATRIARCA: No. The rebuttals claim specific problems with the independent appraisers’ reappraisals: “You didn’t consider this feature or you used the wrong rental rate or approach to value.” The independent appraiser has come back to us and answered those specific claims by saying: “Yes, I did consider that, and here’s why I used the right rate and approach.”
DECONCINI: I’d question those reappraisals. If you want to bend over back-wards to be fair I’d arbitrate the differences. The criminality surprises me. We’re not interested in discussing those issues. Our premise was that we had a viable institution concerned that it was being over-regulated.
GLENN: What can we say to Lincoln?
BLACK: Nothing with regard to the criminal referral. They haven’t, and won’t be told by us that we’re making one.
GLENN: You haven’t told them?
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