The transcript appears to be a court proceeding where a person, likely a banker, is being questioned about their actions and decisions during the COVID-19 pandemic. The individual discusses their work with a bank, Amplify Credit Union, and the handling of PPP loans. They confirm that they were aware of the CARES Act, which imposed an eviction and foreclosure moratorium, and discuss the bank's interactions with properties in foreclosure.
The banker mentions that they posted three properties for foreclosure in July 2020, but later admits that they posted them for foreclosure in August 2020. They confirm that these properties were sold to special purpose entities, such as Alamo Lanark, Cesar Rainey Street LLC, and Spring Custer LLC, all associated with Justin Bain.
The banker also discusses the CARES Act, specifically the foreclosure moratorium that was in place until July 30, 2020. They acknowledge that the bank did not have to foreclose on any of the properties and that they ultimately sold the notes.
The individual also mentions an email from Nate Paul, who confirmed that the bank would not be proceeding with a foreclosure the next day. The banker confirms this in a response from their House Board of Managers.
The transcript concludes with the banker being questioned about their interactions with a person named Brian Hardiman, who was involved in the sale of the notes. The banker states that they do not know who Brian Hardiman is and that they only interacted with Justin Bain.
1. The individual, identified as Mr. Garrison, was involved in banking activities.
2. Mr. Garrison was working with major clients of the bank.
3. The bank had customers who took out PPP loans.
4. Mr. Garrison was familiar with the CARES Act.
5. There was an eviction moratorium under the CARES Act.
6. There was a foreclosure moratorium under the CARES Act, which ended on July 30th, 2020.
7. Mr. Garrison was the president and CEO of Amplify Credit Union.
8. The bank posted three properties for foreclosure in July of 2020.
9. The bank's attorney, Steve Lemon, was involved in the case.
10. The bank had hired an attorney to make a demand on WC Alamo Industrial Center LP and Nate Paul's entity.
11. The bank posted these three properties for foreclosure in July of 2020.
12. The bank wanted to get its money back through foreclosure as fast as possible.
13. The bank received a notice of default and demand for payment on May 27th, 2020.
14. The bank posted these properties for foreclosure in July of 2020.
15. The bank did not post these properties for foreclosure in July of 2020 due to a foreclosure moratorium under the CARES Act.
16. The bank posted WC Custer Creek Center property LLC for foreclosure on July 10th, 2020.
17. The bank received an email from Nate Paul confirming that the bank would not be proceeding with a foreclosure the next day.
18. The bank agreed to postpone the foreclosure sale to September 1, 2020, as a courtesy to borrowers.
19. The bank posted the other two properties for foreclosure in August.
20. The bank posted WC 707 Cesar Chavez and WC Alamo Industrial Center for foreclosure on August 7, 2020.
21. The bank sold all three notes and did not lose any money as a result of the informal legal guidance.
22. All three notes were sold to special purpose entities formed by Brian Hardiman.
23. The bank did not lose a dime from the sale of these notes.
24. Mr. Garrison has been in banking for 44 years.
25. If someone wanted to foreclose on a piece of property and wipe out the existing owner's equity, it would be a good place to start.