Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 8 · column 3 of 6 · from the scan, no model involved
tional interest would be granted. Tarr said the borrowers were told, in essence, “You had the money, you had the use of it; it is not improper to charge interest on money you have the use of.”
The bank, White said, felt “our job is to not leave anyone out there wondering what happened.... The idea was to bring each borrower in and give them a number of choices so they did not feel they were being mistreated, or not fully aware of the contract.”
Tarr agreed that the dispute with Cordani and Embrey centers on the additional interest charged on the principal due to the bank’s miscalculation. He explained that the association’s position is that it had to borrow the money that it then loaned to its borrowers. Since the association paid interest on that money, “if we refund interest to them, we would be paying interest on money we are not compensated for.”
Cordani said that, from his point of view, he is paying for the bank’s mistake. He compared it to an inadvertant overdraft from his checking account. “It could be the most honest mistake, but I would still be charged, and I have no recourse.”
Borrowers who want additional information about the loan reamortization program may contact Tim Tarr or John Day, the branch manager, at Warrenton Farm Credit, 703-347-3344.
Cordani and Embrey also offered to speak with any Farm Credit loan customers who share their problem with the variable-rate loan. Cordani may be reached at his home in Amissville, 703-937-5739; Embrey’s home telephone number in The Plains is 703-253-5147.
93.7%